Raising the tax threshold, removing the pressure of household business books
The Ministry of Finance is proposing to raise the revenue threshold applying the simplified tax calculation method for business households from 1-3 billion VND to 3-10 billion VND/year. If approved, about 99.86% of business households will calculate taxes based on revenue, instead of having to calculate based on income as at present.
According to management agencies, this plan aims to simplify declaration, reduce bookkeeping requirements and compliance costs. Business households will only need one accounting book instead of 4 books as at present and do not have to determine costs to calculate taxable income. Before calculating PIT, revenue is also deducted from the tax exemption threshold of 1 billion VND.
However, experts believe that for policies to truly reduce the burden, it is necessary to simplify regulations on invoices and data management at the same time.
In particular, business households on e-commerce platforms can generate thousands of invoices each day, so a consolidated export mechanism is needed for small orders; and at the same time support software for managing inventory, invoices and revenue. See more...
Vegetables increase in price, medicinal plants are affected after heavy rain
Bonuses exceeding regulations and a series of violations, a multi-level marketing company fined 710 million VND
The National Competition Commission has fined Total Swiss Vietnam Co., Ltd. 710 million VND for violating many regulations in multi-level marketing and protecting consumer rights.
Violations include not assigning contracts to participants, appointing unqualified trainers, paying commissions and economic benefits exceeding 40% of revenue, not implementing the reward plan correctly, regulations on goods delivery and minimum revenue from customers who do not participate in multi-level marketing.
The enterprise was also identified as violating a number of regulations on consumer protection such as incorrect notification of the scope and duration of information storage; failure to provide information about replacement components and accessories and product instructions. The National Competition Commission requested the company to stop violations and review all operations to ensure compliance with the law. See more...
Quang Tri reviews and removes bottlenecks in investment
In Quang Tri, many slow-progressing projects with prolonged problems are being reviewed, including the project of Golden City JSC in Dong Hoi ward.
The project was approved for investment in 2017, but so far some infrastructure items such as electricity and water supply have not been completed, delayed by 24 months compared to the commitment. In fact, the scene is still quite messy, with weeds growing lushly, and only some concrete roads and water pipes have been gathered.
Eurowindow Grand City urban area has also not been able to be implemented according to schedule due to slow land acquisition, compensation and site clearance.
The project has a total investment of 440 billion VND, an area of more than 15,000m2, but so far only 3,077m2 has been cleared; 12,018m2 of land of 4 households has not been recovered, causing investors to repeatedly request relevant agencies to accelerate progress.
Faced with this situation, Quang Tri Provincial Party Secretary Nguyen Van Phuong requested to review each project and identify specific handling plans. Projects that are no longer suitable need to be removed from System 751, while projects that are still capable of implementation must be removed from obstacles and closely monitor progress. See more...
