Hanoi (VNA) – The Ministry of Finance has announcedit may further extend tax payment deferrals to support companies suffering fromthe COVID-19 pandemic this year.
Last month, the ministry submitted to the government aproposal on the further extension on the payment deferral period ofvalue-added, corporate income and personal income taxes as well as land use feesfor pandemic-hit companies and household businesses in 2021.
It estimated that a total of 115 trillion VND (4.98 billion USD) worth oftax and land use fee payments would have their deadlines extended.
According to the proposal, a five-month extension wouldbe given to value-added tax (VAT) payments of the assessment period periodsfrom January to June, worth around 68 trillion VND.
For corporate income tax (CIT), a three-month extensionwould be given to the payments of the first and second quarters of this year,worth about 40.5 trillion VND.
For household and individual businesses, the deadline forpaying VAT and personal income taxes, worth around 1.3 trillion VND, would beextended to December 31, 2021.
Payment of land use fees would also be extended sixmonths.
The Ho Chi Minh City Tourism Association has alsoproposed up to 50 percent deduction of VAT for tourism-related businesses,applicable by the end of 2021. Companies subject to the tax exemption willinclude restaurants, lodging and transport service providers, tour operators,and tourism complexes.
The Ministry of Finance, however, said that there are nocurrent regulations on VAT deduction.
It will keep a close watch on the COVID-19 developmentsand its impacts on business and production to propose proper support for affectedpeople and businesses./.
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Illustrative photo. (Photo: VNA)
