5-month extension of tax payment proposed

(VOVWORLD) - The Ministry of Finance has submitted to the Government a proposal on a five-month extension of value-added tax (VAT) and land rent fee payments for those affected by the COVID-19 pandemic. 

Corporate income tax and personal income tax in 2021 for specific economic fields are also included in the extension. The ministry said the total amount of the five-month extension is estimated to be about 115 trillion VND (5 billion USD).

Experts said this is a timely decision to help businesses achieve the dual task of boosting production and fighting COVID-19. Nguyen Thi Cuc, President of the Tax Advisory Association, said: “The government allows businesses to delay tax payment amid difficulties. Once they recover, they can increase their revenues, boost production, and contribute to the national budget.”

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