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Tax Collection from Foreign Invested Enterprises does not Meet the Target

In the first 9 month, tax payment collected from foreign invested enterprise zone in Dong Nai has reached 69% of ordinance estimate, up as much as 40% of the same period last year. In estimation, in the whole year 2008, it will collect VND2,156 billion of tax payment, making up 92% of the ordinance estimate. The taxation bureau has strengthened investigation and review of adoption of preferential tax in foreign invested enterprises. Although, the bureau revoked tens of billions of VND of wrong exemption from tax in first 8 months, the total tax revenue just reached VND1,475 billion, occupying 62% of the ordinance estimate.

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    The majority of foreign invested enterprises in the province are subject to the preferential tax rate of 15% until the projects finish. Surprisingly the year 2008 is one of the four continuous years when tax collection from the foreign invested enterprises cannot the ordinance estimate. One third of these enterprises has announced their unprofitable deals with the losses of up to VND5,000 billion (US$311 million), including VND2,830 billion  (US$175 million) with 307 businesses in 2006 and VND2,232 billion (US$139 million) with 267 ones in 2007. In spite of immediate losses, a number of enterprises continue to invest in production and business expansion. 

(Reported by N.Le, Translated by L.H)

Author: admin

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