The provincial tax department said around 47,000 household businesses currently operate below the annual revenue threshold of VND 500 million (approximately $19,700), qualifying them for tax exemptions. However, these businesses are still required to meet updated administrative and reporting obligations.
To benefit from preferential policies, business owners must hold a valid business registration certificate and tax identification number. They are also required to maintain accounting records using standardized logbooks and submit annual revenue reports no later than January 31 of the following year.
Reporting requirements vary depending on when operations begin. Businesses launched in the first half of the year must file two reports, one by July 31 and another by January 31, while those starting in the latter half need only submit a year-end report.
Failure to accurately declare revenue exceeding VND 500 million ($19,700) could result in tax arrears and penalties, authorities warned.
In parallel, household businesses must comply with new banking regulations under Circular No. 25/2025/TT-NHNN issued by the State Bank of Vietnam. From March 1, 2026, all business-related bank accounts must be registered under the official business name, replacing the previous practice of using personal accounts.
Businesses are required to notify tax authorities of these standardized accounts by April 20, 2026, and promptly report any changes to ensure transparency in financial transactions.
To facilitate compliance, the Gia Lai tax department has partnered with commercial banks to provide guidance and direct support. Tax Office No. 1 has set up five assistance points across Quy Nhon wards, where tax officials and bank representatives jointly offer consultation services.
Officials aim to ensure that all 5,886 eligible household businesses in key wards and Nhon Chau commune understand and comply with the new requirements before the April deadline.
The initiative has already helped many business owners complete registration procedures and integrate their accounts with the eTax Mobile platform at no cost. They have also received guidance on bookkeeping and reporting obligations.
Local banks have played a key role in the rollout. One lender reported assisting 754 household businesses in opening and integrating accounts within a single mobile banking application, enabling clearer separation of personal and business finances while improving access to credit products.
Tax officials said all 11 local tax offices are coordinating with banks to expand outreach efforts, aiming to promote transparent financial practices and improve operational efficiency among small businesses in an increasingly regulated environment.