Q1 personal income tax collection increases by 102.56%

Binh Duong provincial Tax Department, said that in the first quarter of 2023, in addition to other revenues that increased over the same period last year, personal income tax (PIT) revenue increased by nearly VND 2,189 billion or 34.74% of the yearly estimate set by the Ministry of Finance and reaching 32.72% of the estimate assigned by the provincial People's Council, equaling 102.56% over the same period.

According to the provincial Tax Department, the revenue mainly comes from PIT revenue of salaries, wages and income tax from real estate transfer. Incomes subject to PIT from wages and salaries, which are incomes employees receive from employers, will have to be included in taxable incomes including wages, salaries and other amounts of salary and monetary nature remuneration in the form of cash or non-cash allowances and subsidies, except for allowances and subsidies prescribed by the Tax Law.

Reported by Thanh Hong – Translated by Vi Bao