At the regular press conference of the Ministry of Finance on July 2, Mr. Truong Ba Tuan, Deputy Director of the Department of Management and Supervision of Tax, Fee and Charge Policies (Ministry of Finance) said that this agency is coordinating with ministries, branches and localities to propose the development of a draft Law on Personal Income Tax (replacement).
According to him, this agency is closely following the progress assigned by the Government to submit the draft law to the National Assembly for consideration and approval at the October session.
Previously, many experts suggested that the Personal Income Tax Law should be amended immediately in 2025, to take effect from the beginning of 2026, instead of "rigidly following the roadmap until mid-2026 to be passed".
The Personal Income Tax Law has been in effect since 2008. Up to now, many regulations have been assessed as inadequate and need to be adjusted, such as the family deduction level. Currently, the deduction level for individual taxpayers is 11 million VND and the deduction for each dependent is 4.4 million VND, maintained since July 2020. Along with that, the progressive tax schedule for salaried employees is also considered to be no longer suitable for reality.
According to Mr. Tuan, the Ministry of Finance has reported to the Government , planning to amend the Law on Personal Income Tax in 6 contents. Specifically, the management agency will complete regulations on determining taxable income, tax exemption (such as developing high-tech human resources, promoting green growth...) and calculation methods to suit trends and contexts.
Along with that, the expected family deduction level is being studied and adjusted to promptly reflect people's living standards and macro conditions. Special expenses such as education and healthcare can be added to the family deduction level to support people. The tax schedule is also being studied and redesigned to be more concise and simpler, instead of the current 7 levels.
In addition, the Ministry of Finance will study and adjust the taxable revenue of individual business households to suit the reality. The management agency will report to the National Assembly to delegate authority to the Government to adjust this threshold, without rigid regulations in the law to suit each stage.
"After having a unified plan, the Ministry of Finance will consult with the community, people and businesses," said Mr. Tuan.
Personal income tax is the third largest source of revenue in the tax system, after value added tax (VAT) and corporate income tax. Last year, total state budget revenue exceeded VND2 quadrillion for the first time. Of this, personal income tax is estimated at VND189 trillion, up 20% over the previous year. The proportion of this tax type accounts for more than 9.3% of total state budget revenue, up from 5.3% in 2011.
VN (according to VnExpress)Source: https://baohaiphongplus.vn/du-kien-sua-luat-thue-thu-nhap-ca-nhan-vao-thang-10-415496.html
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