Adjustments to Personal Income Tax Law high on agenda of NA meeting
(VOVWORLD) -The NA Standing Committee is discussing revisions to the Personal Income Tax Law, the Tax Administration Law, and the Public Debt Management Law.
 National Assembly Chairman Tran Thanh Man. (Photo: VOV) |
In regard to the Tax Administration Law, Chairman Man stressed the need to strengthen the use of technology in tax management to ensure that infrastructure and databases are adequate and to simplify administrative procedures for taxpayers.
The Personal Income Tax Law proposes raising the tax-free revenue threshold for business households and individuals from 200 million VND (about 7,600 USD) to 500 million VND (about 19,000 USD) per year. This threshold will be aligned with adjustments to value-added tax. Chairman Man stressed the importance of carefully considering these issues.
"Regarding the tax-free revenue threshold for business households and individuals, officials need to clearly explain why tax is applied on revenue rather than income. For the progressive tax rates, care must be taken to ensure reasonable steps between tax brackets, avoiding situations where certain brackets face excessive rates. And any adjustment to family circumstance deductions must be based on price fluctuations and income levels, and ensure that they reflect socio-economic conditions in each period," said Chairman Tran Thanh Man.