Personal income tax collection rescheduled to May

The Finance Ministry has decided to reschedule the collection of personal income tax to May with the aim of assisting the people in the context of global economic downturn.

Under the decision, a number of personal income taxpayers will also enjoy a tax reduction in line with revisions of the Law on Personal Income Tax, which came into effect on January 1.

Finance Deputy Minister Do Hoang Anh Tuan said this rescheduling means a loss of about 1 trillion VND in tax revenues. However, he added, the move is expected to stimulate local consumption in this difficult period.

The Finance Ministry is urgently formulating documents guiding the implementation of rescheduling of personal income tax collection.

It will also reduce or reschedule corporate income tax for a number of small and medium-sized enterprises hit by difficulties.

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