HCM City: Number of business households turning into companies remains low Figures from the municipal People's Committee show that the number of business households shifting to company status has fallen in recent years, from 3,675 in 2017 to 3,380 in 2018, and 1,621 in the first eight months of 2019. Nguyen Duc Nghia, chairman of the HCM City Tax Agent Club, said despite the efforts made by the political system, the Government and society, the number of start-ups and household businesses turning into enterprises was still not high. He also pointed to difficulties in encouraging households to form companies, saying that most households are small and that owners are confused about complicated accounting and tax declaration procedures. Most businesses do not clearly understand tax policies. In addition, there have been no specific guidelines on implementing provisions concerning capital and tax in the Law on Support for Small and Medium-sized Enterprises. One of the obstacles hindering households from forming companies is the increase in legal obligations and indirect costs. Moreover, a lack of business management skills has also caused business households to become less confident. To overcome the problems, standing vice chairman of the municipal People’s Committee Le Thanh Liem has assigned the city’s Tax Department to meet owners of newly established businesses… Read full this story
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