Tax Policies Actively Support Businesses

As regards value-added tax (VAT), many small and medium-sized enterprises have been refunded 90 per cent of VAT amount paid for imported and exported commodities if they lack bank-based payment documents. And they will get the remaining 10 per cent when they show required payment documents as stipulated by the Resolution 30/2008/NQ-CP issued by the Government. Enterprises are discounted 50 per cent of VAT amount on several groups of products and services from February 1, 2009 to December 31, 2009. At the same time, taxpayers are granted a grace of 180 days to delay VAT payment on imported machinery, equipment, spare parts and transport means. Tax breaks and discounts have diminished strains on capital source and facilitated enterprises to boost production and business.

With respect to corporate income tax (PIT), many enterprises are rebated up to 30 per cent of its PIT amount in the fourth quarter of 2008 and 2009 and payable amount. Enterprises are also given nine months of delay to settle corporate income tax in 2009.

 

To materialise international commitments involving in import - export taxes and boost exports to gain surplus, the Ministry of Finance issued many documents to adjust import tax rates automobile parts, milk, steel, petroleum and other commodities.

 

At a recent online exchange on personal income tax and several taxation policies to solve difficulties for enterprises” organised by the Ministry of Finance, many enterprises said they enjoyed much benefit from the Government’s policies to break, delay, discount and exempt several kinds of taxes as they help mobilise more funds for expanding business and production activities.

 

The Ministry of Finance said it would issue new legal documents to adjust tax rates and guide enterprises to settle tax payments in the last six months of 2009.

Besides, the ministry will continue examine the implementation of new tax laws and survey the enactment of stimulus packages to solve difficulties for enterprises.