Decree 70 Raises Concerns Among Small Businesses, Calls for E-Invoice Clarity
A significant change in tax administration, Decree 70, has raised concerns among small household businesses and foreign-invested enterprises. Over 50% of households have not received guidance from tax authorities about the new regulations, leaving nearly 90% of household businesses unclear about their e-invoice obligations.
Implemented on June 1, Decree 70 aims to bring household businesses into a transparent tax management framework. However, experts and enterprises have proposed adjustments to ease the burden on small household businesses. They recommend allowing e-invoices to substitute for accounting books and applying a simplified accounting regime for small businesses. International examples show that such measures can help small businesses. Amending the Law on Tax Administration should follow the spirit of administrative reform to minimize forms and avoid duplication. Despite the lack of specific information about a 'Decree 70/2025/ND-CP', many countries are introducing electronic invoices to improve tax administration and reduce fraud.
Decree 70 is a significant step in tax administration, but its impact on small household businesses and foreign-invested enterprises requires careful consideration. Allowing e-invoices to substitute for accounting books and applying a simplified accounting regime could ease the burden on these businesses. As the decree aims to increase transparency, it is crucial that tax authorities provide clear guidance to help businesses understand and comply with the new regulations.
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