Personal income tax revenues in 11M exceed full year's target

The Government News on December 9 quoted the General Department of Taxation as reporting that personal income tax revenues this year, as of late November, reached around VND170 trillion ($7.3 billion), surpassing full year's forecast by 6.9 per cent.

Last year, total personal income tax valued at over VND147 trillion (nearly $5.8 billion), making up 9 per cent of total State budget revenue.

In the first 11 months of this year, the total State budget revenue reached VND1.8 quadrillion ($71.2 billion), exceeding the forecast by 6.3 per cent and marking a 16.1 per cent increase from last year.

Meanwhile, Government spending across the last 11 months was estimated to reach 73.6 per cent of the forecast, reflecting a 4.7 per cent increase compared to the same period in 2023.

Major tax types in Vietnam include personal income tax, corporate income tax, value-added tax, environmental protection tax, import and export duties, and special consumption tax.