Vietnam mulls 5-month tax delay for epidemic-hit businesses

Economy

Vietnam mulls 5-month tax delay for epidemic-hit businesses

Thursday, March 12, 2020

The Vietnamese government is considering delaying the tax payment deadline by five months for businesses affected by the novel coronavirus.

Workers manufacture masks in a factory in southern Long An Province on February 29, 2020.

It will involve over VND30 trillion ($1.3 billion) worth of taxes.

Some VND22.6 trillion ($974.3 million) of it will be owed in between March and June by businesses in the agriculture, food processing, textiles, footwear, leathers, electronics, auto, aviation, railroad, roads, logistics, restaurants, and tourism sectors, according to a draft decree from the Ministry of Finance.

Payment of another VND3 trillion ($129.3 million) in value-added and income taxes by individuals will also be deferred until December 15.

Around VND4.5 trillion ($194 million) in land-use fees will be delayed until October 31.

But since all businesses have to complete their tax obligations before the end of the year, the government’s revenue this year is unlikely to be affected, the ministry said.

It is part of the government’s effort to mitigate the economic losses caused by Covid-19, which is set to bring GDP growth this year down to a seven-year low of 5.96 percent.

Last year growth was 7.02 percent, the second highest rate in a decade.

VNE

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