Tax Cuts worth US$5.37 million to assist 86,197 small businesses

HCM CITY – The HCM City Tax Department has waived or reduced taxes worth VNĐ123 billion (US$5.37 million) for 86,197 household businesses affected by the COVID-19 pandemic.

A HCM City Tax Department office. Photo thanhuytphcm.vn

According to the Vietnam News, the tax department has coordinated with local authorities and trade centres and markets, to enable a quick response to complete procedures for the purpose.

Household businesses can also seek other support from the people's committees of wards and communes for losses due to having to shut down.

According to the General Statistics Office (GSO), by July 30 some 80,000 businesses in Vietnam withdrew from the market due to the negative impacts of the COVID-19 pandemic.

Massive Jump in dissolutions

The number of enterprises halting their business or waiting for dissolution increased significantly by 25.5 per cent compared to the same period last year with 79,700 enterprises.

Nearly 40,300 firms halted business, representing a 23% year-on-year increase; 28,000 enterprises stopped operating and were waiting for dissolution procedures, up 28.6 per cent. Another 11,400 companies completed dissolution procedures, up 27.4 per cent.

Thus, on average, nearly 11,400 businesses have withdrawn from the market every month. -- VNS