Business

Revised income tax law set for October submission

The Ministry of Finance is drafting a new Personal Income Tax Law for submission to the National Assembly in its year-end session this October.

Truong Ba Tuan, deputy head of the Finance Ministry's Department of Management and Supervision of Tax, Fees and Charges Policies (Photo: VNA)
Truong Ba Tuan, deputy head of the Finance Ministry's Department of Management and Supervision of Tax, Fees and Charges Policies (Photo: VNA)

Hanoi (VNA) - The Ministry of Finance is working with relevant ministries, sectors and localities to draft a new Personal Income Tax Law to replace the current one, with plans to submit it to the Naitonal Assembly during its session this October.

The MoF has submitted a report to the Government after conducting a comprehensive review of the current law, identifying shortcomings, and examining international best practices, said Truong Ba Tuan, deputy head of the ministry's Department of Management and Supervision of Tax, Fees and Charges Policies, at the ministry's regular press conference on July 2.

According to him, six main areas are under review, including taxable income definitions, tax-free income categories, and family circumstance deductions. Adjustments are also proposed for business income thresholds and the progressive tax bracket system, which currently includes seven tiers.

The ministry is also considering special deductions to support spending on education and healthcare, as well as ensuring alignment with recent legal reforms and the law on tax administration.

After internal review, the draft will be published for public consultation through official government portals. Authorities expect the proposal to help modernise the personal income tax system in line with Vietnam’s development needs./.

VNA
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