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Removing the 500 million dong tax-free revenue threshold for household businesses aims to reduce the tax burden and create room for savings, while supporting production and business expansion.
On the afternoon of April 24, after the first session of the 16th National Assembly adjourned, National Assembly Secretary General and Head of the National Assembly Office Le Quang Manh chaired a press conference at the Press Center to announce the session’s results. National Assembly deputy Pham Thi Hong Yen, a full-time member of the Economic and Financial Committee, answered reporters’ questions.
In response to a question on the levels of revenue not subject to personal income tax and corporate income tax, Yen said the amended law assigns the Government authority to decide three key aspects based on macroeconomic indicators, the ability to balance the budget, and alignment with the socio-economic context in each period.
“Reducing the tax burden, creating room for savings and expanding production and business.”
Yen outlined three areas where the Government will determine the revenue levels not subject to tax:
Yen said the change reflects “decisiveness of policy management” to enable timely adaptation to real-world developments.
Yen noted that under the current Personal Income Tax Law and VAT Law, the revenue not taxed for individuals and households is set at 500 million dong per year. She said that, amid global and domestic economic challenges, business activities among individuals and households have faced difficulties, requiring continued study to adjust tax incentives in a timely manner—particularly to support individuals, households, micro and small businesses, enterprises, and cooperatives.
She also stated that the maximum tax-free revenue for household businesses is 1 billion dong.
On the morning of April 24, the National Assembly officially passed amendments to several articles of the Personal Income Tax Law, VAT Law, Corporate Income Tax Law, and Special Consumption Tax Law. Under the amendments, the Government will set the relevant revenue thresholds.
According to the Government’s explanatory report, the Government intends to:
The information above is based on statements by a deputy and coverage of the press conference.
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