Today: 22/09/2021 03:29:16 (GMT+7)

Government expected to issue new support solutions for businesses

With its strong pro-business spirit, the Vietnamese government is expected to launch major new support packages for the domestic business community currently hit by the health crisis. However, concerns about a budget deficit remain.

At a recent meeting between Prime Minister Pham Minh Chinh and the Ministry of Planning and Investment (MPI), the ministry's Minister Nguyen Chi Dung stated that, as requested by the government, the MPI is continuing to formulate new policies and solutions to assist people and businesses vulnerable to Covid-19. Such policies will be submitted to the government this month.

Government, new support solutions, strong pro-business spirit, domestic business community, budget deficit, health crisis

Amid massive difficulties, many enterprises in Vietnam are in dire need of support.

The MPI is now also building up a governmental resolution on supporting and developing enteprises for the 2021-2025 period, while also formulating pilot mechanisms for innovations and startups, in which all enterprises are encouraged to invest in innovation, while a governmental fund on adventure investment will also be created to support innovation activities of enterprises.

In the context of the complex, unpredictable evolvement of the Covid-19 pandemic globally, which has caused worldwide supply chain disruption and a negative impact on almost every economic sector, the government has implemented and is going to implement several measures to ease the financial burden on impacted taxpayers.

On April 19, the government issued Decree No.52/2021/ND-CP on the extension of time limits for the payment of VAT, corporate income tax (CIT), personal income tax, and land rental in 2021. This decree took effect immediately.

Specifically, Decree 52 extends the time limits for payment of the payable VAT amounts for the tax periods of March-August 2021 (if making monthly VAT declarations), and the tax periods of first and second quarters of 2021 (in the case of quarterly VAT declarations) of enterprises and organisations.

The extension is five months for the VAT amount of the tax periods of March-June 2020, and the tax periods of first and second quarters of 2021; four months for the VAT amount of the tax period of July 2021; and three months for the VAT amount of the tax period of August 2021.

The Ministry of Finance (MoF) said Decree 52 is necessary as it will help firms and individuals have more financial resources to maintain and recover their production and business activities, contributing to helping the country achieve its economic growth of an expected 6.5% this year.

On the 31 March 2021, the government also issued Decree No.44/2021/ND-CP allowing enterprises claim a CIT deduction for support expenses and donations for the protection against and prevention of the Covid-19 pandemic in Vietnam.

In addition, the Ministry of Finance is also mulling over other solutions to support enterprises.

Currently it has decided to reduce environmental protection tax on aircraft fuel by a total of VND900 billion (US$39.1 million), and reduce the collection of some fees worth VND1 trillion (US$43.47 million). The Ministry of Labour, Invalids, and Social Affairs is also reviewing the implementation of a VND62 trillion (US$2.7 billion) package launched one year ago to support 20 million poor and unemployed people.

The package comprised of a VND16 trillion (US$695.65 million) sum aimed at providing loans to businesses at a 0% rate in order to help them pay salaries for employees.

Last September, the government also promulgated Decree No.109/2020/ND-CP providing an extension on time limits for excise tax payments for domestically manufactured or assembled cars.

Decree 109 extended the time limits for payment of the payable excise tax amount incurred in the tax period March-October 2020 for domestically manufactured or assembled automobiles.

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Source: NDO

Government, new support solutions, strong pro-business spirit, domestic business community, budget deficit, health crisis
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