Personal income tax revenues drop for first time in 10 years

By Quynh Trang   November 17, 2023 | 04:44 pm PT
Personal income tax revenues in the first nine months dropped 6% year-on-year to VND121.20 trillion ($5 billion), its first decline in 10 years.

Against an average growth of 15% since 2014, the drop showed that people’s income has been affected in a year of salary and job cuts due to a decline in demand.

Personal income tax is one of three main key taxes of the economy, the other two being business income tax and value-added tax.

Several taxes have also declined. Property tax plunged by almost half to VND98.66 trillion in the first nine months, while export tax dropped 25% to VND163.76 trillion.

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