HÀ NỘI — The Personal Income Tax Law will be revised in 2025, following the proposed timeline submitted to the Government and reported to the National Assembly (NA) Standing Committee. Minister of Finance Hồ Đức Phớc said that the ministry was currently conducting a review and assessment of tax laws, including the Personal Income Tax Law. Under the existing provisions of the Personal Income Tax Law, individuals are obligated to pay personal income tax on earnings from salaries and wages. 954/2020/UBTVQH14, which adjusted the family circumstance deductions for personal income tax (effective from the 2020 tax year). Economists emphasise the significant role of implementing personal income tax policies in redistributing resources according to the different stages of economic and social development.

Source: Viet Nam News May 20, 2024 07:29 UTC