Reduction of deferred tax payment to 0.03% per day
The Government amended the provisions regarding to deferred tax payment. Photo: T.Hang |
Specifically, deferred tax payers who fail to comply with the regulated period, the extension of the period, the period that recorded in the notice of the tax authorities, and the time noted in settlement decisions of tax authorities have to fully pay taxes and the deferred payment at the rate of 0.03%/day (formerly 0.05% /day) on the late payment.
From 1/7/2016, liabilities of taxpayers incurred before this date including taxes that were retrospectively collected as a result of inspection and examination by competent authorities have to be paid into the State budget under the new rate provision.
In the case of goods and services that are paid from the State budget, meanwhile the budget has not been disbursed. Thus, taxes from the goods and services can not be paid on time, which leads to a deferred tax payment. In this situation, tax authorities will fail to conduct compulsory collection. Also, taxpayers do not have to pay any fines of deferred tax which do not exceed the amount incurred during the unpaid State budget period.
During the progressive payment period of taxes liabilities, taxpayers still have to pay for deferred taxes at the rate of 0.03%/day. Taxpayers are responsible for full payment of taxes and the deferred payments that are committed.
Related News
Personal Income Tax Law to be amended in 2025
10:42 | 04/04/2024 Finance
GDVC assigns minimum targets for overdue tax debt collection and settlement in 2024 to customs departments
08:02 | 03/04/2024 Customs
Lang Son Finance, Tax and Customs agencies needs to proactively capture information to develop the border gate economy
15:59 | 21/03/2024 Customs
Why not reduce export tax on fertilizer products to 0%?
09:37 | 21/03/2024 Regulations
Latest News
Reporting to the National Assembly for considering VAT reduction in the second half of 2024
17:09 | 14/04/2024 Regulations
The Prime Minister requested that before April 25, complete the revision of regulations on import and export of medicinal materials
10:33 | 13/04/2024 Regulations
No need to reduce the output of manufacturing and assembling automobile to enjoy preferential tariff
09:09 | 11/04/2024 Regulations
Hundreds of tons of cinnamon essential oil are left in inventory due to export regulations
09:31 | 10/04/2024 Regulations
More News
Business suspension of temporary import and re-export of Monazite ores and ore concentrates will be valid on May 13th
20:09 | 07/04/2024 Regulations
Improving the customs legal system to be modern, synchronous, unified and transparent
10:33 | 07/04/2024 Regulations
New points about rules of origin in AKFTA
08:05 | 03/04/2024 Regulations
It is necessary to build a national database on cross-border trade and transport
15:23 | 29/03/2024 Regulations
Removing difficulties in tax exemption and refund policies for export processing enterprises
14:48 | 27/03/2024 Regulations
Reviewing the list of scrap that is temporarily suspended from temporary import and re-export business
15:41 | 24/03/2024 Regulations
New law expected to boost financial leasing
14:05 | 22/03/2024 Regulations
5% VAT on fertilisers to create fairer market: domestic producers
14:03 | 22/03/2024 Regulations
Ho Chi Minh City Customs proposed to reduce VAT
09:54 | 20/03/2024 Regulations
Your care
Reporting to the National Assembly for considering VAT reduction in the second half of 2024
17:09 | 14/04/2024 Regulations
The Prime Minister requested that before April 25, complete the revision of regulations on import and export of medicinal materials
10:33 | 13/04/2024 Regulations
No need to reduce the output of manufacturing and assembling automobile to enjoy preferential tariff
09:09 | 11/04/2024 Regulations
Hundreds of tons of cinnamon essential oil are left in inventory due to export regulations
09:31 | 10/04/2024 Regulations
Business suspension of temporary import and re-export of Monazite ores and ore concentrates will be valid on May 13th
20:09 | 07/04/2024 Regulations