The Ministry of Finance is revising Decree 139 of 2016, proposing more entities eligible for exemption from the business license fee.
Accordingly, the Government would exempt the business license fee for organizations, individuals, groups of individuals and households that have just commenced production and business activities or have just set up a production and business establishment in the first fiscal year.
Beneficiaries from the proposal would include small- and medium-sized enterprises having transformed from business households, which would enjoy license fee exemption for three years after being granted the first enterprise registration certificate. Public and non-public upper secondary schools, lower secondary schools, primary schools and pre-primary schools would also benefit from the new rule.
The ministry said that such proposal would help reduce input costs for businesses, thus raising the country’s startup index, position in international business environment rankings and competitiveness.- (VLLF)