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Sunday, July 14, 2024

Personal income tax revenue surges 27% y-o-y

By Thai Huy

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HCMC – The 2022 personal income tax revenue soared 27% against the previous year, at over VND166.7 trillion, showed data of the General Statistics Office (GSO).

The figure was 38% higher than the 2022 target, equivalent to an additional revenue of VND48.6 trillion, the Vietnam News Agency reported.

Personal income tax collections have swollen in recent years, with the 2022 revenue surging 50%, or VND57 trillion, compared to 2020, and 3.5 times over 2013.

The rapid rise in personal income tax stemmed from unsuitable provisions of the personal income tax law, including low deductions for taxpayers, which led tax revenue growth to outpace employees’ income growth, the GSO said.

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