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On April 14, an online session organized by the Vietnam News Agency discussed tax-related concerns for household businesses and small and medium-sized enterprises, focusing on which business-related accounts must be registered with tax authorities.
During the session, Dr. Nguyen Van Duc, Senior Lecturer and CEO of Trọng Tín Accounting and Tax Advisory Co., Ltd., said the discussion centers on which entities are required to register accounts connected to business activities.
Under Decree 68, households and individual businesses must register accounts related to their business activities. The decree covers accounts registered in the name of the business owner, accounts registered in the name of the household business as prescribed, accounts not in the household business name but used by the owner for business, and accounts used by the individual business owner on behalf of the business.
To illustrate, Dr. Duc said: if he is the owner of the household business “Tax Advisory Trọng Tín,” and his wife, Nguyen Thi A, is authorized to collect payments for the household business, then the account used for collection must also be registered with the tax authorities. He emphasized that the tax authority’s objective is to ensure all accounts used for business activities are registered, even if the account is held in another person’s name.
The expert also noted that current rules require household businesses to open a business account. Circular 25 of the State Bank requires household businesses to open an account in the name of the household business.
For example, the household business “Trọng Tín” must open an account at a commercial bank and name it after the household business. If the account is in the personal name of Mr. Nguyen Van Duc or a third party, it must be kept separate from the household business account. Dr. Duc added that if a personal or third-party account continues to be used for the household business, it still must be registered.
Dr. Duc said that while there is information circulating that household businesses do not need to open an account in the household’s name, misunderstanding persists. He pointed out that Decree 68 on taxation does not require hộ cá nhân kinh doanh to open an account in the household’s name, but Circular 25 and Circular 17 of the State Bank require that the account of an organization—including economic organizations and household businesses—must be opened and held in its own name. As a result, household businesses are not exempt from opening such an account.
Looking ahead, Dr. Duc suggested that the Ministry of Finance should consider amending the approach so that accounts already in the name of the household business would not need to be registered, citing bank-tax authority interconnection. Under this view, only accounts not named after the household business—such as accounts in personal names used to collect for the household business—would need to be registered.
In summary, the expert reiterated that all accounts related to business activities must be registered, and that further amendments could help clarify which accounts are required to be registered in order to reduce administrative procedures.
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