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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Original headline: Dự kiến nâng ngưỡng doanh thu xác định doanh nghiệp nhỏ và vừa lên 400 tỷ đồng
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The Government has proposed raising the annual revenue threshold for defining small and medium enterprises to VND 400 billion, up VND 100 billion from current law, in a draft Law on SME Development presented to the National Assembly by Finance Minister Ngô Văn Tuấn. The draft also sets a criterion of no more than 300 average annual employees, replacing the current 200 social-insurance-enrolled workers, and total capital of no more than VND 150 billion. The group would get a lower corporate income tax rate, a 3-year corporate income tax exemption from the first business registration certificate, and simplified accounting and tax procedures for micro enterprises. The National Assembly's Economic and Financial Committee said the criteria change every year and are hard to apply, and recommended using data from the previous 2-3 years. The National Assembly is expected to adopt the law on November 20.
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