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In the proposal to develop a Law on Personal Income Tax (replacement), the Ministry of Finance proposed to maintain the regulation on exemption of personal income tax on interest on savings deposits.
According to the Ministry of Finance, on November 22, 2024, the Ministry issued Official Dispatch No. 12738/BTC-CST to widely solicit opinions from relevant organizations and individuals on the drafting of the Personal Income Tax Law, then synthesize and fully explain the participating opinions.
On January 22, 2025, the Ministry of Finance issued Official Letter No. 930/BTC-CST to the Ministry of Justice for comments. Afterwards, the Ministry of Justice held a meeting to review the proposal to develop a Law on Personal Income Tax (replacement).
The dossier proposing to develop the draft Law on Personal Income Tax (replacement) is expected to be reported to the Government to report to the National Assembly to propose overall amendments to regulations related to current personal income tax policies with 7 policy groups.
Many contents, once approved by competent authorities, will contribute to reducing tax obligations for taxpayers, ensuring compliance with the direction of reforming the tax policy system in general and personal income tax in particular, as determined in documents and resolutions of the Party and State.
Regarding interest on savings deposits, according to the Ministry of Finance, the current Personal Income Tax Law stipulates tax exemption for income from interest on deposits at credit institutions, interest from life insurance contracts, interest on government bonds, pensions, etc.
In the proposal to build the draft Law on Personal Income Tax (replacement) sent to ministries, branches, localities and people for comments, the Ministry of Finance proposed to continue to maintain the regulation on exemption of personal income tax on savings interest as currently regulated.
Previously, public opinion was particularly interested in the information about the draft submission on the development of the Personal Income Tax Law (replacement) of a locality proposing, researching and expanding the tax base, in the direction of only exempting personal income tax on small-scale savings interest and considering applying tax to high-income households. The reason this locality made the above proposal was to expand the tax base and ensure budget revenue.
The regulation on exemption of personal income tax on income from interest on deposits at credit institutions aims to encourage individuals who do not have the need to directly invest in production and business to deposit savings through banks - an important capital mobilization channel for the economy. This is also a welfare policy for those who are unable to work (retirees, disabled people, etc.) who have idle money to deposit in banks to receive interest. If we have to pay tax on bank deposits, this capital mobilization channel will lose its advantage in attracting customers, causing a loss of resources for economic development.
