Enterprises received VAT payment extension regardless business industries

SGGP
Implementing the instruction of the Prime Minister in the Directive No.11 on emergency tasks to resolve difficulties for production and business activities and ensure social security for those affected by the Covid-19 pandemic, the ministries of Finance and Industry and Trade have been rushing to build regulations to timely support enterprises.
Particularly, the Ministry of Finance proposed the Government to extend the payment of value-added tax (VAT) regardless of business industries. The grace period is five months, including value-added tax, personal income tax, payable land rent arising in March, April, May, and June this year in case of monthly declaration, or in the first and second quarters of this year in case of quarterly declaration. According to the calculation, the amount of money for this tax extension is VND30.1 trillion.

As for small and super small-sized enterprises, the ministry proposed the Government to approve VAT payment extension without distinguishing the business industries. According to figures by the tax industry, 93 percent of enterprises across the country are small and super small-sized enterprises. Enterprises only need to submit the request for the extension of tax payment and land rent following the form issued with the new regulations to their direct tax administration agency no later than May 31.

The extension of tax and land rent is only applied to the amounts incurred during the period affected by the Covid-19, instead of the previous tax arrears of enterprises.

By Lac Phong – Translated by Thanh Nha

Other news