Revenue under 500 million VND does not have to pay tax

The National Assembly Standing Committee held its 52nd session to give opinions on the explanation, acceptance, and revision of three draft laws: the Law on Personal Income Tax (amended); the Law on Tax Administration (amended); and the Law on Amendments and Supplements to a Number of Articles of the Law on Public Debt Management. The session also considered the investment policy for the Long Thanh International Airport Project and the draft Law on Bankruptcy (amended).

Revenue under 500 million VND does not have to pay tax.

Regarding the draft Law on Personal Income Tax (amended), the Government proposed to increase the non-taxable revenue of business households from 200 million VND to 500 million VND/year. This is also the amount deducted before calculating tax on revenue exceeding the threshold. Tax authorities calculated that with the new threshold, about 2.3 million households (90% of total business households) will not have to pay tax. For households with revenue from 500 million to 3 billion VND/year, the draft adds tax calculation based on income at a tax rate of 15%.

The draft also adjusts the progressive tax schedule: the tax rate for level 2 is reduced from 15% to 10%; level 3 from 25% to 20%; the highest level remains at 35%. The National Assembly is expected to vote and approve it on the morning of December 10.

With the draft Law on Tax Administration (amended), the National Assembly Standing Committee requested to increase the application of technology, improve infrastructure, data, risk management, automated processes, ensure information security and reduce administrative procedures.

Regarding the draft Law on Public Debt Management, the National Assembly Standing Committee proposed that the Government continue to review to ensure consistency in content and technical documents and increase persuasiveness.

Regarding the Long Thanh International Airport Project, a representative of the Ministry of Construction presented a proposal to allow the Government to approve the feasibility study report for phase 2 without having to submit it to the National Assembly, in order to take advantage of available resources, implement early, and anticipate the growth of air transport when GDP is expected to increase by double digits from 2026.

Regarding the draft Bankruptcy Law (amended), many opinions of the National Assembly Standing Committee agreed to change the name to the Law on Rehabilitation and Bankruptcy to emphasize the priority of business recovery.

Source: https://quangngaitv.vn/doanh-thu-duoi-500-trieu-dong-khong-phai-nop-thue-6511199.html