The Finance Ministry has decided to reschedule the collection of personal income tax for May with the aim of assisting people facing the fallout from the global economic crisis.
Under the decision, a number of personal income taxpayers will enjoy a tax reduction in compliance with the revisions of the Law on Personal Income Tax, which took effect on January 1.
Finance Deputy Minister Do Hoang Anh Tuan said although this rescheduling means a VND1 trillion decrease in tax revenues, it is expected to stimulate local consumption in the current difficult period.
The Finance Ministry is urgently devising documents to guide the rescheduling of personal income tax collection.
The ministry will also reduce or reschedule corporate income tax on a number of small and medium-sized enterprises running into difficulties.
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