Payment deadline extension proposed for over $3 bln in taxes
The Ministry of Finance has proposed the payment deadlines for $3.4 billion in taxes be extended to support enterprises, business households and individuals doing business that are directly affected by COVID-19 pandemic.
A garment factory in Pho Noi A Industrial Park, Hung Yen province
In the MoF’s draft decree submitted to the Government on March 26, this ministry suggested the payment deadline extension for over 61.6 trillion VND in added value tax for businesses, over 11.1 trillion VND in corporate income tax, over 3 trillion VND in taxes for individuals and households doing business, and over 4.5 trillion VND in land rental tax.
It proposed the extension be applied to companies, organisations, households and individuals with production and business activities in agriculture, forestry and related services; fishing and aquaculture; food production and processing; textiles; manufacturing of garment, footwear, rubber products, electronic items, computers and optical products; and making of automobiles and other motorised vehicles, except for passenger cars with nine seats and below.
Other proposed beneficiaries include those operating in the spheres of rail, road, waterway and air transport; warehouse and storing; activities supporting transport; accommodation and food services; tourism and support services; education and training; health care and social assistance; artistic composition and entertainment activities; sports; activities of botanical gardens, zoos and nature reserves; activities of amusement parks; and cinema activities./.
Enterprises and individuals directly affected by the COVID-19 would be allowed to pay VAT or land rent five months late, according to a proposal of the MoF.
Credit institutions have so far supported more than 44,000 COVID-19 affected customers following directions from the State Bank of Viet Nam (SBV), an official reported on Monday.