• Latest
  • Trending
  • All
  • Industry
  • Compliance
  • Global Trade
  • Industry
  • Sustainability & Ethics
  • Video
  • Security & Risk
Personal-Income-Tax-Proposal

Personal Income Tax Proposal for Interest on Certain Bank Savings Accounts

02/20/2025
ATLANTIS LOGISTICS (DRC) SARL Strengthens DRC’s Position in Global Trade Through Reliable Logistics Solutions

ATLANTIS LOGISTICS (DRC) SARL Strengthens DRC’s Position in Global Trade Through Reliable Logistics Solutions

07/30/2025
Trezix: Transforming Global Trade with AI-Driven Orchestration

Trezix Software Pvt Ltd Nominated for Go Global Awards 2025

07/30/2025
Trezix: Transforming Global Trade with AI-Driven Orchestration

Trezix: Transforming Global Trade with AI-Driven Orchestration

07/30/2025
U.S. and China Conclude Stockholm Talks as Tariff Pause Remains in Effect

U.S. and China Conclude Stockholm Talks as Tariff Pause Remains in Effect

07/30/2025
DTI Sees Tariff Adjustment as Positive Step for Philippines

DTI Sees Tariff Adjustment as Positive Step for Philippines

07/30/2025
Charts and graphs showing business items and U.S. tariff shifts. - Supply Chain News

Analysts Monitor U.S. Tariff Shifts Amid Trade Talks

07/30/2025
Wall Street Eases Concerns as U.S. Tariff Levels Stabilize Below Expectations

Wall Street Eases Concerns as U.S. Tariff Levels Stabilize Below Expectations

07/30/2025
Trump Proposes Global Baseline Tariff Rate of 15–20 Percent

Trump Proposes Global Baseline Tariff Rate of 15–20 Percent

07/30/2025
1FC Invest Enterprises Nominated for Go Global Awards 2025

1FC Invest Enterprises Expands Financial Inclusion Across India with Tech-Driven Legacy Planning Solutions

07/29/2025
1FC Invest Enterprises Nominated for Go Global Awards 2025

1FC Invest Enterprises Nominated for Go Global Awards 2025

07/29/2025
M.A.R.S.A.T S.A: Advancing Romania’s Energy Infrastructure with Turnkey Engineering Solutions

M.A.R.S.A.T S.A. Nominated for the Go Global Awards 2025

07/29/2025
M.A.R.S.A.T S.A: Advancing Romania’s Energy Infrastructure with Turnkey Engineering Solutions

M.A.R.S.A.T S.A: Advancing Romania’s Energy Infrastructure with Turnkey Engineering Solutions

07/29/2025
supplychainreport
Thursday, July 31, 2025
  • Home
  • Industry
    • Supply Chain
    • Logistics & Transportation
    • Importing & Exporting
    • Manufacturing
    • Warehousing & Distribution
  • Compliance
    • Supply Chain Transparency
    • Anti-Money Laundering (AML)
    • Know Your Customer (KYC)
    • Risk Management
    • Export Controls
    • Sanctions
  • Global Trade
    • Market Trends
    • Economic Indicators
    • Sourcing
    • Trade Policies
    • International Relations
    • Trade Agreements
    • Tariffs & Duties
    • Import/Export Statistics
  • Luxury Goods
  • Industry
    • Blockchain in Supply Chain
    • Importing & Exporting
    • Automation & Robotics
    • Artificial Intelligence in Trade
    • Data & Analytics
  • Sustainability & Ethics
    • Green Supply Chains
    • Sustainable Logistics
    • Ethical Sourcing
    • Corporate Social Responsibility
    • Environmental Policies
  • Security & Risk
    • Cybersecurity in Trade
    • Fraud & Scams
    • Risk Mitigation
    • Security Protocols
    • Data Protection
  • ITC News
    • ITC Featured Members
    • ITC Business Councils Highlights
  • Events
    • Upcoming Conferences
    • Upcoming FREE Educational Webinars
No Result
View All Result
supplychainreport
No Result
View All Result

Personal Income Tax Proposal for Interest on Certain Bank Savings Accounts

by Mich M.
02/20/2025
in Economic Indicators

HÀ NỘI — The Cần Thơ City People’s Committee has proposed changes to the current personal income tax (PIT) exemption on bank savings interest. The proposal suggests that only low amounts of savings should be exempt from PIT, rather than all individual bank savings as is currently the case.

This recommendation was submitted in response to the Ministry of Finance’s draft Law on Personal Income Tax. Under existing regulations, individuals are exempt from PIT on interest earned from deposits at credit institutions and foreign bank branches. In contrast, companies are required to pay tax on their interest income from bank deposits.

