The fourth wave of the Covid-19 pandemic has caused great damage to the economy and affected businesses, and representatives of leaders of the Ministry of Finance said that they are collecting opinions to promptly finalise tax support policies.

Deputy Minister of Finance Nguyen Duc Chi

At the regular press conference of the Government on August 11, answering questions from the press about tax support policies for businesses, Deputy Minister of Finance Nguyen Duc Chi said the policies of 2020 that were approved to continue the implementation by the Government and the Prime Minister were the deadline extension of tax payment, land rent and exemption, reduction of taxes, fees and charges. It is expected the support amount would be VND 118,000 billion in 2021.

According to the resolution of the National Assembly and direction of the Government, the Prime Minister and the Ministry of Finance, also reviewed and proposed to authorities to consider and decide on a number of tax support solutions.

These include continuing to reduce corporate income tax for small and medium-sized business households which are expected to have revenue of less than VND 200 billion; reducing taxes payable for production and business activities of business household operating restaurants with all forms of tax declaration and payment, which is expected to reduce by 50%.

In addition, reducing VAT for business activities in the fields that are heavily affected by the pandemic such as transportation, accommodation and tourism. Exemption of late tax payment for taxpayers facing difficulty and reducing the payable land rent in 2021 for those facing difficulties.

Deputy Minister Nguyen Duc Chi said the total estimated value of the next support package that the Ministry of Finance is proposing is more than 20,000 billion VND.

Regarding implementation, according to the representative of the leadership of the Ministry of Finance, the Ministry is collecting and synthesising opinions to report to ministries and sectors, summarising and reporting to the Government. In the nearest meeting, the Government will submit to the Standing Committee of the National Assembly for consideration and making a decision in accordance with its competence and the