TO EXEMPT 3 YEARS OF BUSINESS LICENSE FEES FOR SMES TRANSFORMED FROM BUSINESS HOUSEHOLDS
This content is supplemented in the Circular No. 65/2020/TT-BTC dated July 09, 2020 of the Ministry of Finance on amending and supplementing a number of articles of the Circular No. 302/2016/TT-BTC dated November 15, 2016 of the Minister of Finance on providing guidance on business license fee.
According to the new supplementing provision, cases of exemption from business license fees include: Cooperatives, unions of cooperatives operating in agricultural sector; People's credit funds; branches, representative offices; Public general education and early childhood education institutions.
Newly established organizations; households, individuals and groups of individuals conducting production and business activities for the first time shall be entitled to business license fee exemption for the first year of establishment or conducting production and business activities.
Small and medium-sized enterprises (hereinafter referred to as SMEs) transformed from business households shall be exempted from business license fees for 03 years from the date of issuing the enterprise registration certificate. Branches and representative offices of SMEs established in this period shall be entitled to business license fee exemption.
Business license fee rates for individuals, groups of individuals and households conducting goods and service production and business still remain the same. In case the annual turnover is over VND 500,000,000, the business license fee rate shall be VND 1,000,000/year; if the annual turnover is between over VND 300,000,000 and VND 500,000,000, the business license fee rate shall be VND 500,000/year and VND 300,000/year if the annual turnover is between over VND 100,000,000 and VND 300,000,000.
This Circular takes effect on August 23, 2020.
