Vietnam to Allow Delayed Tax Payments for 2010

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HANOI, Feb. 23 – The government has announced it would allow delayed corporate income tax payments for the rest of the year as part of its efforts to support the economy.

The decision will cover small and medium-sized enterprises (SMEs), companies in production and textile industries as well as footwear outsourcing firms. Qualifying SMEs must have a charter capital ranging from VND20 billion (US$1.08 million) to VND100 billion ($5.4 million) or have less than 300 employees.

According to the Vietnam News Agency, companies may pay corporate tax three months delayed after the usual deadline.

Corporate income tax rate in the country now currently stands at 25 percent.

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