This is a notable content mentioned in Resolution 278 recently issued by the Government on law-making work in September (first session).

Specifically, at the recent Government meeting on law-making, the Government discussed and gave opinions on 9 important draft laws, including the Law on Personal Income Tax (amended).

With the draft Law on Personal Income Tax (amended), the Government agrees on the necessity of developing a draft law to continue institutionalizing the Party's guidelines and policies, the State's policies and laws on perfecting the tax policy system in general and the personal income tax policy in particular.

buy wine 3.jpg
The government has requested a tax on gold purchases and sales to limit speculation. Photo: Nguyen Hue

The Government assigned the Ministry of Finance to preside over and coordinate with relevant ministries and agencies to research and absorb as much as possible the opinions of Government members and the Prime Minister's conclusions, and complete the draft law to ensure requirements.

Along with that, continue to review the provisions in the draft to ensure consistency with the provisions of the Constitution and relevant legal provisions (Land Law, Securities Law, Social Insurance Law and laws on high technology...).

At the same time, meet the requirements to improve tax management, collect correctly, fully and promptly, while ensuring equal treatment among taxpayers.

At the same time, review and add income (severance pay, allowances, subsidies, living expenses paid by Vietnamese agencies abroad...) to the tax-exempt list. Complete the regulations on the progressive tax schedule according to option 2 as proposed by the Ministry of Finance.

The Government noted the need to carefully assess the impact of personal income tax regulations on business income to avoid major disruptions to people's business activities. Effectively implement the policy of eliminating tax collection for business households and business individuals according to resolutions.

In particular, it is necessary to clearly define income from gold trading activities as taxable to increase market transparency and limit gold speculation.

The Government assigned the Ministry of Finance to coordinate with the State Bank to unify this content in the draft law.

Calculating personal income tax: Need to increase family deduction to 18 million/month The proposed family deduction for taxpayers is 15.5 million VND/month, which is currently considered outdated, especially when we have to wait until the 2026 tax period, that is, until 2027, to finalize taxes.

Source: https://vietnamnet.vn/chinh-phu-giao-dich-mua-ban-vang-thuoc-doi-tuong-chiu-thue-2442378.html