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Friday, September 30, 2022

Personal income tax collection almost hits year’s goal

By V.Dung

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HCMC – In the January-July period, the total personal income revenue topped VND106,385 billion, equivalent to 90.1% of the full-year goal.

Personal income tax amount accounted for roughly 9.8% of total budget revenues collected by the tax sector and 15.7% of the total domestic tax revenue, according to the General Department of Taxation.

In the seven months, the overall budget income totaled VND1,093.5 trillion, a rise of 18.1% year-on-year and equal to 77.5% of the year’s target.

Revenue from housing and land hit 95.1% of the year’s target, mining rights 93.4%, and personal income tax 90.1%.

This year, the Government expects to collect VND118,075 billion in personal income tax.

In 2021, revenue from personal income tax soared, reaching VND123,000 billion, despite the dire effects of the fourth wave of the Covid-19 pandemic.

According to the General Department of Taxation, the major sources of personal income tax revenue include employee salaries and wages, followed by earnings from real estate transfers, inheritance, gifts, stock transfers and individual businesses.

The recent rise in personal income tax collection has also been attributed to the growing real estate and stock markets.

However, observers said the personal income tax policy is obsolete, putting individuals under strain, particularly in the face of the post-Covid-19 pandemic and high consumer expenses.

Investors also pointed out that they must pay personal income tax even if their investments in stocks, real estate and commodities make losses.

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