Law on Value Added Tax

Businesses with revenue under 200 million VND per year do not have to pay VAT. Illustration: Ngoc Le

Only businesses with revenue over 200 million/year must pay VAT

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According to the revised Law on Value Added Tax (VAT), business individuals with annual revenue of less than VND 200 million are not subject to VAT.

Officially apply 5% VAT on fertilizers from July 1, 2025. Illustration photo: PVFCCo

Officially impose 5% VAT on fertilizers

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On November 26, with the majority of National Assembly deputies present in agreement, the National Assembly passed the Law on Value Added Tax (amended).

Tax Directorate representative answers hot tax issues at the regular press conference for the third quarter of 2024. Photo: Minh Anh.

Tax exemption threshold may be raised in the Draft VAT Law

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Currently, the threshold for not being subject to value-added tax (VAT) for small, micro and household businesses is being considered to be below 200 or 300 million VND/year.