Financial constraints keep HCM City businesses in tax debts

Financial constraints and liquidity issues are keeping a number of businesses in Ho Chi Minh City, particularly those operating in the real estate sector, in significant tax debts.

Financial constraints keep HCM City businesses in tax debts hinh anh 1

Illustrative image (Photo: phatluatxahoi.vn)

Financial constraints and liquidity issues are keeping a number of businesses in Ho Chi Minh City, particularly those operating in the real estate sector, in significant tax debts.

The municipal Department of Taxation has announced a list of 100 businesses with outstanding tax debts, totalling over 7.86 trillion VND (326.3 million USD) and mostly being real estate companies, as of the end of the second quarter.

The real estate industry has been particularly affected by challenges and liquidity constraints, exacerbated by the recent crisis in the corporate bond market, experts noted.

In addition to the real estate sector, companies from other sectors such as textiles, manufacturing, trade, and transportation are also facing tax debts.

Experts have warned that the issue of tax debts reflects the broader economic challenges faced by businesses in the country’s largest city.

The department has urged local tax offices to step up efforts to recover these tax debts and disclose information about businesses with significant and long-standing tax debts.

For businesses with debts overdue less than 90 days, tax authorities will attempt to communicate through various channels such as phone calls, text messages and emails, and invite them for discussion.

For tax debts exceeding 90 days, stricter enforcement measures will be implemented to recover these outstanding amounts, according to the department./.

Source: VNS
en.vietnamplus.vn

Related News

Latest News

Local State Treasuries focus on effective control of public budget

Local State Treasuries focus on effective control of public budget

VCN - From the early year 2024, the State Treasury has task of managing the State fund to ensure strictness and safety. This is also the key task determined by the local customs departments.
Export growth supports the economy and stock market

Export growth supports the economy and stock market

VCN - Vietnam's export growth is on the recovery path, thereby becoming a positive signal for the economy as well as the stock market in 2024.
The corporate bond market will enter new period of development

The corporate bond market will enter new period of development

VCN – After recovering in 2023, the corporate bond market is predicted to see slow growth trend in 2024 due to the impact of stricter provisions of Decree 65 /2022/ND-CP. However, this will help investors enjoy benefits because it creates transparency, as well as the quality of issued corporate bonds.
The bad debt ratio has increased, putting pressure on banks

The bad debt ratio has increased, putting pressure on banks

VCN - According to the summary of 2023 business results of 28 listed banks, the total volume of bad debt by the end of 2023 increased by more than 40% compared to 2022, to nearly 195,000 billion VND.

More News

Finance sector held a dialogue with nearly 250 Korean enterprises on tax and customs policy

Finance sector held a dialogue with nearly 250 Korean enterprises on tax and customs policy

VCN - On February 29, the Ministry of Finance held a Dialogue with Korean enterprises on tax and customs policies 2023-2024. Deputy Minister of Finance Cao Anh Tuan chaired a dialogue.
Accelerate development of Stock market in 2024

Accelerate development of Stock market in 2024

VCN - At the Conference on developing the stock market in 2024 held on February 28, Prime Minister Pham Minh Chinh said that it is necessary to take measures to upgrade Vietnam’s stock market from frontier market to emerging market, especially focusing on resolving obstacles to meet criteria by strictly honoring commitments.
Tax sector implements solutions on revenue management to achieve “dual goals”

Tax sector implements solutions on revenue management to achieve “dual goals”

VCN – Sharing direction of ta management in 2024, Mr. Mai Son, Deputy Director General of Taxation said that the Tax sector has implemented solutions to achieve “dual goals” of completing the revenue target while supporting enterprises in operation and economic growth.
Securities attractive investment channel

Securities attractive investment channel

VCN - According to experts, with recent developments in the stock market, it can be seen that securities are currently an attractive investment channel.
Public investment - Expectations from key transportation projects

Public investment - Expectations from key transportation projects

VCN - As one of the three main growth engines of the economy, in recent times, public investment has played an important role, leading and activating all social resources for development investment. This important driving force continues to have very positive signals with disbursement results reaching 2.58%, higher than the same period. 2024 strives to achieve a disbursement rate of at least 95%.
More policy rate cuts forecast in 2024 to support economic growth

More policy rate cuts forecast in 2024 to support economic growth

There is still room for the State Bank of Vietnam (SBV) to make another policy interest rate cut in 2024 to boost economic growth, analysts believed.
Urgently complete Decree on application of Global Minimum Tax inline with roadmap

Urgently complete Decree on application of Global Minimum Tax inline with roadmap

VCN – Regarding the development of Decree on the application of Additional corporate income tax (Global Minimum Tax), Deputy Director General of the General Department of Taxation Dang Ngoc Minh has requested units developing the Decree to closely cooperate and give opinion in line with actual operations of corporations that are affected by Resolution 107/2023/QH15 to effectively facilitate taxpayers during the implementation of the Decree.
Strengthen the applications of coercive measures to collect tax debt

Strengthen the applications of coercive measures to collect tax debt

VCN - The General Department of Taxation requests tax departments to fully implement measures to urge, enforce and disclose information under the provisions of the Law on Tax Administration to recover tax debt.
PM orders SOEs to improve production, business efficiency

PM orders SOEs to improve production, business efficiency

Prime Minister Phạm Minh Chính has requested State-owned enterprises (SOEs) to reform governance, improve production and business efficiency, and strongly promote development investment.
Read More

Your care

Latest Most read
Local State Treasuries focus on effective control of public budget

Local State Treasuries focus on effective control of public budget

VCN - According to the State Treasury, in 2023, the State Treasury of provinces and cities coordinated with local collection agencies to fully, promptly and accurately disburse revenues for all budget levels; regularly provide revenue data to competent ag
Export growth supports the economy and stock market

Export growth supports the economy and stock market

VCN - Vietnam's export growth is on the recovery path, thereby becoming a positive signal for the economy as well as the stock market in 2024.
The corporate bond market will enter new period of development

The corporate bond market will enter new period of development

VCN - Fiin Group data shows that the privately placed bond market saw a slight recovery in 2023 with the worth of VND 345.8 trillion. The value of the publically offered bond reached VND 37 trillion. The issuance of industry groups showed signs of recover
The bad debt ratio has increased, putting pressure on banks

The bad debt ratio has increased, putting pressure on banks

According to the summary of 2023 business results of 28 listed banks, the total volume of bad debt by the end of 2023 increased by more than 40% compared to 2022, to nearly 195,000 billion VND.
Finance sector held a dialogue with nearly 250 Korean enterprises on tax and customs policy

Finance sector held a dialogue with nearly 250 Korean enterprises on tax and customs policy

The Ministry of Finance held a Dialogue with Korean enterprises on tax and customs policies 2023-2024. Deputy Minister of Finance Cao Anh Tuan chaired a dialogue.
Mobile Version