Personal income tax revenue for the first 11 months exceeded the annual target by 10,000 billion VND.

According to the General Department of Taxation, personal income tax revenue for the first 11 months is estimated to reach 106.9% of the projected target. This year, the finance sector expects personal income tax revenue to be around 160,000 billion VND. Thus, personal income tax revenue from the beginning of the year is estimated to reach 170,000 billion VND, exceeding this projection by approximately 10,000 billion VND.

Personal income tax comprises taxes from salaried employees (the primary source) and income tax from individuals engaged in business. It is one of the three main tax pillars, making a significant contribution to the state budget, alongside corporate income tax and value-added tax.

In its proposal to draft a new Personal Income Tax Law, the Ministry of Finance stated that in 2023 alone, personal income tax revenue reached VND 147,113 billion, accounting for 9% of total state budget revenue. This was also a record year for personal income tax revenue (nearly VND 163,000 billion). In 2011, this rate was only around 5.33%.

The Ministry of Finance acknowledges that many current provisions of this tax law need to be amended to suit the socio- economic development situation, contributing to reducing the burden on taxpayers.

Currently, the ministry is proposing adjustments to the progressive tax rate schedule by reducing the number of brackets and widening the income gap. The ministry also believes that regulations on personal deductions need to be reviewed and amended to suit the new conditions.

Personal income tax is one of 17 revenue items and tax categories that have reached over 94% of the annual plan. Several revenue items have exceeded the initial plan, such as revenue from the non-state economic sector (103%), fees and charges (108.6%), lottery activities (108.2%); revenue from land and water surface leases (171%)...

Forty-two localities achieved over 94% of their assigned revenue target, while 21 localities fell below this level. Additionally, 57 localities experienced revenue growth, with only six localities seeing lower revenue compared to the same period in 2023.

For the first 11 months of the year, total domestic revenue is estimated at over 1.5 trillion VND, reaching 104.3% of the projected target and increasing by 16.7%. Revenue from crude oil is estimated at nearly 52,700 billion VND, exceeding the projected target by 14.5% but decreasing by 7.8% compared to the same period last year.

In addition, revenue from import and export activities reached approximately 248,600 billion VND, nearly 122% of the projected figure, an increase of nearly 18.6% compared to the same period last year.

In the first 11 months of the year, total budget revenue managed by the tax sector exceeded 1.5 trillion VND, an increase of 16% compared to the same period last year. The tax sector conducted more than 59,000 inspections and audits, achieving 92% of the annual plan. As of the end of November, tax arrears collected amounted to over 61,200 billion VND, an increase of 33.2% compared to the same period in 2023.

TB (according to VnExpress)

Source: https://baohaiduong.vn/so-thu-thue-thu-nhap-ca-nhan-11-thang-vuot-ke-hoach-ca-nam-10-000-ty-dong-399939.html