Manufacturers hit by typhoon Yagi eligible for 30% excise tax cut this year
Manufacturers affected by super typhoon Yagi will be eligible for an excise tax reduction of up to 30% this year, according to Vietnam’s General Department of Taxation.
The statement was made in a dispatch sent to the taxation watchdogs of 26 cities and provinces in the northern region, which has been significantly devastated by the typhoon.
Such a reduction will not exceed the value of damaged assets after compensation.
A factory damaged by super typhoon Yagi in Hai Phong city, northern Vietnam. The typhoon occurred on September 7, 2024. Photo courtesy of Saigon Times.
According to the dispatch, enterprises can deduct the value of losses incurred from natural disasters when calculating taxable income. Affected taxpayers will receive similar support, which is capped at one month’s average salary.
Additionally, businesses and taxpayers stricken by the natural disaster are granted a tax payment extension of up to two years, along with exemptions from administrative fines and late payment fees.
Regarding natural resource tax, affected businesses and taxpayers might be exempted from the amount payable for lost resources.
If they have already paid, they will either be refunded or have the amount deducted from the next tax payment period.
For non-agricultural land use tax, they can enjoy a reduction of 50% of the payable amount if the damage amounts to 20-50% of the taxable value.
Businesses and taxpayers may also be eligible for a reduction in personal income tax proportional to the level of damage, but the reduction must not exceed the total amount of tax payable.
Last weekend, Minister of Planning and Investment Nguyen Chi Dung reported that typhoon Yagi could slow down Vietnam’s economic growth by 0.15 percentage points, versus the non-typhoon scenarios with GDP growth of 6.8-7%.
The worst impact is a possible reduction of 0.33 percentage points for the agriculture-fisheries-forestry sector, 0.22 percentage points for the service sector, and 0.05 percentage points for the industry-construction sector.
According to a preliminary report, Yagi caused asset damage of VND40 trillion ($1.63 billion), including damages against 257,000 houses and 1,300 schools, 262,000 hectares of paddy rice and trees, 2,250 fisheries cages, 310,000 trees, and 2.3 million cattle-poultry heads.
As of early Monday morning, Vietnam recorded 330 victims of typhoon Yagi, including 292 deaths and 38 missing.
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