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.
Ho Chi Minh City (VNS/VNA)🍃 — Financial constraintsand liquidity issues are keeping a number of businesses in Ho Chi Minh City,particularly those operating in the real estate sector, in significant taxdebts.
The municipal Department of Taxation has announced a list of 100businesses with outstanding tax debts, totalling over 7.86 trillion VND (326.3million USD) and mostly being real estate companies, as of the end of thesecond quarter. The real estate industry has been particularly affected bychallenges and liquidity constraints, exacerbated by the recent crisis in thecorporate bond market, experts noted. In addition to the real estate sector, companies from othersectors such as textiles, manufacturing, trade, and transportation are alsofacing tax debts. Experts have warned that the issue of tax debts reflects the broadereconomic challenges faced by businesses in the country’s largest city. The department has urged local tax offices to step up efforts torecover these tax debts and disclose information about businesses withsignificant and long-standing tax debts. For businesses with debts overdue less than 90 days, taxauthorities will attempt to communicate through various channels such as phonecalls, text messages and emails, and invite them for discussion. For tax debts exceeding 90 days, stricter enforcement measureswill be implemented to recover these outstanding amounts, according to thedepartment./.
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Illustrative image (Photo: phatluatxahoi.vn) 
