At the press conference to announce the results of the 9th Session of the 15th National Assembly on June 27, full-time National Assembly delegate Pham Thi Hong Yen of the Economic and Financial Committee answered the question about the time to amend the Law on Personal Income Tax.
Ms. Pham Thi Hong Yen said that at the upcoming 10th Session, the Government is expected to comprehensively revise the Law on Personal Income Tax, including mentioning the adjustment of the family deduction level.
This can be said to be very good news for taxpayers. Because adjusting the family deduction for personal income tax, because it no longer accurately reflects real life, is an issue that has been proposed many times in recent forums.
The National Assembly's official inclusion of this content in the legislative program not only shows listening, but also opens up expectations for a more fair, progressive and humane tax policy.
The current family deduction is 11 million VND/month for taxpayers themselves and 4.4 million VND/month for dependents.
This is a level that has been adjusted since 2020, after many years of staying unchanged. However, since then, the cost of living, especially in large cities, has increased rapidly: electricity, gasoline, tuition fees, medical costs, housing... all put great pressure on the actual income of workers.
In reality, if only based on the criteria of "consumption price index (CPI) fluctuating over 20%) to be adjusted to reduce family deductions, the tax policy is behind the scenes.
The Law on Personal Income Tax was born with the goal of regulating income, ensuring social justice, and at the same time creating revenue for the state budget.
However, in practice, if the taxable thresholds, deductions and progressive tax declarations are not adjusted in a timely manner, taxpayers will be "charged on an unyed taxable income".
The amendment of the law helps to reasonably reallocate the tax burden among income classes.
Workers are the force that directly contributes to socio-economic development. In the condition that income does not increase in price, reducing the tax burden is a way for the State to accompany and share difficulties with the people.
That is the "for humanity" policy - both supporting salary workers to restore their labor capacity and creating conditions to care for dependents appropriately.
The National Assembly's plan to amend the Law on Personal Income Tax in the next session is a listening move that brings a lot of hope, demonstrating the State's legitimate recognition of the people. At the same time, it creates momentum for sustainable growth through fair tax policies.
