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Over 70,000 SMEs benefit from tax relief 3:22 PM,6/18/2012

The package included the extension and reduction of land use fees and corporation income tax payments, according to the deputy director of the city's Tax Department Thai Dung Tien.
"It will help ease the financial burden on enterprises as well as maintain and develop production to overcome tough economic times while boosting recovery of the city's economy," Tien said.
Economic difficulties have forced more than 7,740 city firms to shut down during the first five months of this year, more than 80 per cent higher than the quarterly average figure of last year and equal to 68 per cent of last year's total number of bankruptcies.
Tien stressed that his department has enhanced inspections to ensure the efficiency of the tax policy and prevent tax fraud.
As a result, from the beginning of this year, the Hanoi Tax Department collected VND472 billion ($22.47 million) in arrears for the state budget while preventing the loss of hundreds of billions of dong in revenues, he added.

Source: IPP

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