Minister of Finance Ho Duc Phoc: Will amend the Law on Personal Income Tax in 2025
(Baonghean.vn) - This is the information given by Minister of Finance Ho Duc Phoc when answering questions from National Assembly deputies at the question and answer session organized by the National Assembly Standing Committee on the morning of March 18. Comrade Vuong Dinh Hue - Politburo member, Chairman of the National Assembly chaired.
Attending the question-and-answer session at the National Assembly bridge, on the guest side were comrades: General To Lam - Politburo member, Minister of Public Security; Vo Thi Anh Xuan - Party Central Committee member, Vice President.
On the National Assembly side, there were comrade Tran Thanh Man - Politburo member, Permanent Vice Chairman of the National Assembly; comrades of the Party Central Committee, Vice Chairmen of the National Assembly: Nguyen Khac Dinh, Nguyen Duc Hai, Senior Lieutenant General Tran Quang Phuong; together with comrades of the National Assembly Standing Committee, Standing Committee of the Nationalities Council and Committees of the National Assembly, representatives of the agencies under the National Assembly Standing Committee, National Assembly deputies holding concurrent positions at the Central level, National Assembly deputies of the Hanoi National Assembly Delegation, comrades of the Ministers, members of the Government, leaders of ministries, branches, the Supreme People's Court, the Supreme People's Procuracy, and the State Audit.
The conference was held online at 62 connecting points in provinces and centrally-run cities. At the Nghe An province connecting point, comrade Thai Thi An Chung - Member of the Provincial Party Committee, Deputy Head of the Provincial National Assembly Delegation chaired. Attending the question and answer session were comrade Nguyen Nam Dinh - Member of the Provincial Party Committee Standing Committee, Permanent Vice Chairman of the Provincial People's Council; comrades in the Provincial People's Council Standing Committee; National Assembly deputies working in the province and a number of relevant departments and branches.
Questioning a group of issues in the financial sector related to personal income tax on income from salaries and wages, delegate Nguyen Hoang Bao Tran - National Assembly Delegation of Binh Duong province expressed his opinion that the family deduction level for individual taxpayers applied from July 1, 2020 to present is no longer suitable with the rising inflation index and the economic situation facing many difficulties.
The delegate asked Minister Ho Duc Phoc to inform about the plan to consider the level of family deduction for individuals and dependents when determining personal income tax in the coming time and what level is appropriate?
Responding to delegate Nguyen Hoang Bao Tran, Minister of Finance Ho Duc Phoc shared the people's and the press's reflections on the family deduction level being no longer suitable due to rising prices, especially in urban areas.
However, the Ministry must comply with the provisions of the law in calculating personal income tax and family deductions. To change the family deduction level, the Personal Income Tax Law must be amended.
The Minister of Finance said that according to the plan, the Personal Income Tax Law will be amended in 2025. At that time, the Ministry will present its views and collect opinions from all walks of life and agencies to rebuild the family deduction factor and submit it to the Government, the National Assembly Standing Committee, and the National Assembly.
Also in the question-and-answer program, delegates questioned the Minister of Finance on solutions to ensure quality in the purchase and sale of insurance contracts; new points related to handling violations in the fields of insurance and lottery business; and preventing violations in the sale of life products through credit institutions and bank branches.
Delegates also questioned the legal framework for licensing insurance broker training; solutions to limit negative practices in auditing, eliminate gambling under the guise of ticket agents of lottery companies, and overcome the situation of businesses losing money due to low prices for civil traffic construction projects.
Delegates also questioned many issues related to the appraisal and licensing of companies providing financial services; the implementation of laws on lottery, betting, casino and electronic games with prizes, etc.