Personal income tax revenue in 11 months exceeded the yearly plan by 10,000 billion VND

According to the General Department of Taxation, personal income tax revenue for the first 11 months is estimated to reach 106.9% of the estimate. This year, the financial sector expects personal income tax revenue to be around VND160,000 billion. Thus, personal income tax revenue from the beginning of the year is estimated to reach VND170,000 billion, exceeding this estimate by about VND10,000 billion.

Personal income tax includes tax from salaried employees (mainly) and income tax from business individuals. This is one of the three pillar taxes, contributing significantly to the state budget, along with corporate income tax and value added tax.

In the proposal to develop a replacement Personal Income Tax Law, the Ministry of Finance said that in 2023 alone, personal income tax revenue will reach VND147,113 billion, accounting for 9% of the total state budget revenue. This is also the year when personal income tax revenue reached a record level (nearly VND163,000 billion). In 2011, this rate was only about 5.33%.

The Ministry of Finance acknowledges that many current regulations of this tax law need to be amended to suit the socio -economic development situation, contributing to reducing the burden on taxpayers.

Currently, the ministry is proposing to adjust the progressive tax schedule in part to reduce the number of levels and widen the income gap. The ministry also believes that regulations on family deductions need to be reviewed and amended to suit new conditions.

Personal income tax is one of 17 revenue items, taxes that have achieved over 94% of the yearly plan. Some revenue items have exceeded the plan at the beginning of the year, such as revenue from the non-state economic sector (103%), fees and charges (108.6%), lottery activities (108.2%); land and water surface rental revenue (171%)...

42 localities collected over 94% of the assigned estimate, while 21 localities collected below this level. At the same time, 57 localities had revenue growth, only 6 localities collected lower than the same period in 2023.

In the first 11 months of the year, total domestic revenue was estimated at over VND1.5 trillion, equal to 104.3% of the estimate and up 16.7%. Revenue from crude oil was estimated at nearly VND52.7 trillion, exceeding the estimate by 14.5% and down 7.8% over the same period.

Besides, the balance revenue from import and export was about 248,600 billion VND, equal to nearly 122% of the estimate, up nearly 18.6% over the same period.

In the first 11 months of the year, the total budget revenue managed by the tax sector was more than 1.5 million billion VND, up 16% over the same period. The tax sector has conducted more than 59,000 inspections and examinations, reaching 92% of the yearly plan. By the end of November, tax debt collection was more than 61,200 billion VND, up 33.2% over the same period in 2023.

TB (according to VnExpress)

Source: https://baohaiduong.vn/so-thu-thue-thu-nhap-ca-nhan-11-thang-vuot-ke-hoach-ca-nam-10-000-ty-dong-399939.html