Estimated income of 17 million VND/month does not have to pay personal income tax

If the family deduction level is adjusted to increase, people with an income of 17 million VND/month without dependents or an income of 31 million VND with 2 dependents will not have to pay personal income tax.

On the morning of November 4, Minister of Finance Nguyen Van Thang presented to the National Assembly the Law on Personal Income Tax (amended).

The highest expected personal income tax rate is still 35%.

The draft increases the deduction for the taxpayer himself to 15.5 million VND/month, for each dependent to 6.2 million VND/month. With this new family deduction, individuals do not have to pay tax with an income of 17 million VND/month (if no dependent) or 24 million VND/month (if 1 dependent) or 31 million VND/month (if 2 dependent).

The draft also assigns the Government to adjust the deduction level based on fluctuations in prices and income.

The Minister of Finance informed about a new content in this law amendment, related to regulations on personal income tax for business individuals in the direction of adding some taxable income items; amending the regulation on the non-taxable revenue level of 200 million VND/year to ensure consistency with the provisions of the Law on Value Added Tax.

Minister of Finance Nguyen Van Thang speaks

The draft law also adjusts the tax rate from 2% to 5% for some income from providing digital information content products and services for entertainment and electronic games; adjusts the income threshold to determine taxable income for some income such as income from winning prizes, copyrights, franchises, inheritances and gifts from 10 million VND to 20 million VND.

The progressive tax schedule applicable to resident individuals with income from salaries and wages is also amended to reduce the number of tax brackets from 7 to 5 and widen the gap between the brackets.

Accordingly, the lowest tax rate is 5% applied to income up to 10 million VND/month. The highest rate is still 35% for income over 100 million VND/month, instead of over 80 million as currently regulated.

Notably, the draft Law supplements regulations on other newly arising income groups subject to personal income tax.

Gold purchases may be subject to a 0.1% tax per transaction.

Regarding the transfer of gold bars, the draft Law assigns the Government to base on the situation of gold market management, stipulate the time of application, the threshold value of gold bars subject to tax, adjust the tax rate to suit the management of the gold market and collect personal income tax on gold bars, the tax rate is 0.1% on the transfer price each time.

This regulation, according to Minister Nguyen Van Thang, is to ensure that the Government has a legal basis to decide on tax collection, and is also a tool for the Government to manage and operate the economy to ensure meeting the double-digit growth target. In particular, this also contributes to preventing gold speculation, attracting large resources in society to participate in the economy.

In addition, this regulation is a necessary step to contribute to protecting the stability of the economy, properly implementing the direction of the Party and State on strictly managing gold trading activities, contributing to preventing speculation in gold, and attracting large resources in society to participate in the economy.

The Draft Law is expected to take effect from July 1, 2026. In particular, the provisions for business individuals, the progressive tax schedule and contents related to salaries and wages are expected to take effect from January 1, 2026 to synchronize with the application time of the new family deduction level.

Consider imposing income tax on gold bar transfers

Chairman of the Economic and Financial Committee Phan Van Mai speaks

Examining the draft law, Chairman of the Economic and Financial Committee Phan Van Mai said that, regarding the family deduction level, experience from other countries shows that in reality, the family deduction level is not adjusted too frequently or continuously and is not an urgent matter that needs to be regulated by the Government to ensure flexibility and timeliness.

Therefore, it is proposed to continue to specify the family deduction level in the draft law, and at the same time assign the Government to submit to the National Assembly Standing Committee for consideration and adjustment of the family deduction level if necessary, in accordance with actual needs.

Regarding the proposal to add regulations on income from gold bar transfers to taxable income, many opinions suggest properly considering taxing gold bar transfers to avoid inconveniences for people who transfer gold not for speculative or business purposes.

Taxing people's gold savings may not make sense in terms of humanity, society and economic management; at the same time, the Government is requested to provide information on the expected time of applying these regulations.

Source: https://phunuvietnam.vn/du-kien-thu-nhap-17-trieu-dong-thang-chua-phai-nop-thue-thu-nhap-ca-nhan-20251104125601563.htm