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On 17 April, a forum titled “Small businesses: Transparent cash flows, expanding business opportunities,” organized by the Tax Department of the Ministry of Finance in cooperation with the Ho Chi Minh City Tax Department and Tuoi Tre, brought together small business owners to discuss difficulties in implementing a new tax policy.
Under Circular 18, business households that self-define annual revenue below 500 million dong are required to notify their bank account or electronic wallet by 20 April 2026.
For households and individuals with annual revenue over 50 billion dong, in addition to notifying the account or wallet, they must file monthly tax declarations by 20 April.
Several attendees said they still did not understand how to implement the policy, particularly in cases where input data and output data do not match. They noted that real-world business situations are diverse and that current guidance may not cover all scenarios, increasing concerns about mistakes and legal risks.
Speaking at the event, Ms Le Thi Chinh, Deputy Head of Tax Practice, said that 20 April is the deadline for the first tax declaration. She described this as a major shift, noting that Decree 68 and Circular 18 provide clearer policy and administrative requirements for this sector.
For small businesses with annual revenue up to 500 million dong, value-added tax (VAT) and personal income tax are not required, and the threshold is under review to adjust support.
For those with annual revenue above 500 million dong, VAT is calculated as a percentage of revenue depending on industry. The forum cited examples including retail at 1% and catering at 3%.
For personal income tax, households can choose either the tax-on-revenue method or the tax-on-taxable-income method (revenue minus reasonable expenses), with a 15% rate. Ms Chinh said the ability to select the more favorable method is a policy feature.
A major issue discussed was the alignment between input and output invoices. Many businesses reported that suppliers do not provide full invoices, while buyers do not request invoices, leading to mismatches between recorded revenue and expenses.
“Many times invoices are issued but buyers do not take them; many business owners say they want to do right but do not know how to handle it,” said Mr Son.
Ms Chinh emphasized that the obligation is not only to pay tax but also to declare electronically. She noted that all businesses, including those below the tax threshold, must electronically notify the related bank accounts or e-wallets.
The move to electronic tax management faces obstacles, particularly for small traders in traditional markets. To support implementation, tax authorities said they have introduced measures including dialogues and intensive training, focusing on addressing specific questions. Collaboration with related organizations is also being strengthened to build an ecosystem to assist households during the transition.
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