Personal income tax collection from stock traders in Jan-May surges 320% y-o-y
Cao Anh Tuan, director of the General Department of Taxation, speaks at the meeting of the Ministry of Finance - PHOTO: COURTESY OF GENERAL DEPARTMENT OF TAXATION.
HCMC - The increasing number of new traders and soaring liquidity in the local stock market helped personal income tax collection from stock traders rise 320% from January to May compared with the same period last year.
Addressing a meeting of the Ministry of Finance, Cao Anh Tuan, director of the General Department of Taxation, said revenues from personal income tax in the first five months met 60.2% of the entire year’s target increased 12.7% year-on-year.
Particularly, personal income tax collection from segments such as stocks, personal investments, and real estate transfers soared 320%, 169%, and 193% year-on-year, respectively.
Due to the Covid-19 pandemic and relatively low interest rates, limited investment choices have prompted individuals in Vietnam to look for more lucrative investment channels, including stocks.
The average daily trade value of Vietnam’s equity market reached VND26,178 billion in May, increasing 16% from April, according to Pham Hong Son, deputy director of the State Securities Commission.
From January to May, the average daily trade value was VND21,214 billion, rising 185.9% compared with last year’s average.
The stock market capitalization reached VND6.44 quadrillion as of late May, rising 21.7% from late 2020 and equivalent to 102.3% of the nation's gross domestic product.
The number of new stock trading accounts that opened in May reached a record high of 113,674. From January to May, 480,490 accounts were opened, 20% higher than the total number of new accounts in 2020.
This took the total number of stock trading accounts to 3.25 million, equivalent to 3.2% of the population.
Budget revenues from taxes reached more than VND86.3 trillion in May, meeting 7.7% of the entire year’s target.
Budget revenues from taxes in the first five months of 2021 met 52% of the entire year’s target and increased 15% year-on-year.
Tuan said taxation authorities have stepped up taxation inspections and tightened taxation management over e-commerce activities.
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