Government allows small businesses to defer taxes for 1 year
At the request of the Ministry of Finance, the Government has agreed to extend income tax payments for small, medium and micro enterprises for one year.
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The extended tax payment amount is the quarterly provisional corporate income tax and the final tax amount for the whole year 2011, including the corporate income tax amount carried over from 2010.
Specifically, the provisional tax payment for the first quarter of 2011 will be extended to April 30, 2012 at the latest. The tax payment for the second quarter of 2011 will be extended to July 30, 2012 at the latest. The third quarter will be extended to October 30, 2012 at the latest. The fourth quarter will be extended to March 31, 2013 at the latest.
For businesses operating in multiple industries and sectors, the deferred tax payment does not include tax calculated on revenue from real estate, finance, banking, insurance, and securities business activities. In addition, revenue from business activities of imported goods that are not considered non-essential consumer goods is also not deferred.
According to GD&TĐ
