The Ministry of Finance said the proposal to continue exempting personal income tax on interest on savings deposits is to encourage people to deposit money in banks.
According to the Ministry of Finance, it is necessary to continue exempting personal income tax on interest on savings deposits to encourage people to deposit money in banks - Photo: TU TRUNG
Responding to public concerns over the past few days that interest on savings deposits may be subject to personal income tax, the Ministry of Finance confirmed that it has proposed to continue exempting this income from tax.
Specifically, according to the Ministry of Finance, in the draft proposal to amend the Law on Personal Income Tax, the Ministry of Finance still proposes that interest income from savings deposits is one of the tax-exempt incomes, as per current regulations.
"Regarding interest on savings deposits, the current Personal Income Tax Law stipulates tax exemption for income from interest on deposits at credit institutions, interest from life insurance contracts, interest on government bonds, pensions...
In the proposal to build the Law on Personal Income Tax (replacement) sent to ministries, branches, localities and people for comments, the Ministry of Finance proposed to continue to maintain the regulation on exemption of personal income tax on interest on savings deposits as currently regulated" - the Ministry of Finance affirmed.
The Ministry of Finance explained that the reason for this proposal is to encourage individuals who do not have a need to directly invest in production and business to deposit savings through banks.
This is an important capital mobilization channel for the economy and also a welfare policy for those who are unable to work (retirees, disabled people...) who have idle money deposited in banks to receive interest.
Regarding the progress of drafting the Law on Personal Income Tax (replacement), the Ministry of Finance informed that on February 12, the Ministry of Justice held a meeting to review the proposal to draft this law.
After receiving written comments from the Ministry of Justice, the Ministry of Finance will complete the dossier proposing the development of a draft Law on Personal Income Tax (replacement) to submit to the Government for consideration and decision before reporting to the National Assembly Standing Committee and the National Assembly.
The Ministry of Finance also proposed to comprehensively amend the current Law on Personal Income Tax with 7 groups of policies and contents. These are increasing the family deduction level for taxpayers; Adding specific deductions such as education and medical expenses before calculating tax; Adjusting tax rates as well as income gaps in tax brackets of the progressive tax schedule...
Once approved by competent authorities, these policies will contribute to reducing tax obligations for taxpayers.
According to the program, the draft Law on Personal Income Tax will be submitted by the Government to the National Assembly at the session taking place in October this year and approved at the session in May 2026.
Source: https://tuoitre.vn/bo-tai-chinh-de-xuat-tiep-tuc-mien-thue-thu-nhap-ca-nhan-doi-voi-lai-tien-gui-tieu-kiem-20250221152356333.htm
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