HCMC – Vietnam’s personal income tax (PIT) revenue amounted to VND170 trillion in the first 11 months of this year, surpassing the full-year target by VND10 trillion, according to the General Department of Taxation.
This achievement represents 106.9% of the projected total for the year, highlighting robust tax collection despite economic challenges and financial hardships faced by workers. PIT remains the third-largest contributor to state revenue, following value-added tax and corporate income tax.
The Ministry of Finance had forecasted PIT revenue for 2024 at VND160 trillion, with most of the tax derived from wages and salaries and smaller amounts from individual business income.
Total tax revenue managed by the tax authority during the first 11 months of the year was estimated at VND1.55 quadrillion, or 104.5% of the annual target. Domestic revenue accounted for VND1.5 quadrillion, crude oil contributed nearly VND52.5 trillion, and revenue from export-import activities reached VND248.6 trillion, beating initial projections by 22%.
The tax sector reported a 16.7% year-on-year increase in domestic revenue. While crude oil revenue fell by 7.8% compared to the same period last year, it still surpassed annual estimates by 14.5%.
The Ministry of Finance has proposed adjustments to PIT regulations, including reducing the number of tax brackets, expanding income bands, and revising family tax deduction policies to reflect current economic conditions. These changes aim to reduce the tax burden on individuals while aligning the system with evolving economic realities.
