HA NOI: More than 600 enterprises owing large tax debts will be made public this month, according to the Ministry of Finance.
Under guidance from the Minister of Finance this month, the tax departments in Ha Noi and HCM City, and the General Department of Taxation, will each publicise 200 businesses’ names. Of the 600 firms, 300 have tax debts larger than their charter capital, chinhphu.vn reported.
Deputy Minister of Finance Do Hoang Anh Tuan said the country’s total bad debt reached VND72 trillion (US$3.3 billion), doubling the permitted target set by the National Assembly.
Ha Noi is a locality with one of the highest tax debt rates. To minimise tax arrears, tax authorities must strengthen control over businesses and inspect them more often. The finance ministry has asked tax authorities to ensure a 10 per cent increase in tax collection over estimated collection figures.
According to the Ministry of Finance, slumping crude oil prices lost the State VND32 trillion ($1.47 billion).
