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Hanoi waives taxes for enterprises hurt by Covid-19
Ngoc Thuy 14:18, 2020/03/21
In the two-month period, over 2,600 household businesses in Hanoi were forced to shut down, and 6,400 others suspended operation, an increase of 22% and 37.8% year-on-year, respectively.

As enterprises in Hanoi are bearing brunt of the Covid-19 pandemic, Hanoi’s Department of Taxation has been providing supporting policies to help the business community cope with the situation, including waiving, lowering and extending tax payment.

 Announcement outside a business establishment

Beneficiaries entitled to these supports are businesses, organizations, individuals, and household businesses in the fields of agro-forestry-fishery, food processing, textile, electronics and computers production, automobile, transportation, accommodation, tourism, catering services, among others.

The move is in line with Prime Minister Nguyen Xuan Phuc’s directive No.11 issued last month detailing measures to support the business community to overcome the Covid-19 pandemic.

The department informed that in the first two months of 2020, over 2,600 household businesses were forced to dissolve, and 6,400 others suspended operation, representing an increase of 22% and 37.8% year-on-year, respectively.

Due to the impact of the pandemic, many restaurants and stores in Hanoi are closing temporarily, including those in major business streets such as Cau Giay, Xa Dan or Lang. Additionally, some have moved on from brick and mortar to the online channel, or put up their stores for lease.

Meanwhile, the remaining are struggling for customers as people prefer staying at home.

Ha Thi Thu, owner of a fashion shop at Cau Giay street, said since the outbreak of Covid-19, her revenue declined by half due to the lack of customers. Thu said she plans to temporarily close the shop or return the space to the landlord.

Vendors at Dong Xuan market, one of the largest indoor markets in Hanoi, said they are seeking reduction in rental fee or forced to close.

Director of the Hanoi Department of Taxation Mai Son requested tax officials to provide timely support for tax payers, while strictly punishing those abusing policies for personal gains.

Hanoi’s tax authority is committed to creating the most favorable conditions for businesses to recover from this difficult period, stressed Son.

The department previously predicted the city's state budget revenue in 2020 could decline up to VNDV16.6 trillion (US$712.14 million) in case the pandemic lingers to the fourth quarter, equivalent to a decrease of 7.17% in revenue year-on-year.

TAG: Vietnam Hanoi covid-19 coronavirus pandemic nCoV bankruptcy
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