Ministry proposes cutting taxes for transport firms

The Ministry of Transport has proposed the Government assign the Ministry of Finance to consider reducing several taxes for transport businesses affected by COVID-19.

Ministry proposes cutting taxes for transport firms hinh anh 1

Coaches at Giap Bat Bus Station in Hanoi

For the civil aviation industry, the ministry has suggested the Government to exempt import and environmental protection taxes on flight fuel from January 23 to December 31, 2020.

In case of difficulties balancing the budget, the ministry expected the Government to cut half of these taxes and allow businesses to delay tax payments and budget contributions.

The ministry also asked for reduced or suspended payments for corporate income, personal income and foreign contractor taxes from January 23 to December 31, 2020. Businesses are expected to enjoy cuts to value-added tax on domestic transport over three years.

Last month, the ministry said the aviation sector would be heavily impacted by the COVID-19 pandemic, causing an estimated loss of about 30 trillion VND (1.29 million USD).

National flag carrier Vietnam Airlines, which holds nearly 40 percent of the domestic market share, recently said that it would reduce its supply by 60 percent, causing a decrease of 50 trillion VND in revenue, or 65 percent of its target.

 

More than 50 percent of Vietnam Airlines employees had stopped working, while wages had been reduced.

In the maritime sector, the ministry said the number of vessels transporting goods entering and leaving ports had decreased by 15 percent in recent months. As for passenger ships from other countries to Vietnam, the number had fallen 30 percent year-on-year, and was expected to fall further this month.

Meanwhile, the volume of inland waterway and freight had fallen by 10 percent. Revenue from road logistics had fallen sharply by 40-80 percent compared to the same period last year and prior to the outbreak./.VNA

More sectors to be eligible for tax, land lease payment extension

More sectors to be eligible for tax, land lease payment extension

The Ministry of Finance has suggested adding four sectors into the list of industries eligible for extension of tax and land lease payment deadlines with a total sum of 180 trillion VND (7.82 billion USD).

Payment deadline extension proposed for over $3 bln in taxes

Payment deadline extension proposed for over $3 bln in taxes

The Ministry of Finance has proposed the payment deadlines for $3.4 billion in taxes be extended to support enterprises, business households and individuals doing business that are directly affected by COVID-19 pandemic.

 
 

Other News

.
Vietnam ready for swift actions to boost economy
Vietnam ready for swift actions to boost economy
BUSINESSicon  26/05/2020 

The ongoing health crisis has been taking a heavy toll on the Vietnamese economy.

Numerous SOEs under special financial supervision
Numerous SOEs under special financial supervision
BUSINESSicon  26/05/2020 

Subsidiaries of SOEs like Jetstar Pacific, Angkor Air, DAP-Vinachem, and Petrolimex Laos will come under special financial supervision.

Environment Minister: Land Law disallows foreign ownership of land
Environment Minister: Land Law disallows foreign ownership of land
BUSINESSicon  26/05/2020 

The Land Law disallows the issuance of land use rights certificates to aliens, Minister of Natural Resources and Environment Tran Hong Ha told reporters on the sidelines of the National Assembly session on May 25.

Ministry proposes slashing corporate income tax by 30% for small, micro businesses
Ministry proposes slashing corporate income tax by 30% for small, micro businesses
BUSINESSicon  26/05/2020 

The Ministry of Finance has proposed that the Government reduce corporate income tax by 30% for small and micro enterprises in 2020 to help them overcome difficulties caused by the Covid-19 pandemic.

Funding shortage may leave 25 traffic projects suspended
Funding shortage may leave 25 traffic projects suspended
BUSINESSicon  26/05/2020 

As many as 25 traffic projects in Vietnam could be suspended or delayed due to capital shortages, according to the Ministry of Transport.

Local airlines would offer more rates with increasing ceiling prices
Local airlines would offer more rates with increasing ceiling prices
BUSINESSicon  26/05/2020 

Increasing ceiling rates for airfares would bring more chances for the local aviation firms to have flexible and suitable price policies on the...

