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
#income tax law #National Assembly #personal income tax #Ministry of Finance #business income
Follow VietnamPlus

Related News

NA passes amended laws on corporate income tax, excise tax (Photo: VNA)

NA passes amended laws on corporate income tax, excise tax

452 lawmakers, or 94.56% of the total number of deputies present, voted in favour the revised Law on Corporate Income Tax, while the amended Excise Tax Law was adopted with 448 out of 454 deputies present voting in favour, accounting for 93.72% of the total.

Tax revenues from organisations and individuals engaged in e-commerce and other digital economic activities reache 2.85 billion USD in the first five months of 2025. (Photo: VNA)

E-commerce tax revenues soar 55% in five months

A total of 158 foreign service providers have registered, declared, and paid taxes through the Department of Taxation’s electronic portal, contributing 5.7 trillion VND, up 41% year-on-year.

See more

Vietcombank has launched a 50 trillion VND (1.9 billion USD) credit package to provide preferential financing to businesses, particularly small and medium-sized enterprises (SMEs), priority sectors and new growth drivers of the economy (Photo published by Bnews/VNA)

More preferential credit available to businesses

Under SBV requirements, commercial banks are to provide Vietnamese-dong loans to SMEs and growth-driving sectors at rates at least 1 percentage point per year lower than their average rates for loans of the same maturity. They are also required to consider waiving or reducing service fees for eligible customers in line with regulations and their financial capacity.

Delegates at the Vietnam-UK High-Level Conference 2026. (Photo: moit.gov.vn)

Vietnam, UK seek new growth drivers in technology, logistics

British Ambassador to Vietnam Iain Frew highlighted the importance of strengthening bilateral cooperation as Vietnam - UK relations have been upgraded to a Comprehensive Strategic Partnership. He said technology, finance, innovation and digital transformation are opening up new opportunities for cooperation, enabling businesses from both countries to connect, share experience and explore investment and business opportunities.

The Ngoc Hoi interchange project in Tay Nha Trang ward, Khanh Hoa province, with some items yet to be completed (Illustrative photo: VNA)

Over 60% of long-stalled projects have obstacles resolved

Of the 8,002 long-stalled projects, 4,938 completed the settlement of obstacles in line with conclusions of the Party Central Committee and resolutions of the National Assembly and Government, as well as relevant Government decrees and guiding documents as of July 20, up 564 projects from the previous month.

The Vietnam National Railway Group will operate as a multi-sector economic group, with its business portfolio expanded to 110 sectors. (Photo: VNA)

Vietnam Railways Corporation becomes Vietnam National Railway Group

The group inherits all rights, obligations and responsibilities of the Vietnam Railways Corporation in accordance with the laws on railways, enterprises, and management and investment of state capital in enterprises, and other relevant legal provisions, as well as existing agreements, documents and contracts signed with related parties in accordance with the law.

Coffee production process at Ngon Avatar Co., Ltd. meets the requirements for official exports to New Zealand and several European markets. (Photo: VNA)

Vietnam, New Zealand seek new impetus for trade ties

The state visit to New Zealand by General Secretary of the Communist Party of Vietnam (CPV) Central Committee and President To Lam is expected to provide fresh impetus for market opening, removal of trade barriers and stronger economic links following the elevation of bilateral relations to a Comprehensive Strategic Partnership in February 2025.

A road in Ho Chi Minh City. (Photo: VNA)

Ho Chi Minh City to integrate IoT into smart transport infrastructure

To promote IoT application in smart transport, the Ho Chi Minh City People's Committee Chairman has assigned the Department of Construction to lead the deployment of IoT in the construction, management, operation and maintenance of transport infrastructure. The department will also review and propose integrating IoT sensors and smart monitoring devices into transport construction, renovation and upgrading projects across the city.

Online promotion of lychee and other key agricultural and OCOP products from Bac Ninh province. (Photo: VNA)

Vietnam tightening e-commerce management

Amid the rapid expansion of online commerce, closely linked to consumption, exports, logistics, electronic payments and the digital economy, the legislation is expected to shape the sector’s sustainable future while ensuring a balance between State management, consumer rights and business interests.