Vietnam Moves Personal Income Tax Collection to May

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Jan. 13 – Vietnam's Finance Ministry has announced that it would move the collection of personal income tax (PIT) to May to help those coping with the global business downturn.

Under the revisions of the PIT law, more income taxpayers will also be qualified for a tax reduction.

Finance Deputy Minister Do Hoang Anh Tuan told Vietnam News that the rescheduling translates to a loss of about VND1 trillion in tax revenues but should boost local consumption.

The agency is currently formulating documents that should guide the rescheduling.
The new schedule will lessen corporate income tax for small and medium-sized companies struggling with difficulties.