HANOI, April 24 (Xinhua) -- The 16th National Assembly (NA) of Vietnam on Friday approved amendments to several tax laws, removing the fixed annual revenue threshold for household businesses subject to personal income tax and value-added tax, local daily VnExpress reported.
The changes were part of a law amending and supplementing a number of provisions of the laws on personal income tax, value-added tax, corporate income tax and special consumption tax, which was passed by lawmakers the same day during the NA's first session.
Under the new provisions, instead of maintaining a fixed taxable revenue threshold of 500 million Vietnamese dong (about 20,000 U.S. dollars) per year for household businesses, the NA authorized the government to determine and adjust the threshold.
The government plans to raise the threshold to around 1 billion Vietnamese dong (about 40,000 U.S. dollars) per year, according to the report. ■
