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Prime Minister Le Minh Hung said, according to a report from the Finance Ministry, that for individual business households, annual revenue below 1 billion dong would not be subject to value-added tax (VAT) or personal income tax. He also indicated that the same threshold for taxation would be raised for small and medium-sized enterprises.
On April 21, the Government submitted to the National Assembly a draft law amending and supplementing several provisions of the Personal Income Tax Law, the Value-Added Tax Law, the Corporate Income Tax Law, and the Special Consumption Tax Law. MPs then held group discussions to provide their views on the proposal.
Deputy Nguyen Ngoc Son urged the Government to clearly define the criteria for determining taxable revenue, including timing, within the draft law. He said clearer control mechanisms were needed to prevent deliberate revenue splitting and segmentation of business activities intended to preserve the scale of “small households” and avoid tax obligations.
Deputy Pham Thuy Chinh, Deputy Chair of the Economic and Financial Committee, said she supported the tax reform but warned that rapid and frequent changes to tax policy would be difficult to implement.
Ms. Chinh also supported entrusting the Government with setting the threshold for taxable revenue to allow flexibility in administration, while requiring the Government to report to Parliament on the policy’s impact. She asked the Government to clarify whether the proposed threshold would be above 500 million dong or at what level it would be.
There was a broad consensus among deputies that the tax base must be raised.
Following deputies’ comments, Prime Minister Le Minh Hung said personal income tax, VAT, and excise duties are new issues even though related laws have only recently been amended and enacted.
He noted that since the decision to exempt households earning under 500 million dong in annual revenue from taxation, the situation has changed—particularly due to volatility in fuel prices affecting small and medium enterprises and household businesses.
The Prime Minister emphasized that tax policy must be fair, reduce obstacles for households, and support small and medium enterprises so individuals can transition into SMEs. He said urgent and timely policies would be beneficial for households and SMEs, while still meeting the policy goal of encouraging households and individuals to move into business.
He also stressed that implementation must be highly flexible. When the Government is entrusted to set precise tax rates, it would establish criteria and principles to define them strictly to avoid loopholes and revenue loss. The Government Decree will provide further details, he said.
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