6,339 more business households in Hai Duong do not have to pay value added tax

Business households with revenue under 200 million VND/year will not have to pay VAT.

That is the result of the review by the Hai Duong Provincial Tax Department until the end of November 2024. The above-mentioned business households currently have a revenue of over 100 million VND to under 200 million VND/year. The total VAT in Hai Duong is expected to decrease by 24.7 billion VND/year.

On the afternoon of November 26, 2024, the National Assembly passed the Law on Value Added Tax. A notable point in the newly passed law is the regulation that goods and services of business households and individuals with an annual revenue of VND 200 million or less will not be subject to VAT.

To ensure a reasonable increase in the threshold for non-taxable revenue, relatively consistent with the average GDP and CPI growth rate from 2013 to present, the law stipulates a threshold of VND200 million/year. Thus, compared to current regulations, the threshold for non-VAT is doubled.

By the end of November 2024, the Provincial Tax Department was managing 27,946 business households, of which 1,202 business households paid taxes by declaration method; 26,744 business households paid lump sum taxes (of which 13,654 households had to pay taxes, 13,090 households did not have to pay taxes).

Source: https://baohaiduong.vn/them-6-339-ho-kinh-doanh-o-hai-duong-khong-phai-nop-thue-gia-tri-gia-tang-399698.html