The Institute of Resources and Environmental Economics has proposed restoring presumptive taxation for small household businesses to reduce compliance costs and support their transition to the new system.
Experts said the draft amendments to the Law on Support for Small- and Medium-Sized Enterprises (SMEs) focuses largely on support after conversion, despite the fact that many household businesses face their greatest challenges before deciding to formalise.
The HCM City tax agency said it will maintain regular dialogue with businesses, push ahead with administrative reform and digital transformation, and identify implementation bottlenecks to recommend policy adjustments, facilitating investment and business activities for FDI enterprises.
The revised law, which amends provisions in personal income tax, value-added tax, corporate income tax and special consumption tax legislation, was passed with 466 out of 488 participating deputies voting in favour.
The Ministry of Finance has proposed new regulations on taxable revenue thresholds for household businesses after just four months the new policy took effect.
Tax authorities will run an intensive information and support campaign to guide small businesses in implementing the policies, including filing and paying taxes under the principle of self-declaration and self-payment.
Domestic revenue, excluding crude oil, contributed more than VNĐ1.72 quadrillion, exceeding the estimate by 3.31 per cent, while revenue from import-export reached VNĐ249.22 trillion, exceeding the estimate by 6.05 per cent after deducting VAT refunds.
From grocery store owners to rural traders, many small business operators — once hesitant about adopting technology — are now actively using digital financial services to manage transactions, reduce costs and improve efficiency.
Domestic tax revenue from goods and services in the first five months increased by 18.3 per cent over the same period last year. This is a fairly high increase, reflecting the positive recovery of production and business activities.
The HCM City Tax Department said it has waived or reduced taxes worth VND123 billion (US$5.37 million) for 86,197 household businesses affected by the COVID-19 epidemic.
The report was conducted by UNDP, UNWomen and the Centre for Analysis and Forecast (CAF) under the Việt Nam Academy of Social Sciences (VASS) by surveying more than 900 vulnerable households and 900 vulnerable household businesses and MSMEs in 58 out of...
Regulating household businesses in Viet Nam is posing several problems as lawmakers debate whether the rules should be included in the amended Law on Enterprise or developed into separate legislation.