Business

HCM City offers tax breaks to household businesses hit by COVID-19

Ho Chi Minh City’s Tax Department has waived or reduced taxes worth 123 billion VND (5.37 million USD) for 86,197 household businesses affected by the COVID-19 pandemic.
HCM City offers tax breaks to household businesses hit by COVID-19 ảnh 1An office of the HCM City Tax Department. (Photo: thanhuytphcm.vn)
HCMCity (VNS/VNA) – Ho Chi Minh City’s Tax Department has waived orreduced taxes worth 123 billion VND (5.37 million USD) for 86,197 householdbusinesses affected by the COVID-19 pandemic.

Ithas co-ordinated with local authorities and trade centres and markets toquickly complete procedures for the purpose.

Householdbusinesses can also seek other support from the people's committees of wardsand communes for losses due to having to shut down.

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

Thenumber of enterprises halting their business or waiting for dissolutionincreased significantly by 25.5 per cent compared to the same period last yearwith 79,700 enterprises.

Ofwhich, nearly 40,300 firms halted business, representing a 23 per centyear-on-year increase; 28,000 enterprises stopped operating andwere waiting for dissolution procedures, up 28.6 per cent. Another 11,400companies completed dissolution procedures, up 27.4 per cent. Thus, on average,nearly 11,400 businesses withdrew from the market a month./.



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