Proposal to increase fiscal support package to 180,000 billion VND
The Ministry of Finance proposed to defer VND180,000 billion in tax and land rent payments for those affected by Covid-19 instead of just VND80,200 billion.
Compared to the draft submitted by the Ministry of Finance for comments a few days ago, this draft has added businesses, organizations, households, and individuals operating in a number of other fields. Specifically, such as the production of priority supporting industrial products; key mechanical products and a number of other manufacturing industries and business sectors to the list of groups of subjects that can benefit from the policy of deferring and postponing taxes and land rents due to the impact of Covid-19.
In addition, the draft also adds credit institutions and foreign bank branches to the group of subjects implementing solutions to support customers who are businesses, organizations and individuals affected by the epidemic.
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A series of restaurants, bars, beer clubs, and massage parlors on Bui Vien walking street closed on the evening of March 14. Photo:Quynh Tran. |
For the newly added groups of subjects and industries, the total amount of tax and land rent extended is about 180,000 billion VND, an increase of nearly 100,000 billion VND compared to the content submitted to the Government in the previous report, and 6 times the initially estimated extension amount of 30,000 billion VND.
New manufacturing industries and business sectors added to the list of subjects eligible for tax and land rent extension include:
| Manufacturing industry | Business field |
| Manufacture of leather and related products | Real estate business activities |
| Wood processing and production of products from wood, bamboo and rattan | Labor and employment service activities |
| Manufacture of products from straw, stubble and plaiting materials | Library, archive and museum activities |
| Metal production, mechanical processing | Recreational activities |
| Metal processing and coating | Other cultural activities |
| Manufacture of other non-metallic mineral products | |
| Build | |
| Production of passenger cars with 9 seats or less | |
| Production of beds, wardrobes, tables and chairs |
This new proposal comes after the Vietnam Real Estate Association (VNREA), the Vietnam Automobile Manufacturers Association (VAMA) and many other associations sent petitions to the Government, the Ministry of Finance and the General Department of Taxation, asking them to consider extending and reducing taxes for businesses operating in their fields.
