Vietnam provides tax extensions to some SMEs

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The Finance Ministry secured government approval to extend its deadline for corporate income tax payments to certain small and medium-sized enterprises (SMEs), VnExpress reported Thursday.

According to the ministry, around 200,000 out of 360,000 SMEs in the country will be eligible for the deadline extension.

They will be allowed to delay their quarterly tax payments for 2011 by around one year.

The ministry estimates that the total tax payments amount to roughly VND7 trillion.

SMEs in Vietnam are defined as establishments with a registered capital below VND10 billion or with fewer than 300 employees. They represent more than 90 percent of all private enterprises in the country.

In 2009, to help local companies overcome economic difficulties, the government also decided to extend tax payment deadlines.

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