Personal Taxes

Q1 personal earnings tax assortment as much as 20 %

An employee counts Vietnamese banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy

First quarter personal income tax collection grew 20 percent year-on-year to VND50.7 trillion ($2.22 billion), achieving 43 percent of the year’s target, the General Department of Taxation says.

It said that the personal income tax payees included workers, business owners, stock investors, property sellers and others.

Several other tax collections also exceeded 25 percent of the annual target, including taxes paid by state-owned companies, foreign-invested companies, vehicle registration and land use fees as well as environmental protection taxes.

Total tax revenues in the first quarter rose 4 percent year-on-year to over VND389.30 trillion, the department said.

It explained the increase in tax collections on the pandemic being brought under control and business activities resuming strongly.

The number of new and returning businesses in the first quarter rose 36 percent year-on-year, it noted.

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