ANTD.VN - Personal income tax revenue in the first 11 months of the year exceeded the annual estimate by about 6.9%, even higher than the estimated revenue for this tax in 2025 as projected by the Ministry of Finance.
According to data from the General Department of Taxation, the total state budget revenue (NSNN) in the first 11 months of 2024 managed by the Tax authority is estimated at more than VND 1,553,504 billion, equal to 104.5% of the estimate, equal to 116% over the same period.
Of which, revenue from crude oil is estimated at VND 52,483 billion, equal to 114.1% of the estimate, equal to 91.9% over the same period.
Domestic revenue is estimated at 1,501,020 billion VND, equal to 104.2% of the estimate, equal to 117.1% over the same period. Domestic tax and fee revenue is estimated at 1,160,169 billion VND, equal to 106.9% of the estimate.
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State budget revenue in 11 months exceeded the whole year estimate |
The General Department of Taxation said that 17/20 revenue items and taxes achieved quite well compared to the estimate (over 94%). Some major revenue items include: Revenue from the non-state economic sector estimated at 103%; Fees and charges estimated at 108.6%; Land and water surface rental revenue estimated at 171%; Revenue from lottery activities estimated at 108.2%...
Notably, people's income has improved as personal income tax has exceeded the annual estimate, reaching an estimated 106.9%. According to the 2024 State budget estimate, personal income tax revenue in 2024 is expected to be VND 169,506 billion. Thus, personal income tax revenue by the end of 11 months may have reached VND 18,120 billion.
This figure is even higher than the revenue that the Ministry of Finance recently submitted to the National Assembly on the 2025 budget estimate for this revenue (VND 180,397 billion).
Regarding this tax, many opinions suggest that it is necessary to study raising the family deduction threshold for taxpayers, because the current deduction level (11 million VND for taxpayers and 4.4 million VND for dependents) is too outdated.
However, the Ministry of Finance believes that current CPI fluctuations have not reached the level of adjusting personal income tax deductions according to the provisions of the current Personal Income Tax Law.
At the same time, the current deduction for taxpayers is more than 2.21 times the average income per capita, much higher than the common level applied by other countries, equivalent to the average income of the richest 20% of the population.
However, the Ministry of Finance acknowledges that the current family deduction level has been applied since 2020, so it is necessary to review and re-evaluate to propose amendments and supplements in accordance with new conditions. The specific family deduction level needs to be carefully studied and calculated to ensure that it is consistent with price fluctuations as well as the increase in people's living standards in the recent period as well as forecasts for the coming time, while not reducing the role of personal income tax policy in the tax system.
The Ministry of Finance also proposed to consider studying the option of assigning the Government to regulate the family deduction level to ensure flexibility and proactive adjustment to suit the reality and requirements of the country's socio-economic development in each period. Currently, this adjustment is decided by the National Assembly Standing Committee.
The Ministry also proposed to supplement the scope of determining deductible charitable and humanitarian contributions (social funds, charity funds); study and supplement other specific deductions (medical and educational expenses); and assign the Government to specify details and provide implementation instructions to suit emerging practices.
At the same time, the tax calculation steps are reduced by 7 steps compared to the current progressive tax schedule.
Source: https://www.anninhthudo.vn/thue-thu-nhap-ca-nhan-tang-manh-vuot-du-toan-ca-nam-post597801.antd
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