Personal income tax revenues drop for first time 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.