Government extends tax, land rent payments to boost growth
Companies and business households have been offered an extension to pay value-added, corporate and personal income tax, as well as land rent for the fifth time since April 2020, to support production and growth.
The decree outlining the extensions was signed on Friday by Deputy Prime Minister Le Minh Khai. This is the fifth time the government has introduced such a policy since the beginning of the Covid-19 pandemic, as businesses continue to face difficulties due to a decline in orders.
Accordingly, companies and organizations that declare value-added tax (except for import value-added tax) on a monthly basis will be entitled to an extension for tax payment of the March-August 2023 period.
Companies declaring tax quarterly will be entitled to an extention for taxable amount arising in the first and second quarters.
The tax extension period is six months with taxes arising in March-May 2023 and Q1/2023. The arising tax amount paid in June 2023 and Q2/2023 will be extended for five months. In case the company incurs tax in July, the extension is four months; if tax is incurred in August, the extension will be extended for three months.
Individuals and business households doing business in priority fields like agriculture, forestry, fisheries, food processing, textiles, construction, transportation and warehousing, real estate, crude oil and natural gas extraction will also receive an extention for VAT and personal income tax payment until December 31, 2023.
Corporate income tax will be extended for three months for Q1 abd Q2/2023. In case the companies has a branch or affiliated unit that declares tax separately, the latter's tax payment time is also extended.
Branches and units of enterprises that do not have production and business activities will not be eligible for tax extensions.
Enterprises, business households and individuals in priority fields will see 50% of their land rent in 2023 enjoy a payment extension of six months from May 31, 2023.
The total amount of tax and land rent deferrals this year is estimated at more than VND112 trillion ($4.77 billion), compared to VND233 trillion ($9.5 billion) last year.
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