[Video] National Assembly passes the amended Personal Income Tax Law with many changes to tax rates and family deductions.

Continuing the 10th Session, on the morning of December 10th, under the chairmanship of Deputy Speaker Nguyen Duc Hai, the 15th National Assembly convened in the assembly hall and voted to approve the amended Personal Income Tax Law with 92.6% of delegates voting in favor, corresponding to 438 out of a total of 443 delegates participating in the vote. The law consists of 4 chapters and 30 articles.

Before the vote, the National Assembly heard a summary report from Minister of Finance Nguyen Van Thang on the revisions, amendments, and explanations of the draft law. According to the Government, the major contents have been reviewed and incorporated to the maximum extent from discussions in committees and plenary sessions, as well as from the opinions of the Economic and Financial Committee.

Of particular note is the policy group concerning household and individual businesses. The draft law adjusts the tax-exempt revenue threshold from 200 million to 500 million VND per year, and correspondingly raises the value-added tax-exempt revenue threshold. For household and individual businesses with revenue from 500 million to 3 billion VND per year, the law adds a method of calculating tax based on income, applying a tax rate of 15%, while also allowing the option of calculating tax based on a percentage of revenue.

Regarding the progressive tax system, the draft law adjusts it to reduce tax rates to incentivize workers: reducing the tax rate for bracket 2 from 15% to 10%, and for bracket 3 from 25% to 20%.

Regarding personal deductions, the deduction for the taxpayer themselves has been increased to VND 15.5 million per month, and for each dependent to VND 6.2 million per month, according to Resolution 110 of the National Assembly Standing Committee. The Government is also tasked with proactively proposing adjustments when prices and income fluctuate.

Regarding taxes on gold transfers, the law stipulates a tax rate of 0.1% on the transfer price of gold bars, and assigns the Government the authority to determine the tax threshold and the time of application to align with the gold market management roadmap, avoiding negative impacts on those buying and selling gold for safekeeping.

The government has also directed a review and refinement of the language and presentation techniques to ensure consistency before submitting it to the National Assembly for approval.

LE CHI - NGUYEN THUY

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