Ministry unveils tiered Personal Income Tax rates for large business households
A key highlight of the proposal is the updated regulation on Value-Added Tax (VAT) and Personal Income Tax (PIT).
Small business households with revenue below $38,000 per year proposed to be exempted from revenue tax
Currently, business households and individuals with an annual revenue below VND100 million (nearly $3,800) in a calendar year are exempted from revenue tax.
New tax management model to be applicable to business households
Business households with annual large revenues, exceeding VND3 billion (nearly $114,000) for two consecutive years, will be subject to a personal income tax rate of 17%.
Finance Ministry proposes dual support package for business households
According to the proposal, the State will cover 100% of the costs for training courses in business administration, covering topics such as accounting, tax, and human resources for these entities.