Notably, within the revenue structure, personal income tax has significantly decreased.
Each year, this is a significant source of revenue for HCMC, accounting for about 10 percent of the national personal income tax collection. However, in recent times, this revenue has declined significantly, mainly due to a sharp drop in personal income tax from real estate and stock market transactions.
According to the Department of Finance, over the past nine months, HCMC has promptly implemented various tax and fee exemptions, reductions, and extensions in line with the government's policies. Specifically, tax exemptions amounted to VND8.61 trillion, and tax extensions reached VND10.97 trillion. The support policies of HCMC have played a role in boosting resources for businesses to regain growth and contribute more to the budget.
