Can Tho City People's Committee believes that the unit drafting the Law on Personal Income Tax (replacement) should study and expand the tax base. The province proposes that interest on savings deposits should only be exempt from personal income tax for small savings.
The Ministry of Finance has just compiled comments from ministries, branches, localities... contributing to the draft Law on Personal Income Tax (replacement).
In its comments on the draft Law on Personal Income Tax (PIT), the People's Committee of Can Tho City said that the drafting unit should study and expand the tax base. The province proposed that interest on savings deposits should only be exempt from personal income tax for small savings.
According to current regulations, individuals who receive interest from deposits from credit institutions and foreign bank branches are exempt from tax. These are deposits in the form of term deposits or deposits with no term, savings deposits, deposit certificates, promissory notes, treasury bills and other amounts subject to the principle of full repayment of principal and interest. Only income from interest on deposits of companies and enterprises is subject to corporate income tax.
The Ministry of National Defense proposed to add a regulation on tax exemption for income from performing scientific and technological tasks of research, design, manufacture, and trial production of equipment for national defense and security... to attract high-quality human resources to this field.
In addition to proposing to exempt personal income tax for highly qualified human resources in some economic sectors, the Ministry of Justice also believes that it is necessary to add a provision in the draft law that the Prime Minister has the right to decide on tax exemptions and reductions for employees working at some specific international organizations. According to the Ministry of Justice, in order to prioritize agricultural development, the scientific and technological environment, social security, etc., it is necessary to supplement tax-exempt and tax-reduced income to ensure publicity and transparency.
The Ministry of Agriculture and Rural Development proposed that the Ministry of Finance study and supplement the exemption of personal income tax on income from dividends of members of agricultural cooperatives, farmers signing contracts with enterprises participating in "large fields", planting forests for aquaculture production...
In addition to the proposal to exempt personal income tax, many ministries, branches and localities also proposed regulations to reduce personal income tax more for individuals and family members affected by storms and floods.
Responding to the above proposals, the Ministry of Finance said that the State budget is oriented towards restructuring to ensure a safe and sustainable national financial system, including expanding the tax base and minimizing the integration of social policies into taxes. Along with that, the tax exemption, reduction and deferral policies ensure neutrality. This is implemented according to Resolution 07/2016 of the Politburo.
Therefore, the amendment of the exemption and reduction objects needs to be studied to be consistent with the policies, practices and tax reform trends in the world.
The Government plans to submit to the National Assembly for comments on the draft Law on Personal Income Tax (replacement) at the meeting at the end of this year, and approve it at the meeting in May 2026.
Source: https://baodaknong.vn/de-xuat-danh-thue-doi-voi-tien-lai-gui-tiet-kiem-243065.html
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