Over 30.6% Businesses in HCM City Evade Tax

More than 44,000 out of 144,000 licensed firms in Ho Chi Minh City, or around 30.6%, have not yet registered tax payment, said the municipal Taxation Department.

 

The department was cited by the Tuoi Tre newspaper as saying that only 99,807 businesses are operational and have registered the payment.

 

The People’s Committee Chairman Le Hoang Quan has ordered the tax agency to crack down on evaders to timely detect wrongdoings.

 

Earlier, the department said that up to 60% of the total number of 3,500 foreign-invested companies in the southern metro reported losses, while, many of them still expanded operations.

 

Expert said the situation called “false losses, real profits” is their trick for tax evasion, adding that many foreign-invested enterprises often import machines and materials from their parent companies at high prices but sold their products made in Vietnam at prices lower than market levels. (tuoitre.com.vn)