Hanoi declares tax debt firms

The Hanoi Taxation Department has continued declaring the list of businesses with tax debts including many from construction and real estate fields.

Of the debtors, 184 have been named this time with the total debt of VND196 billion (US$8.79 million).

The number of tax debtors has increased and one of reasons for this is attributed to the Ministry of Finance’s decision to reduce the fine rate on the debtors from 0.05 percent to 0.03 percent, which is lower than bank rate.

Moreover, some businesses have intentionally delayed tax payment to have funds for their projects.
Therefore, the declaration of tax debtors has received public concurrency because it will contribute in improving the real estate market’s transparence so that customers can make the right investment decisions.

Experts have proposed that after declaring the debtors, tax agencies should apply stronger sanctions on them, for instance land or project revocation, to further the real estate market’s transparence.

By Han Ni – Translated by Hai Mien

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