•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
At a conference titled “Accompanying Hanoi’s Household Businesses” organized by the Hanoi Tax Department, household businesses raised questions about what they need to prepare when moving from the quota tax regime to the declaration regime, whether additional procedures with the tax agency would be required, and whether they would have to queue.
Responding, Mr. Nguyen Tien Minh, Deputy Head of the Hanoi Tax Department, said household businesses should open and maintain accounting records in accordance with Circular 152 of the Ministry of Finance. He noted that the ledger format is “very simple,” and businesses can choose a method that matches their information-technology capacity.
If conditions allow, household businesses can use point-of-sale software or accounting software from providers to automate bookkeeping. Under Circular 152, additional ledgers may be added to support administrative control over business operations.
Mr. Minh emphasized that the tax authority’s objective is to help household businesses feel secure and confident in their operations, not only to enforce compliance. He also said bookkeeping can be done in Excel or manually for remote areas or among elderly people. This is described as a necessary requirement when shifting from a pre-audit, cash-based regime to a post-audit, declaration regime, where the tax authority controls later and uses records as a basis for reconciliation.
On electronic reporting of bank accounts related to business activities to the tax agency, Hanoi’s tax leadership recommended keeping business accounts separate from personal accounts. The aim is to facilitate procedures, increase automation, and reduce the need to explain or present documents to authorities.
The tax leadership also advised household businesses to proactively classify themselves by revenue scale into three groups: tax-exempt; from over 500 million VND to 3 billion VND; and over 3 billion VND.
Regarding whether switching would bring additional procedures or require queuing, Hanoi’s tax leadership stated that filing taxes does not create extra procedures. Instead, it is described as shortened, simplified, and more convenient.
For tax-exempt households, Mr. Minh said that previously they still had to declare taxes once a year in December of the prior year, before knowing the actual revenue for the following year. If revenue exceeded 50% of the declared level, an adjustment was required; otherwise, it would not be compliant. After filing, the tax agency would coordinate with the commune-level tax advisory council and relevant authorities to determine the applicable tax regime.
Under the current approach, declaration remains once a year, but the deadline is January 31 of the following year. The tax leadership said this does not increase procedures and is reduced compared with the past, when households had to continually monitor whether revenue exceeded 50% to adjust.
For households that declare taxes, Mr. Minh said that previously taxes were mainly declared and paid monthly. Now, most household businesses declare quarterly, except when revenue exceeds 50 billion VND.
Quarterly tax payments are described as helping households avoid visits to the tax office or banks, and they can be completed entirely electronically. The tax authority said this supports accuracy and reduces errors.
For households using electronic invoices or invoices initiated from electronic cash registers, the tax agency also supports estimated returns and suggested returns. Mr. Minh said this approach has been applied in personal income tax finalization and automatic tax refunds, and that businesses can expect full support when applying higher-level management practices.
A new point highlighted by Mr. Minh is that households with multiple locations only need to declare at one place, rather than submitting multiple declarations. He said tracking ledgers and invoices becomes more convenient.
For example, a household with three stores previously declared at three different tax authorities, requiring three separate declarations. Under the new approach, only one declaration is required, submitted to the tax authority managing the main office directly.
For households renting out houses, Mr. Minh said that previously, if there were two houses in two districts with different declaration times, taxpayers had to work with two tax authorities and track revenue as it arose, which he described as complex.
Currently, households only need to remember one annual declaration from one to two times. If declaring once, the deadline is January 31 of the following year. If declaring twice, revenue for the first six months must be declared no later than July 31, and revenue for the last six months must be declared no later than January 31 of the following year.
Source: Phan Trang, antt.nguoiduatin.vn
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
