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VIETNAM BUSINESS NEWS JUNE 28

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HEPZA proposes 30 per cent slash on CIT to relieve burden on businesses Ho Chi Minh City Export Processing Zone and Industrial Zones Authority (HEPZA) has made a number of proposals to the municipal People's Committee to support businesses and workers during the COVID-19 pandemic, including reducing corporate income tax (CIT). In addition, bussinesses were proposed to receive support in borrowing money to pay wages during the lockdown. HEPZA proposed increasing the terms of these loans to 12 months with zero interest rate. At the same time, businesses should be allowed to borrow from other credit institutions beside the Vietnam Bank for Social Policies. This will help ease wage pressure on bussinesses and provide some working capital to maintain production. Furthermore, the authority emphasised the importance of simplifying administrative procedures to resolve issues for workers and businesses. HEPZA proposed further delay social insurance payment from 6 to 12 months for businesses to stabilise production and protect the rights of workers. Another relief measure is to increase the allowances for employees whose labour contracts were terminated due to COVID-19. In case of temporary suspension of labour contracts or unpaid work, the city needs to shorten procedures for employees to receive the… Read full this story

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