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Enterprises recover, well implement tax policy

(BGO)- Covid-19 pandemic outbreak in Bac Giang province in the middle last year adversely impacted operation of almost companies. However, thanks to the great efforts to overcome difficulties, several enterprises have recovered their production and business with dramatically increased turnovers and made positive contribution to the state budget.

Overcoming difficulties to increase budget revenues

Habok Company Limited in Canh Thuy commune, Yen Dung district is an exemplary foreign direct investment (FDI) company paying high tax to the state budget recently. This company produces fake eyelashes and beauty accessories to export to the Republic of Korea, Japan, US and UK.

Enterprises recover, well implement tax policy, Bac Giang province, Covid-19 pandemic, state budget, increased turnovers, positive contribution, accelerating the production

Workers of Habok Company Limited produce fake eyelashes for export.

When Covid-19 occurred, the company faced the shortage of labour and materials causing a decrease in its turnover. After the pandemic was contained, the company has paid high concentration on accelerating the production.

Currently, the company creates jobs for 620 labourers at average income from 8 to 20 million VND (344 to 860 USD) per month.

According to the Taxation Department, the company’s payment to the state budget in recent 3 years is rather high with yearly increase. This company is among 4 organizations and individuals in the province recommended by the provincial Taxation Department to receive Certificate of merit by the Ministry of Finance for good implementation of tax policy in 2021. The company plans to contribute 25 to 30 billion VND (1.1 to 1.3 million USD) to the budget this year.

Son Ha investment joint stock company in Cao Thuong township, Tan Yen district producing jackets also gains dramatic turnover growth and contributes high tax to the budget.

Despite impact of the pandemic, the company spent over 5 billion VND (215,000 USD) to equip modern machinery to increase productivity and product quality. With more than 6 million products for export, the company turnover last year reached 155 billion VND (6.7 million USD), up 4 billion VND (172,000 USD) compared to the previous year. The company is expanding its production scale.

Apart from the 2 above companies, many others in the province were recommended to receive Certificate of merit by the Ministry of Finance for good implementation of tax policy in 2021 with high contribution to the budget. Particularly, Crystal Martin Vietnam company limited in Quang Chau industrial park contributed nearly 47 billion VND (2 million USD), Sameun Electronics Vina company limited in Song Khe-Noi Hoang paid nearly 14 billion VND (601,762 USD) and Casablanca joint stock company in Lang Giang district paid nearly 13 billion VND (558,780 USD).

Since beginning this year, the organizations and individuals in the province contributed 2.980 trillion VND (128 million USD) to the state budget (excluding land use taxes), up 7.2 percent against the same period. Of which, the enterprises paid 810 billion VND (35 million USD) of corporate income tax and value added tax.

Accompanying enterprises

The above results have been gained thanks to the enterprises’ ceaseless efforts to surmount post-pandemic difficulties to recover production and business. A number of companies have invested in new machinery and technologies for production, actively expanded market and accelerated growth. Besides, the enterprises recruited more workers in line with training qualified labour.

The provincial People’s Committee has directed related agencies to carry out many solutions to support enterprises’ recovery and maintain industrial production. The Taxation Department has accompanies and facilitated enterprises to well implement tax policy.

When the enterprises encountered difficulties, the Taxation Department reviewed to extend tax payment deadlines and provide exemption from delay fees for the enterprises affected by Covid-19 under the Government’s Directive. Thus, several companies could have more working capital to invest in production and increase turnover on the first stage of production recovery.

The Taxation Department has paid high attention to guiding taxpayers to declare and pay taxes online (E-tax) replacing the old system. This service has exceptional function, which can subsystem responsibilities of each member in the companies and help the companies to search for information of tax liability and dossier processing of the taxation authority.

According to Le Ba Ngoc, Director of the provincial Taxation Department, the Department has guided enterprises to convert from paper invoices into electronic invoices (e-invoices) since April 1 under the Government’s direction. To date, nearly 4,000 companies and organizations in the province have used e-invoices, reaching nearly 50 percent against the plan and striving to finish by June 30 this year.

In line with the above measures, the taxation sector organizes annual conference to praise companies and businesspersons for their good tax payment results to encourage them to better production and business, increase turnover and make positive contribution to the state budget.

 

Minh Linh
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Enterprises recover, well implement tax policy, Bac Giang province, Covid-19 pandemic, state budget, increased turnovers, positive contribution, accelerating the production
 
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