Saturday , July 13 2024

Finance ministry mulls raising income threshold for taxing household businesses

The Ministry of Finance is considering raising the income threshold for value-added tax for household businesses by 50% to account for inflation.

Currently they pay VAT, at 8%, if their annual revenues are VND100 million ($4,100) or higher.

This threshold was fixed 10 years ago, and the consumer price index, which measures inflation, has gone up substantially.

So the threshold should be changed to VND150 million, the ministry said.

There are 5.5 million household businesses in the country that account for 30% of its GDP, according to the General Statistics Office.

VAT accounts for more than 20% of the government’s revenues.

The ministry is also considering abolishing VAT in border areas to boost their economy and making more items duty-free at the border except for cigarettes, alcoholic drinks and fuel.

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