Authorities are now looking ahead to revising the Law on Tax Administration to ensure fair, convenient and transparent tax policies for all business models, especially household businesses.
Several key economic and financial policies will come into force from June, directly impacting household businesses, state-owned enterprises, and foreign investors.
Support in digital transformation will help to reduce input costs, improve management capacity, and ensure legal compliance for small and household businesses.
Under the Politburo's Resolution 68-NQ/TW, the presumptive tax model is to be completely phased out by 2026. The goal is to narrow the financial and accounting gap between household businesses and micro or small enterprises, and to gradually transition household businesses into entities with proper governance structures.
Virtually all of Vietnam's marine aquaculture is done by household businesses using outdated technologies, Assoc Prof Nguyen Huu Dung, chairman of the Vietnam Seaculture Association, has said.
The Ministry of Planning and Investment has drawn up a programme on supporting digital transformation in enterprises, cooperatives and household businesses during the 2021-2025 period.
Ho Chi Minh City’s Tax Department has waived or reduced taxes worth 123 billion VND (5.37 million USD) for 86,197 household businesses affected by the COVID-19 pandemic.
The Ministry of Finance has asked digital-based businesses and delivery service companies to provide information about e-commerce sellers using their platforms and services so they can be taxed.
Nearly 246.449 trillion VND (over 10.7 billion USD) in taxes was collected for the State budget in the first two months of 2021, equivalent to 22.1 percent of the estimate, according to the General Department of Taxation.
The Party and the State have pursued a consistent policy of ensuring social welfare for people, as reflected through a raft of Party documents, National Assembly resolutions, strategies, plans, projects and programmes of the Government.
Vietnam has considered adding regulations of household business to the revised Law on Enterprises that is set to be submitted to the National Assembly for approval in October.
Household businesses may be exempted from paying fees for enterprise registration and first-time provision of information needed to become an enterprise.
In three years since it launched the Dong Khoi Start-ups and Enterprise Development Programme, the southern province of Ben Tre has adopted many policies to support start-ups, leading to a rise in the number of businesses and jobs, and economic growth, officials told a review conference held recently.
The amendments to enterprise and investment laws should be aimed at promoting the development of the private sector, a conference held in Hanoi was told on February 20.
More than a year after it rolled out support policies to help household businesses become enterprises, only 3,950 out of 250,000 have done so, the Ho Chi Minh City Department of Taxation has said.
Sacombank has set aside 3 trillion VND (132.15 million USD) for preferential loans to household businesses, small traders and firms converted from household businesses in HCM City.
