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Two-thirds of enterprises incur losses

 VietNamNet Bridge - Up to two-thirds of 450,000 local enterprises have reported losses in business this year, said Deputy Minister of Finance Do Hoang Anh Tuan at a conference in Hanoi on Wednesday.

VietNamNet Bridge - Up to two-thirds of 450,000 local enterprises have reported losses in business this year, said Deputy Minister of Finance Do Hoang Anh Tuan at a conference in Hanoi on Wednesday.




Despite the high ratio of money-long enterprises, this figure is still lower than the ratio of 69% last year, Tuan told the dialogue on taxation and customs procedures with representatives of over 500 enterprises in northern Vietnam. The dialogue was held by the ministry, the Vietnam Chamber of Commerce and Industry (VCCI), the General Taxation Department, and the General Customs Department.

The number of loss-making enterprises, despite a slight fall, is still too large although the Government has introduced more incentives, launched assistance programs, and cut the red tape.

In the January-September period, tax collection from the State sector was 2% lower year on year, while tax payments from the foreign direct investment sector rose 30%, and that from the local, non-State sector increased 18%.

Revenues for the State budget from 69 banks reached 86% of the target, he said.

“The question is why the non-State sector has fared better although similar incentives apply,” Tuan pondered.

Enterprises at the dialogue lodged numerous complaints on tough impediments to their business.

The Vietnam Automobile Transport Association decried numerous taxes on vehicles such as import tax, special consumption tax and around ten different fees.

These taxes and fees are always on the uptrend, pushing transporters into hardship and eroding the industry’s competitiveness.

The Finance Ministry declined to answer the association’s question on lowering taxes and fees at the meeting.

Hoang Quang Phong of VCCI said the chamber members had still complained about complicated procedures in taxation and customs, hindering their business.

Regarding the customs sector for example, up to 37% of private enterprises, 39% of FDI companies, and 39% of State-owned concerns in a survey conducted by VCCI said customs procedures “are rather complicated.”

“Enterprises wish that the taxman set out a roadmap on administrative reform to create a more liberal business environment in the process of international economic integration,” Phong said.

In addition, the business community also want the Government to offer tax incentives for those enterprises with annual sale revenues lower than VND20 billion, rather than only granting such a policy to small-scale business, Phong added.

Source: SGT


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