Opportunities and challenges from the policy of eliminating contract tax
Minister of Finance Nguyen Van Thang has just sent a letter to tax, accounting and auditing organizations, requesting to join hands to support hundreds of thousands of business households to convert to businesses, implementing the new policies correctly.
The Ministry of Finance highly appreciates the bridging role of tax agents, accounting and auditing consulting firms and professional associations in accompanying taxpayers. According to Minister Nguyen Van Thang, the support of practicing units has contributed to improving compliance with the law, reducing costs, helping taxpayers focus resources on production and business, while increasing the management efficiency of tax authorities.
According to the Ministry of Finance, Resolution 68 of the Politburo and Resolution 98 of the National Assembly, which were just issued in May, have opened up an important policy turning point for the private economic sector. In particular, a breakthrough tax incentive policy and a roadmap to eliminate contract tax from 2026 are the foundation for perfecting a more modern and transparent business environment.
Along with the goal of having over 2 million enterprises by 2030, hundreds of thousands of business households are expected to convert to a business model. According to the Ministry of Finance, this is a great opportunity for the financial - tax consulting sector to develop, but also poses new requirements for service quality and the responsibility to accompany taxpayers.
Three proposals from the Ministry of Finance
To effectively implement the major policies of the Party and State, the Ministry of Finance respectfully requests that units continue to accompany and promote their active role in supporting taxpayers with the following contents:
First, constantly research, be proactive, creative, improve service quality and strictly comply with professional ethics standards in the process of providing financial and tax consulting services, ensuring transparency, honesty, and professionalism in professional activities.
Second, research and development, diversify service packages, improve services, optimize costs, reduce costs, and consult to support businesses to improve governance capacity. At the same time, expand business, improve the quality of human resources, build a transparent financial system, comply with accounting laws, audits, conversion instructions, apply international financial reporting standards (IFRS) according to the process announced by the Ministry of Finance to increase access to domestic and foreign financial resources, helping businesses access practices and reach international standards.
In particular, supporting small and medium-sized enterprises and newly converted business households to easily access professional services at reasonable fees, contributing to spreading support policies, reducing compliance burdens and promoting startups; encourage fee exemptions for business households converting to businesses in the early stages of using services.
Third, Associations and Associations coordinate with tax authorities and relevant State management agencies to train, foster, and update changes in tax policies, accounting and auditing laws for businesses in general, small and medium enterprises in particular; Accounting, auditing, and tax consulting organizations proactively develop and implement accompanying and supporting programs with contract business households to convert to reporting and becoming businesses, such as organizing training courses, training, and guidance on tax policies, tax declaration, accounting regimes, and tax reporting, financial reports, and applying tax incentives according to Resolution 68-NQ/TW, Resolution 198/2025/QH15.
The Ministry of Finance expressed its belief that with solid expertise and a sense of responsibility, professional organizations will be the core force in the reform process, supporting the development of the private sector to become an important growth driver of the economy.
