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Govt permits delay in corporate tax payments
24 Feb '10
1 min read
The Vietnamese government recently announced that it would permit delay in collection of Corporate Income Tax payable by the industrial sector.
This notification is particularly meant for the small and medium-sized enterprises which have been worst hit, due to the global slowdown, witnessed in the previous year.
SMEs are companies that have charter capital ranging between VND20 billion and VND100 billion ((US $1.08-5.4 million) or have less than 300 employees.
This decision is expected to boost the prospects of SMEs in the textile, apparel and footwear sectors, which will enjoy the benefit of paying taxes later than usual.
Firms can now pay corporate income tax three months after the usual deadline all year round, against an earlier decision to allow delayed payments for the first three months of 2010.
This notification is particularly meant for the small and medium-sized enterprises which have been worst hit, due to the global slowdown, witnessed in the previous year.
SMEs are companies that have charter capital ranging between VND20 billion and VND100 billion ((US $1.08-5.4 million) or have less than 300 employees.
This decision is expected to boost the prospects of SMEs in the textile, apparel and footwear sectors, which will enjoy the benefit of paying taxes later than usual.
Firms can now pay corporate income tax three months after the usual deadline all year round, against an earlier decision to allow delayed payments for the first three months of 2010.
Fibre2fashion News Desk - India
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