The government has proposed letting individuals and household businesses with revenue of up to VND 10 billion choose to pay tax on revenue at rates of 0.5% to 5% depending on the sector, instead of only those under VND 3 billion as now. According to the Ministry of Finance, only 0.14% of the country's 2.7 million household businesses have revenue above VND 10 billion, so 99.86% would be able to choose the simpler method. Businesses with annual revenue of up to VND 10 billion would also be offered a similar choice. The Committee on Economic and Financial Affairs argued that many tax provisions in the draft SME Development Law overlap with existing laws and proposed moving them to a bill amending 3 tax laws, while delegate Nguyễn Ngọc Sơn asked that the rules apply from the 2027 tax year to avoid retroactivity. Earlier, on August 24, the National Assembly passed a resolution cutting personal income tax and corporate income tax by 30% for those with revenue of up to VND 10 billion, with 96% of delegates in favour.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Hộ kinh doanh thu đến 10 tỷ đồng có thể được nộp thuế theo doanh thu
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The government proposes raising the annual revenue threshold for defining small and medium enterprises to VND 400 billion, up VND 100 billion from current law, and the capital threshold to VND 150 billion. The workforce criterion would be replaced by an average annual workforce of no more than 300 people. The draft Law on Development of Small and Medium Enterprises, submitted to the National Assembly by Finance Minister Ngô Văn Tuấn on October 17, proposes a lower-than-standard corporate income tax rate, a three-year corporate income tax exemption from the first business registration certificate, and simpler tax calculation methods for businesses and individuals with annual revenue up to VND 10 billion. The National Assembly's Economic and Financial Committee agrees a new law is needed to replace the 2017 law, but says the criteria are impractical because they fluctuate yearly and depend on prior-year financial statements, and recommends using data from the two to three preceding years. The National Assembly will debate the draft on October 30 and vote on adoption on November 20.
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Business groups have demanded an explanation after being kept in the dark for months about a plan by the Australian Taxation Office (ATO) to stop accepting credit card payments for tax bills. Assistant Treasurer Daniel Mulino said the government learned of the plan in July, and the ATO decided in late September to proceed when the Reserve Bank’s ban on card surcharges took effect in October. After a backlash from small business, the government will cover card fees until the end of the financial year and has urged the ATO to keep negotiating a transition period with card companies. Australian Chamber of Commerce and Industry chief executive Andrew McKellar said businesses were told only hours before the ban took effect, calling it a deficient policymaking process that “cannot be repeated.” Shadow treasurer Tim Wilson said small businesses should not learn about such decisions in the newspaper.
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- No on Amendment 87
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