Ministry of Finance proposes extension of tax payment deadline to the tune of VND 115 trillion

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The Ministry of Finance has proposed extending the deadline to pay taxes worth VND 115 billion for businesses, business households, and business individuals affected by the Covid-19 pandemic.

To support and remove difficulties for firmsaffected by the Covid-19 pandemic over the past time, the Ministry of Finance has considered and worked with ministries and sectors to build many financial solutions and mechanisms for cutting taxes and fees in areas strongly affected by the Covid-19 pandemic.

In February, the Ministry of Finance issued Circular No. 12/2021/TT-BTC regulating the rates of collection, declaration and payment of fees for use of railway infrastructure, cuttingby 50% fees for the use of railway infrastructure compared to current to support firmsaffected by the Covid-19 pandemic.

In addition, to continue to extend tax payment for those affected by the Covid-19 pandemic, the Ministry of Finance has submitted to the Government for approval to develop a decree extending payment deadlines of taxes and land rentals for payers this year.

The Ministry of Finance has proposed extending the payment deadlines of value added tax, corporate income tax, personal income tax and land rentals for businesses, business households and business individuals affected by the Covid-19 pandemic.

Total taxes and fees payable may reach VND 115,000 billion. Specifically, the deadline to pay value added tax from January to June with theamount of VND 68,000 billion may be extended by five months; the deadline to pay corporate income tax in the first and the second quarter of the tax term with an amount of VND 40,500 billion may be extended by three months andpersonal income tax and land rentals were estimated at VND 1.3 trillion and VND 4.4 trillion, respectively.

The Ministry of Finance has asked the Government to assign the Ministry of Finance to develop a decree in a short manner, accordingly the decree will take effect from the date of its signing.

Also according to the Ministry of Finance, on February 4, the ministry submitted to the Government for guidance on allowing to be included in the deductible expenses of enterprises, organizations for expenditures for supporting and funding for prevention and control of Covid-19 pandemic when determining the taxable income of corporate income tax in accordance with Clause 8, Article 3 of the National Assembly's Resolution No. 128/2020/QH14 on the State budget estimate for 2021.

In addition, the Ministry of Finance is also reviewing and evaluating implementation of solutions to continue advising, proposing and reporting to competent authorities on solutions for taxes and fees in line with developments in the near future.