1. Business households: Differentiating tax calculation methods by revenue scale
The Decree stipulates 02 methods: For revenue groups over 500 million to 03 billion VND, the revenue-multiplied tax rate is applied.
Groups with revenue over 03 billion VND (or smaller groups voluntarily choosing) apply taxable income multiplied by taxable income (revenue minus expenses).
Thus, the tax calculation method has become fair when allowing large-scale business households or those with high input costs to deduct reasonable expenses before tax calculation, instead of being egalitarian on revenue.
2. Business households: Must comply with the principle of stable tax method for 02 years
According to point d, clause 5, Article 4, business households applying the income tax calculation method (revenue minus expenses) must implement it stably for 02 consecutive years.
If by the end of the year, actual revenue is determined to be over 03 billion VND, then from the following year, it is mandatory to switch to the income tax calculation method.
In summary, business households need to have a long-term financial plan, because once you have chosen or are forced to apply the income tax method, you will not be able to change the calculation method for at least 02 years.
3. Business households: Separate regulations for newcomers
New business households operating in the first 6 months of the year with revenue from 500 million VND or less will notify the actual revenue on July 31. As soon as the accumulated revenue exceeds the threshold of 500 million VND, the household must switch to quarterly tax declaration from that arising quarter.
Thus, the threshold of 500 million VND/year is an important "milestone". Under this figure, the procedure is very simple, but above this figure, business households must enter the professional quarterly tax declaration cycle.
4. Household businesses: Compulsory disclosure of all bank accounts and e-wallets
Clause 4, Article 13 stipulates: Business households are responsible for notifying tax authorities electronically of all bank account numbers and e-wallet numbers related to production and business.
In summary, the business cash flow of household owners will be completely transparent. Separating personal accounts and business accounts is not only a good habit but has become a mandatory legal obligation for tax authorities to supervise.
5. Business households: Completely switch to self-declaration and self-responsibility mechanism
Business households self-determine revenue and calculate the amount of tax to be paid. The tax system can support the creation of declarations from electronic invoice data, but this support does not replace the responsibility for tax declaration and the accuracy of dossiers that household heads must be responsible for before the law.
Thus, legal responsibility is currently entirely in the hands of household owners. The use of electronic invoices and accounting software is a mandatory tool for business households to protect themselves and fulfill their tax obligations.
