Over 3,000 business households in Hanoi dissolved or suspended

More than 3,000 business households were dissolved or suspended their operations in Hanoi in the first two months of this year due to the impact of the COVID-19 outbreak.

Information from the Hanoi Tax Department said that over 1,080 business households were dissolved, and 2,351 households temporarily suspended operations in January and February.

Specifically, there were 13,826 business households generating invoices in January, up 3 percent over the same period last year, with turnover increasing 5 percent and tax payment up 4.9 percent.

However, there were only 4,281 business households generating invoices last month, a decrease of 57.4 percent compared to the same period last year, resulting in a decrease of 53.1 percent in turnover and 50.7 percent in tax payment.

The reduction is concentrated in the group of accommodation, food and drink and goods trading related to the Chinese market or originated from China.

Assessing the impact of COVID-19 on State budget revenues this year, the tax department said that it managed more than 169,400 taxpayers by the end of last month.

The total revenue from sales of goods and services of large enterprises and economic organisations decreased by six percent over the same period. The arising value-added tax decreased by 10.5 percent.

To overcome the impacts of COVID-19 on revenue collection, the tax department has proposed a number of solutions such as following the directions of the Government, the Prime Minister, the Ministry of Finance and the city in implementing measures to remove difficulties and support taxpayers to cope with the impact of COVID-19.

The department will also well implement administrative reform and electronic tax projects.