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Tax deferrals benefit strapped enterprises

Update: September, 12/2012 - 09:56

HA NOI (VNS) — About 70,300 enterprises benefited from an extension of corporate income tax payments, worth a total of VND2.868 trillion (US$136.6 million),to date, according to the Ministry of Finance.

The ministry also reported that about VND11 trillion ($523.8 million) of value added tax for April, May and June was extended to more than 190,280 companies.

The tax deferrals were implemented in accordance with the Government's Resolution No 13, which was issued in May to support enterprises in the current time of economic hardship.

Accordingly, the Government offered a nine-month extension of corporate tax payments backwards since 2011 together with a six-month extension of value-added tax payment of April, May and June to small- and medium-sized and labour-intensive enterprises.

In addition, more than 2,400 enterprises enjoyed a 50 per cent reduction of this year's land lease fees while 33,510 fishermen and salt workers were offered business rate relief, worth VND250 billion ($11.9 million) and VND10 billion ($477,000), respectively.

According to Deputy Minister of Finance Do Hoang Anh Tuan the number of enterprises which halted operation decreased from 25,000 earlier this year to about 21,000 recently with an increase by 2.8 per cent in the number of enterprises reporting second-quarter profit.

Meanwhile, tax arrears continued to climb, he said, pointing out that to the end of July, tax arrears amounted VND34.160 trillion ($1.627 billion), an increase of 33 per cent compared to that of the year's beginning.

A sum of VND2 trillion ($95.238 million) would be loaned to reinforce canals, build roads in rural areas, pump stations and develop infrastructure for aquaculture and agricultural production, according to the ministry. — VNS

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