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  • News
  • 28 July 2021

Need to extend tax support time for businesses to recover

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Tax authorities need to extend the delay in tax payment and land rent for another six months. At the same time, strengthen professional support to help businesses determine whether they are subject to extension, postponement, or not to minimize legal risks in the future.

Decree 52/2021/ND-CP extending the deadline for paying value-added tax, corporate income tax, personal income tax, and land rent in 2021 is considered valuable to help businesses recover in the context of being heavily affected by the COVID-19 pandemic.

According to the Ministry of Finance’s assessment, it is expected that the total amount of tax and land rent to be extended under the policy of developing and delaying tax payment deadline in the draft Decree 52 is VND 115,000 billion. This is essentially an interest-free loan for businesses and individuals to have financial resources for production and trade and increase resources in the future.

The Covid-19 pandemic has had a substantial impact on businesse. To maintain production activities and at the same time meet the requirements of epidemic prevention and control, many small and medium enterprises have been looking for ways to transform models, reorganize production and business. However, enterprises must continue to have synchronous and practical policies for enterprises to overcome difficulties.

Many companies have not been able to sustain themselves, cut labor, even close down or switch to other industries and occupations. On the part of workers, they cannot sit at home to receive support money and wait to return to work because the evolution of the Covid-19 epidemic is increasingly complicated and prolonged, forcing them to look for new jobs to maintain their income. 

In addition to liquidity support policies to help businesses endure as in 2020, the policy development needs to change in the direction of supporting recovery and development, such as developing tax relaxation and tax deferral policies so that enterprises have enough time to recover after the epidemicinstead of providing general support for all beneficiaries. The impact will cause resources to be scattered, spread, and inefficient. Selected areas to encourage support and investment are digital transformation, innovation, new business models. Along with that, it is necessary to improve the business environment and cut costs drastically. For businesses, removing bottlenecks in investment procedures, barriers in accessing credit policies so that small and medium-sized enterprises can break through to seize business opportunities in the new situation.

(Source: vnbusiness)