HCM City wants tax reduction for COVID-19 affected businesses
The Ho Chi Minh City People’s Committee has made several suggestions for the Ministry of Finance’s decree to support businesses and individuals affected by the COVID-19 pandemic, including ensuring bank lending rates are no more than 2 percent higher than deposit interest rates.
HCM City (VNS/VNA) - The Ho Chi Minh City People’s Committee has madeseveral suggestions for the Ministry of Finance’s decree to supportbusinesses and individuals affected by the COVID-19 pandemic, includingensuring bank lending rates are no more than 2 percent higher than depositinterest rates.
In a documentit sent to the Government, it also suggested reducing corporate income tax,value added tax and land rents, extending tax payment deadlines and subsidisinginterest.
It called forcutting corporate income tax by 50 percent for businesses with annual revenuesof less than 200 billion VND (8.8 million USD) this year and by 30percent for 2022 and 2023.
It said thecosts of testing workers, medical treatment, food and living costs, andpersonal protective equipment such as masks should be tax deductible.
It called forwaiving income tax, value added tax, natural resources tax, and environmentalprotection tax on household and individual businesses in the second half of2021 and the next two years, and income tax for some employees.
It sought ahalving of value added tax for the last three months of this year and the nexttwo years.
The deadlinefor filing tax should be extended until the second quarter of next year withoutpenalty for late payment, it said.
It suggestedthat the land rent payable should be cut by 50 percent for all businesses thisyear, and fully waived for tourism and related businesses.
Procedures toborrow from banks and rolling over debts should be simplified, it added./.
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Illustrative image (Photo: VNA) 
