Proposal to increase family deduction level according to average income growth rate

On the afternoon of August 7, in Hanoi, the Government Office held a regular Government press conference for July. Minister, Head of the Government Office Tran Van Son, Government Spokesperson, chaired the press conference.

Minister and Head of the Government Office Tran Van Son chaired and spoke at the regular Government press conference on the afternoon of August 7. Photo: VIET CHUNG

Here, Deputy Minister of Finance Nguyen Duc Chi said that the Ministry of Finance is seeking opinions on the draft Resolution of the National Assembly Standing Committee (NASC) adjusting the family deduction level in calculating personal income tax.

According to the Deputy Minister, the Ministry of Finance has consulted experts and proposed two options: One is to adjust according to fluctuations in the consumer price index (CPI); two is to adjust according to the growth rate of per capita income and per capita GDP growth.

After consulting, the majority agreed with option 2. On that basis, the Ministry of Finance proposed to adjust the deduction level for taxpayers from 11 million VND/month to 15.5 million VND/month (equivalent to 186 million VND/year); the deduction level for each dependent from 4.4 million VND/month to 6.2 million VND/month .

According to the Ministry of Finance, this adjustment will help reduce tax obligations, contributing to people enjoying the fruits of socio -economic growth, in accordance with current living standards.

It is expected that the Standing Committee of the National Assembly will consider and approve the Resolution on adjusting the family deduction level at the 50th session in October 2025.

Deputy Minister of Finance Nguyen Duc Chi. Photo: VIET CHUNG

Cryptocurrency exchange to be piloted soon

Also at the press conference, Deputy Minister Nguyen Duc Chi informed that the Ministry of Finance has submitted to the Government and is waiting for the opinion of the Politburo to pilot the crypto asset trading floor . This is a new and sensitive field, requiring both development assurance and risk control and system safety. It is expected that the pilot can start in August or September 2025.

Regarding how many exchanges will participate in the pilot, the Deputy Minister said that the Ministry of Finance is currently studying the conditions and standards for exchanges participating in crypto-asset trading, which will be made public when issued. The policy is to encourage private economic sectors to participate, because this is a field that requires high creativity.

"There will definitely be more than one pilot exchange to ensure competitiveness, but not too many, because first of all we are piloting, summarizing, and drawing experience," said Mr. Nguyen Duc Chi.

LAM NGUYEN

Source: https://www.sggp.org.vn/de-xuat-tang-muc-giam-tru-gia-canh-theo-toc-do-tang-thu-nhap-binh-quan-post807292.html