On the afternoon of July 31, Deputy Prime Minister Ho Duc Phoc met with leaders of ministries, branches, associations, securities and real estate enterprises about the draft Law on Personal Income Tax (replacement).
According to the report of the Ministry of Finance , the promulgation of the Law on Personal Income Tax (replacement) aims to expand the tax base; review, amend and supplement regulations on taxpayers and taxable income; study and adjust the threshold and personal income tax rates for some types of income to ensure consistency with the nature of each type of income and the regulatory objectives of personal income tax.
At the same time, research to adjust the family deduction level for taxpayers and dependents; amend and supplement regulations related to a number of specific deductions to suit the new context; reduce the number of tax brackets of the progressive tax rate schedule applied to income from salaries and wages to contribute to simplifying the tax schedule.
Research, amend and supplement regulations on personal income tax exemption and reduction to suit the country's socio -economic development requirements in the coming period and international practices, contributing to implementing the Party and State's policies on attracting high-tech human resources, achieving the goals of green growth and sustainable development.
The promulgation of the Law on Personal Income Tax (replacement) also aims to simplify the implementation of corporate income tax policies for both taxpayers and tax authorities, prevent tax evasion and tax avoidance; effectively overcome shortcomings and difficulties arising from the implementation of the current Law to ensure transparency and ease of implementation.
The draft Law on Personal Income Tax (replacement) is expected to amend and supplement 30 out of 35 articles of the current Law on Personal Income Tax (accounting for 86%), including amending and perfecting 6 contents including: Completing regulations related to income subject to personal income tax and tax calculation for each type of taxable income. Completing the items exempted from personal income tax to ensure consistency with reality and transparency in implementation.
Complete regulations on calculating personal income tax for business individuals; review taxable revenue for income of business households and individuals to suit the practical situation; adjust tax rates for some income from activities providing software products and services; digital information content products and services on entertainment, electronic games, digital movies, digital photos, digital music, digital advertising.
Amending and supplementing regulations related to deduction levels when calculating personal income tax. Adjusting and reducing the number of tax brackets of the Progressive Tax Schedule applicable to resident individuals with income from wages and salaries. Reviewing, amending and supplementing regulations on tax calculation period, tax deduction, time of determining taxable income; amending and supplementing regulations on responsibilities of organizations and individuals paying income and responsibilities of taxpayers.
The draft Law also proposes to add 3 contents: adding regulations on other income groups subject to personal income tax; some regulations on tax exemption and reduction of personal income tax; other specific deductions.
To be consistent with emerging realities and avoid difficulties in implementation, the draft Law adds authority to the Government and the Ministry of Finance in adjusting the family deduction level, the threshold of business revenue not subject to personal income tax; the scope of determining deductible charitable and humanitarian contributions, other specific deductions; low income level to determine dependents eligible for family deduction; temporary personal income tax deduction level for individuals' irregular income, etc.
At the meeting, representatives of associations, corporations and enterprises gave their opinions on calculating personal income tax from real estate and securities such as: time of calculating personal income tax on income from dividends in cash and shares; calculating tax on securities transactions, bonus shares, transfers of listed securities; applying personal income tax on investment activities through investment funds; tax rates and roadmap for calculating personal income tax related to real estate transfers; tax solutions to keep real estate prices at a reasonable level, consistent with real life, bringing the real estate market to develop healthily and sustainably, preventing speculation and price inflation, etc.
Opinions suggest that it is necessary to adjust the family deduction level to suit the living standards of the majority of people, the reality of the country and each locality.
At the meeting, representatives of the Ministry of Construction, Ministry of Home Affairs, Ministry of Justice and the Vietnam General Confederation of Labor emphasized the need for personal income tax policies to be designed so that the real estate market can develop healthily and effectively, ensuring harmony of interests among entities.
Emphasizing the importance and impact of the draft Law on Personal Income Tax (replacement) on people's lives, production and business activities of enterprises and the stock market, which has received great public attention, Deputy Prime Minister Ho Duc Phoc said that it is necessary to study and assess the impact very carefully when designing and proposing new regulations and policies. The Deputy Prime Minister thanked the very useful, important, frank and highly constructive comments from enterprises and associations.
The Deputy Prime Minister requested the Ministry of Finance to study and absorb reasonable comments, especially those related to real estate transfer tax; stocks, dividends, bonus shares; family deductions, etc. to design truly suitable regulations, develop a draft of the Law on Personal Income Tax (replacement) with the highest quality, submit it to competent authorities for consideration and decision, and ensure feasibility after promulgation.
Vietnam+Source: https://baohaiphongplus.vn/can-dieu-chinh-muc-giam-tru-gia-canh-phu-hop-voi-muc-song-cua-nguoi-dan-417686.html
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