Of the total tax debt of over VND29,000 billion of businesses in Ho Chi Minh City, the bad tax debt is VND13,883 billion, amounting to over 47%.

Business activity faces difficulties with many real estate
businesses recording high tax debts. Photo: T.H 

According to the Ho Chi Minh City Tax Department, by the end of August 2020, the total tax debt was VND29,438 billion,an increase of 20.7% compared to December 31, 2019, equivalent to VND 5,047 billion.

The debt of under 90 days and over 90 days was VND13,282 billion, accounting for 45.12%; the bad debt VND13,883 billion, accounting for 47.16%; the debt in handling was VND1,401 billion, accounting for 4.76%; and the debt in complaint was VND872 billion, accounting for 2.96%.

In order to effectively collect tax debts, Ho Chi Minh City Tax Department has implemented many measures of tax collection such as issuing nearly 8 million tax debt notices; and over 48,200 enforcement decisions with the amount of VND21,760 billion.

In the seven months of 2020, Ho Chi Minh City Tax Department collected VND3,117 billion of tax debts (from December 31, 2019), reaching 13.71% of the third quarter's plan and 40.82% of the 2020 plan.