Businesses allowed delayed tax payments for rest of the year

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The Vietnamese government has announced it would continue to delay the corporate income tax for the duration of 2010 to boost the economy.

Under Prime Minister Nguyen Tan Dung’s recent decision, small and medium-sized enterprises (SMEs), companies engaging in production, and textile and footwear outsourcing firms will enjoy corporate tax delays all year.

SMEs are companies that have charter capital from VND20 billion (US$1.08 million) to VND100 billion ($5.4 million) or have less than 300 employees.

Eligible firms are allowed to pay the corporate tax three months after the usual deadline. For example, they can pay on October 30 at latest for the second quarter. The corporate tax rate is now 25 percent.

The government had previously decided to allow delayed payments for corporate income tax for the first three months of 2010.

Source: VNA

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