City seeks small business tax extension

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VietStock FI English - 26 month(s) ago 1 readings

HCM City has asked Prime Minister Nguyen Tan Dung for permission to extend the quarterly deadline for small- and medium-sized enterprises (SMEs) to pay their corporate income taxes, according to the municipal People's Committee office. Workers of the HCM City-based Do Thanh Technology Corp make spare parts. HCM City's authority has asked the Government to postpone the quarterly deadline for small- and medium-sized companies to pay corporate income taxes.

Workers of the HCM City-based Do Thanh Technology Corp make spare parts. HCM City's authority has asked the Government to postpone the quarterly deadline for small- and medium-sized companies to pay corporate income taxes.

On its website, the city said the move would make it easier for firms to cope with the tough economic conditions they were currently facing.

HCM City has asked for the first-quarter deadline to be set back to July 30, the second quarter payment date to be postponed to October 30, third quarter payments to be made by January 31 next year and for fourth quarter taxes to be paid by April 30.

The authority suggested that firms involved in property, banking, finance, insurance, lottery and the stock market be exempted from the plan.

It also proposed that companies subject to special consumption taxes not enjoy the preferential policy.

Earlier this month, Minister of Finance Vuong Dinh Hue said the ministry was making every effort to support enterprises in terms of policies and finance.

"In the process of economic restructuring, enterprises which practically can't operate should terminate their operations," he said.

"We know that companies are meeting with a lot of difficulties, but how hard the situation is and what the main problems and reasons are we need to study," Hue said, adding that the latest customs' data showed that the country had seen a trade surplus over the last three months.

He further said that the ministry was considering asking the Government to raise the issue of tax incentives at the National Assembly meeting next month.

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