The National Assembly discussed the draft document to be submitted to the 14th Congress, amending personal income tax.

The 10th session of the National Assembly today enters its third working week, with a focus on legislative work. This week, delegates spend time discussing in groups, giving opinions on many draft laws in the fields of economics , finance, justice, construction..., in order to remove bottlenecks arising in practice.

The 15th National Assembly enters its third working week. Photo: National Assembly

Specifically, the National Assembly discussed a number of draft laws, including: Investment Law (amended); Law amending and supplementing a number of articles of the Law on Public Debt Management; Law amending and supplementing a number of articles of the Law on Insurance Business; Law amending and supplementing a number of articles of the Law on Statistics; Law amending and supplementing a number of articles of the Law on Prices; Law on E-commerce; Law on Execution of Temporary Detention, Temporary Imprisonment and Prohibition from Leaving the Place of Residence; Law amending and supplementing a number of articles of the Law on Judicial Records, Law on Execution of Criminal Sentences (amended).

The National Assembly also considered and commented on the following projects: Law on Enforcement of Civil Judgments (amended); Law on Judicial Expertise (amended); Law on amending and supplementing a number of articles of the Law on Anti-Corruption; Law on amending and supplementing a number of articles of the Law on Intellectual Property; Law on Tax Administration (amended); Law on Personal Income Tax (amended); Law on Thrift and Anti-Waste; Law on Construction (amended); Law on amending and supplementing a number of articles of the Law on Geology and Minerals; Law on amending and supplementing a number of articles of laws in the fields of agriculture and environment; Law on Digital Transformation; Law on High Technology (amended); Law on amending and supplementing a number of articles of the Law on Technology Transfer.

In addition, the National Assembly discussed the draft Law on Planning (amended); Law on amending and supplementing a number of articles of the Law on Urban and Rural Planning; Law on Cyber Security; Law on Protection of State Secrets (amended); and gave opinions on adjusting the National Master Plan for the 2021-2030 period.

Delegates will spend one session in groups discussing the draft documents to be submitted to the 14th National Congress of the Party.

Personal income tax is of special concern to the National Assembly.

At this session, the National Assembly will spend a lot of time discussing, commenting on and approving the draft Law on Personal Income Tax (amended). This is one of the policies that has a direct impact on tens of millions of workers and the national budget revenue.

According to the Resolution of the National Assembly Standing Committee, the deduction for taxpayers will increase from 11 to 15.5 million VND/month and for each dependent from 4.4 to 6.2 million VND/month. This plan is expected to reduce about 21,000 billion VND in state budget revenue each year but is expected to contribute to improving people's real income.

Speaking on the sidelines of the National Assembly, delegate Tran Van Lam (Bac Ninh delegation) said that the Standing Committee has carefully calculated factors on prices, inflation and people's lives.

Delegate Tran Van Lam (Bac Ninh delegation). Photo: Thanh Hue

“It can be said that the issue of personal income tax has received special attention from the National Assembly, which has directed it to review and consider it for fundamental and systematic amendments, in accordance with the requirements and context of the current period and the socio-economic conditions of the country. Hopefully, these amendments will meet the needs of the majority of the people,” emphasized National Assembly Deputy Tran Van Lam.

According to the delegate's opinion, the family deduction level proposed by the Ministry of Finance is progressive, aiming to be consistent with the upcoming law.

Specifically, this level has been carefully considered within the authority of the National Assembly Standing Committee, even somewhat "exceeding the framework" compared to current regulations of the Personal Income Tax Law.

This shows the initiative and flexibility in the policy management process, demonstrating a "preemptive" preparation step to suit the direction of comprehensively amending the Personal Income Tax Law in the coming time.

Source: https://vietnamnet.vn/quoc-hoi-thao-luan-du-thao-van-kien-trinh-dai-hoi-14-thue-thu-nhap-ca-nhan-2458691.html