China tests digital currency and policy recommendations for Viet Nam
China tests digital currency and policy recommendations for Viet Nam
BUSINESSicon  26/05/2020 

China this month started testing its sovereign digital currency, the so-called Digital Currency Electronic Payment (DCEP), putting pressure on Vietnam to research cryptocurrency in the context of international integration.

VN Trade Ministry sets up working groups for EVFTA
VN Trade Ministry sets up working groups for EVFTA
BUSINESSicon  26/05/2020 

The Import and Export Department under the Ministry of Industry and Trade has set up different working groups to implement the the EU-Viet Nam Free Trade Agreement (EVFTA).

Coronavirus: Lufthansa agrees €9bn rescue deal with Germany
Coronavirus: Lufthansa agrees €9bn rescue deal with Germany
BUSINESSicon  26/05/2020 

European markets rose on the bailout deal news, which sees Germany take a 20% stake in the firm.

WB: EVFTA could lift Vietnam’s exports by 12 percent by 2030
WB: EVFTA could lift Vietnam’s exports by 12 percent by 2030
BUSINESSicon  26/05/2020 

The World Bank (WB) has predicted that the EU-Vietnam Free Trade Agreement (EVFTA) could help Vietnam’s GDP and exports grow 2.4 percent and 12 percent, respectively, by 2030, the Ministry of Industry and Trade (MoIT) has reported.

Japanese firm and officials under investigation over alleged bribery
Japanese firm and officials under investigation over alleged bribery
BUSINESSicon  26/05/2020 

Minister of Finance Dinh Tien Dung has requested an urgent investigation into an alleged bribery of Vietnamese officials by Tenma Vietnam - a subsidiary of Japan’s plastic product maker Tenma Corporation.

Pharmaceutical enterprises enjoy good earnings in Q1
Pharmaceutical enterprises enjoy good earnings in Q1
BUSINESSicon  26/05/2020 

Increasing demand for medicine amid the COVID-19 pandemic has helped most pharmaceutical enterprises report positive business results in the first quarter of this year.

Vietnam hopes to redraw map of supply chains as more companies leave China
Vietnam hopes to redraw map of supply chains as more companies leave China
BUSINESSicon  26/05/2020 

Experts believe that the departure of large manufacturing corporations from China, plus the plan to boost global economic development, will bring new opportunities to Vietnam.

During COVID-19, VN real estate markets gather online
During COVID-19, VN real estate markets gather online
BUSINESSicon  26/05/2020 

Realtors have been trying to sell products online and through mobile apps.

VN car market continues to slide
VN car market continues to slide
BUSINESSicon  26/05/2020 

As predicted by experts, the Vietnamese automobile market continues sliding as manufacturers cannot sell products and their production has arrived at a ‘new normal’.

Vietnamese businesses ready to exploit EU market under EVFTA
Vietnamese businesses ready to exploit EU market under EVFTA
BUSINESSicon  26/05/2020 

Vietnamese enterprises’ awareness of EVFTA has been heightened significantly, and they have prepared to grab business opportunities and find a foothold in the supply chain.

VN ready to be world’s factory, but is the world?
VN ready to be world’s factory, but is the world?
BUSINESSicon  26/05/2020 

Vietnam attracted US$12.33 billion worth of foreign direct investment in the first four months of 2020, a year-on-year decrease of 15.5 per cent due to the impact of the COVID-19 pandemic, according to the Foreign Investment Agency.

A common voice in labor relationship needed
A common voice in labor relationship needed
BUSINESSicon  26/05/2020 

Covid-19 has forced many enterprises to lay off their employees. However, the biggest headache in the labor relationship is how to seek a common voice between employers and employees.

Transport Ministry proposes State to compensate controversial BOT tollgates
Transport Ministry proposes State to compensate controversial BOT tollgates
BUSINESSicon  25/05/2020 

The Ministry of Transport has proposed that the Government compensate developers of two out of four build-operate-transfer (BOT) tollgates and shut them down due to protests among road users.

Covid-19: A test for realtors
Covid-19: A test for realtors
BUSINESSicon  25/05/2020 

Heavy debts and tightened credits plus sales slump due to the Covid-19 pandemic will soon expose the Achilles’ heel of many financially weak real estate enterprises. Here is why.

 
 
 
Leave your comment on an article

OR QUICK LOGIN