General Department of Taxation implements tax exemption, extension of taxes and fees for people and businesses affected by storm No. 3
Tax sector collects over VND1,019 million billion | |
General Department of Taxation implements new policies on land use fees and land rent |
People and businesses will be exempted and extended many taxes. Photo: Internet |
According to instruction, enterprises will be exempted and extended many taxes: Personal Income Tax, Corporate Income Tax, Special Consumption Tax, VAT deduction, Resource Tax, and non-agricultural land use tax.
Accordingly, businesses affected by natural disasters will be granted an extended 1-2 years in paying taxes (depending on each case of storm impact). Businesses are allowed to deduct input VAT on goods used for production and business.
Regarding the Corporate Income Tax, businesses are allowed to include in expenses when determining taxable income due to losses caused by natural disasters. In order to be eligible for deductible expenses, enterprises need to have a record of the inventory of the value of damaged assets and goods; insurance compensation records (if any), records specifying the responsibilities, organizations and individuals who must compensate (if any); records determining the funding for overcoming the consequences of natural disasters; and welfare payments for employees affected by natural disasters.
Enterprises affected by natural disasters are also entitled to a maximum reduction of 30% of the Special Consumption Tax in the year of the damage.
Regarding Resource Tax, enterprises are exempted or have their tax reduced for the amount of lost resources. If they have paid the tax, it will be refunded or deducted from the tax payable in the following period. Enterprises are also entitled to a 50% reduction in non-agricultural land use tax if their land and houses are damaged.
Related News
How to handle export processing enterprises forgetting to open a corresponding import declaration
09:17 | 14/10/2024 Regulations
Need to quickly act to catch up with the "green" trend
10:59 | 12/10/2024 Import-Export
Responding to trade competition, businesses are forced to innovate technology
11:59 | 05/10/2024 Import-Export
Latest News
Stock market sees notable recovery amid ongoing uncertainties
14:14 | 14/10/2024 Finance
E-commerce tax collection in Hanoi increased by 265%
10:28 | 13/10/2024 Finance
Solving necessary and urgent issues in financial and budgetary sectors
10:57 | 12/10/2024 Finance
Banks reduce profit expectations for 2024
14:54 | 11/10/2024 Finance
More News
A new tax management approach needed to promote business household development
09:19 | 11/10/2024 Finance
Fifteen Vietnamese banks named in the global top 500 banking brands
15:23 | 10/10/2024 Finance
Digital infrastructure strategy approved
15:21 | 10/10/2024 Finance
Drastically handle tax debts in the last months of the year
09:41 | 10/10/2024 Finance
Realized social investment capital is estimated at VND2,417.2 trillion
14:22 | 09/10/2024 Finance
State-owned banks struggle to increase capital
14:19 | 09/10/2024 Finance
State budget revenue reached 85.1% of estimate
10:17 | 08/10/2024 Finance
Budget expenditure in the first three quarters of 2024 reached about VND 1,256.3 trillion
10:13 | 08/10/2024 Finance
Increasing institutional investors – improving quality of corporate bond market
10:52 | 07/10/2024 Finance
Your care
Stock market sees notable recovery amid ongoing uncertainties
14:14 | 14/10/2024 Finance
E-commerce tax collection in Hanoi increased by 265%
10:28 | 13/10/2024 Finance
Solving necessary and urgent issues in financial and budgetary sectors
10:57 | 12/10/2024 Finance
Banks reduce profit expectations for 2024
14:54 | 11/10/2024 Finance
A new tax management approach needed to promote business household development
09:19 | 11/10/2024 Finance