Increase family deduction to 15.5 million VND/month

At the morning session on October 17, the National Assembly Standing Committee agreed to increase the personal income tax family deduction to 15.5 million VND/month; for each dependent, the deduction increased to 6.2 million VND/month.

Vice Chairman of the National Assembly Nguyen Duc Hai chaired the meeting.

Presenting the draft Resolution adjusting the family deduction level of personal income tax, Deputy Minister of Finance Nguyen Duc Chi said the Government proposed two options.

One is to increase the family deduction from 11 million VND/month to 13.3 million VND/month; at the same time, increase the deduction for each dependent from 4.4 million VND/month to 5.3 million VND.

Implementing this plan, the state budget is expected to decrease by about 12,000 billion VND/year compared to the revenue level and number of taxpayers according to current regulations.

Second is to adjust the family deduction to 15.5 million VND/month and the deduction for each dependent to 6.2 million VND/month.

According to this plan, a person with an income of 17 million VND/month does not have to pay tax. If there is 1 dependent, a person with an income of 24 million VND/month still does not have to pay tax. In case of 2 dependents, a person with an income of 31 million VND/month still does not have to pay tax.

Implementing this plan, the state budget will reduce spending by about 21,000 billion VND. The Government proposes that the new family deduction level will take effect from the 2026 tax period.

After discussion, 100% of the members of the National Assembly Standing Committee present voted to approve the resolution to adjust the family deduction level of personal income tax according to option 2.

MR. PHUONG

Source: https://www.sggp.org.vn/nang-muc-giam-tru-gia-canh-len-155-trieu-dongthang-post818509.html