YOU MAY ALSO LIKE

Bitcoin Price Likely to Consolidate Amid Key U.S. Economic Data Releases

IMF Forecasts Japan’s Sustainable Achievement of Central Bank’s Inflation Target

As of November 2024, data from the State Bank of Vietnam (SBV) showed that individual deposits in banks exceeded VNĐ7 quadrillion, an all-time high and a 7.16 percent increase compared to the end of 2023. In November 2024 alone, individuals deposited an additional VNĐ22.14 trillion into the banking system.

The Ministry of Finance (MoF) has also received comments on the draft law from other ministries and agencies. The Ministry of National Defence has proposed tax exemptions for income generated from scientific tasks related to the development of equipment for national defense and security, with the aim of attracting a skilled workforce to this field. The Ministry of Justice has suggested PIT exemptions for highly qualified workers in various sectors and the ability for the Prime Minister to approve tax exemptions or reductions for employees at certain international organizations.

The Ministry of Agriculture and Rural Development has recommended a PIT exemption for income from dividends earned by members of agricultural cooperatives and farmers who participate in the Large Field program, as well as those engaged in afforestation and aquaculture production.

In addition to these proposals, several ministries and localities have called for PIT reductions for individuals and families impacted by natural disasters, such as storms and floods.

The MoF has responded to these proposals by emphasizing the need to restructure the State budget to ensure a sustainable financial system. This includes expanding the tax base and minimizing the integration of social policies into the tax system. The MoF noted that any amendments to tax exemptions or reductions must align with current policies and international tax reform trends.

The Government plans to submit the draft Law on Personal Income Tax to the National Assembly for review at a meeting later this year, with the goal of passing the law in May 2026. — VNS

Stay current with supply chain report news at The Supply Chain Report. For international trade tools, see ADAMftd.com.

#VietnamTaxReform #PersonalIncomeTax #EconomicPolicy #SavingsInterest #FinancialRegulation


ShareTweet

Subscribe Our Newsletter

Share Your News

Whether it’s a groundbreaking achievement, a heartwarming tale, or an insightful perspective, we want to hear it. Share your news with us, and let’s amplify your voice in the digital symphony of stories.

Submit

A man is riding a bike on a hill.

The Supply Chain Report is your essential daily news website, serving as a trusted source for comprehensive coverage of the complex and ever-evolving global supply chain dynamics. Our expert team delves into the intricacies of international trade, manufacturing, logistics, importing, exporting, and supply chain management; providing in-depth analysis and up-to-date news on the latest trends, disruptions, and technological advancements affecting industries worldwide. From detailed reports on international trade through to insights into procurement strategies and inventory management, we offer valuable content that helps professionals stay informed and make knowledgeable decisions in a fast-paced market.

Each day, we bring you cutting-edge news and expert commentary that dissect significant international trade and supply chain issues Our coverage spans a wide array of sectors including manufacturing, retail, healthcare, food, consumer goods, and technology, ensuring that no matter your field, you have the strategic information needed to navigate the challenges and opportunities of today’s supply chain landscape. By synthesizing complex data and presenting actionable insights, The Supply Chain Report empowers business leaders, policymakers, and logistics professionals to optimize their operations and drive forward with confidence in an interconnected world.

Connect With Us

  • About
  • Events
  • Privacy Policy
  • Contact Us

© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.

No Result
View All Result
  • Home
  • Industry
    • Supply Chain
    • Logistics & Transportation
    • Importing & Exporting
    • Manufacturing
    • Warehousing & Distribution
  • Compliance
    • Supply Chain Transparency
    • Anti-Money Laundering (AML)
    • Know Your Customer (KYC)
    • Risk Management
    • Export Controls
    • Sanctions
  • Global Trade
    • Market Trends
    • Economic Indicators
    • Sourcing
    • Trade Policies
    • International Relations
    • Trade Agreements
    • Tariffs & Duties
    • Import/Export Statistics
  • Luxury Goods
  • Industry
    • Blockchain in Supply Chain
    • Importing & Exporting
    • Automation & Robotics
    • Artificial Intelligence in Trade
    • Data & Analytics
  • Sustainability & Ethics
    • Green Supply Chains
    • Sustainable Logistics
    • Ethical Sourcing
    • Corporate Social Responsibility
    • Environmental Policies
  • Security & Risk
    • Cybersecurity in Trade
    • Fraud & Scams
    • Risk Mitigation
    • Security Protocols
    • Data Protection
  • ITC News
    • ITC Featured Members
    • ITC Business Councils Highlights
  • Events
    • Upcoming Conferences
    • Upcoming FREE Educational Webinars

© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.