Vietnam offers tax favor to violence-hit enterprises

Vietnam will give a tax-payment extension up to two years, to enterprises that were hit by violence, without any penalty for payment delay, Prime Minister Nguyen Tan Dung has said.

Vietnamese government's e-Portal on Wednesday quoted Dung as saying that the measures are to support enterprises in overcoming damages caused by illegal activities.

Meanwhile, the ministry of finance (MoF) instructed insurance companies to promptly define loss value for compensation under simple and shortened procedures.

Vietnam Customs is also reportedly to exempt, reduce and refund import and export to damaged goods.

A deduction for special consumption tax will be made at maximum 30 percent for the companies in 2014, the amount of which should not exceed the lost asset value after being compensated, said the prime minister.

Dung also urged provincial authorities to reduce land tax for affected enterprises.

In a bid to supply the alternative labors for the shortage of work force, the ministry of public security is authorized to create favorable conditions to issue visa for foreign investors and workers.

Vietnam's ministry of foreign affairs is requested to encourage foreign enterprises to continue their investment, production, business activities in Vietnam, said the e-Portal.