Economic experts have revealed that the advantages of Free Trade Agreements (FTAs) in Vietnam are mostly taken by Foreign Direct Investment (FDI) businesses. In some situations, this causes even fiercer competitions for domestic enterprises not only in national but also in international markets.
The costs of petrol, logistics, imported materials, and labor have simultaneously increased, putting more burden on the production activities of enterprises. In this context, authorities need to synchronously deploy many solutions to reduce the pressure of price hikes, maintain the purchasing power of the market, and support the operation of enterprises.
In order to help citizens and businesses to conduct annual tax finalization procedures more conveniently, especially during the Covid-19 pandemic, the Ho Chi Minh City Tax Department (HCMC-TD) has launched its online tax settlement service.
The recent petrol price surge and the current political instability in the world have negatively impact the price of merchandise in Vietnam, especially those of commodities. That might lead to changes in consumption power in the country.
The People's Committee of Ho Chi Minh City has just contributed some opinions on the reduction of corporation tax, value-added tax, and land rent, the extension of tax payment deadlines, and interest rate support to the draft Decree stipulating some solutions to support enterprises and people affected by the Covid-19 pandemic.
The Tax Department of Ho Chi Minh City said that during the outbreak of the Covid-19 pandemic from May to now, business households and individuals have had to suspend operations following the social distancing policy of the city, tax agencies have coordinated with local authorities and management boards of commercial centers, markets, and local tax advisory councils to exempt and reduce taxes for business households and individuals affected by the pandemic.
State agencies and departments of all districts and Thu Duc City in Ho Chi Minh City are urgently evaluating the status of laborers, businesses encountering difficulties due to Covid-19 pandemic in order to offer necessary help from the city's second support package.