“The amended Personal Income Tax Law will be submitted to the 10th Session (expected in October) for the National Assembly to consider and approve in one session, according to the condensed agenda,” said Ho Duc Phoc, in an interview with Tien Phong journalists on the sidelines of the National Assembly meeting, afternoon of June 18th.
Deputy Prime Minister Ho Duc Phoc, assigned by the Prime Minister to directly instruct and the Ministry of Finance as the drafting agency of this law.
In addition to salary increases, adjustments to the Personal Income Tax Law and raising the deductible amount have also received much attention from voters and National Assembly deputies in the past time.
Deputy Prime Minister Ho Duc Phoc. Photo: Nhu Y
Talking to journalists about the amendment roadmap, National Assembly deputy Tran Hoang Ngan (Ho Chi Minh City) said that this project should be submitted to the National Assembly for consideration and approval at the 10th session – the time to conclude the entire term of the 15th National Assembly.
“Voters often mention this issue during voter contact. I hope that the National Assembly will consider and approve it at this year’s year-end session, and the law will officially take effect from the beginning of 2026,” said Ngan.
Outdated law, voters expect reform
Also talking to journalists, National Assembly deputy Pham Van Hoa (Dong Thap) agreed to submit the amended Personal Income Tax Law at the year-end session for the National Assembly to consider and approve in one session, following a condensed procedure.
“The prices of all kinds of goods, the living expenses of the people have changed a lot and increased significantly, especially in big cities. Therefore, it is necessary to soon amend this tax policy to suit the actual situation,” Mr. Hoa expressed.
Previously, at the discussion session on socio-economic situation, deputy Nguyen Hoang Bao Tran (Binh Duong) proposed that, along with the early salary reform roadmap, it is necessary to urgently amend the personal income tax because the current regulations are “outdated and the people have long expected.”
Also at the discussion session, deputy Tran Hoang Ngan emphasized the need to soon adjust personal income tax in the direction of increasing the deductible amount. He said that this issue “cannot be delayed any longer.”
At a recent meeting of the Government’s Standing Committee, when giving opinions on this content, Prime Minister Pham Minh Chinh emphasized the requirement to urgently and carefully prepare and strive to submit it to the National Assembly for approval in one session.
The issuance of the amended policy, the Government leader noted, must be in the spirit of both management and construction, encouraging innovation and creativity, striving to get rich, creating jobs and livelihoods for the people.
The Prime Minister also proposed to study and calculate suitable tax policies for objects, areas, and fields…
Living costs increase, the deductible amount is no longer suitable
The Personal Income Tax Law was issued in 2007 and has been amended three times. The latest amendment was in 2020, which increased the deductible amount from VND 9 million to VND 11 million/month for taxpayers and increased the deductible amount for dependents from VND 3.6 million to VND 4.4 million/month.
Many economic experts believe that the current deductible amount is no longer suitable, especially when prices and living expenses are increasing. Therefore, it is necessary to amend this law soon to better meet the needs of the people and the socio-economic reality.
“Unraveling the Mystery: Minister of Finance Addresses the ‘Having Money but Unable to Spend’ Conundrum”
Let me know if you would like me to tweak it further or provide additional ideas!
“Lawmakers have expressed concern over citizens’ plight regarding the inability to access and utilize their funds for public investment projects. Minister of Finance, Nguyen Van Thang, acknowledged the issue and identified several causes, promising to address them with effective solutions in the near future.”
Pouring $7 Billion into Ho Chi Minh City’s International Financial Center
The heart of Ho Chi Minh City’s International Financial Center is situated in the Thu Thiem New Urban Area, spanning 9.2 hectares. This area will be developed to accommodate the offices of management, supervisory, and judicial bodies in its initial phase, with estimated investments totaling VND 172,000 billion (approximately USD 7 billion).
The Government Official’s Entrepreneurial Endeavors: Navigating Restrictions with Precision.
The amended Enterprise Law outlines specific restrictions on individuals who are not permitted to establish, contribute capital to, or manage enterprises. This includes public employees and officials as outlined in the Law on Public Employees and the Law on Officials, with the exception of those involved in activities related to national science, technology, innovation, and digital transformation initiatives.
Pouring $7 Billion into Ho Chi Minh City’s International Financial Center
The heart of Ho Chi Minh City’s International Financial Center is situated in the Thu Thiem New Urban Area, spanning 9.2 hectares. This area will be home to the offices of management, supervisory, and judicial bodies in its initial phase, with estimated investment costs totaling VND 172,000 billion (equivalent to USD 7 billion).
“Developing Tailored Mechanisms and Policies: Investing in the Evolution of Railway Systems”
Under the adept stewardship of Vice Chairwoman Nguyen Thi Thanh, the National Assembly proceeded with its 9th session agenda on the morning of June 16th. The spotlight was on the presentation of the proposed amendments to the Railway Law, a pivotal piece of legislation.
