Finance Ministry proposes continuing tax deferral policy for enterprises

ABO/NDO- The Ministry of Finance (MOF) is finalising and collecting feedback for a draft decree on deferring the payments of value-added tax (VAT), corporate income tax, personal income tax and land rent in 2023.

The proposals come as the global economy is expected to continue facing many risks and challenges that can affect a highly open Vietnamese economy.

Accordingly, the MOF proposed extending the VAT tax payment in January-May 2023 by six months and VAT in June by five months. The amount of tax to be deferred is estimated at 64-65 trillion VND (2.7 billion USD).

For corporate income tax in the first and second quarters of 2023, the extension is three months. The deferred corporate income tax is estimated at 42.8-43.6 trillion VND (1.8 billion USD).

The MOF also proposed cutting the land and water surface rent in 2023 by 30% for enterprises, households and individuals.

Earlier the National Assembly Standing Committee issued a resolution on continuing to reduce environmental protection tax on oil and petrol to support enterprises and people, helping to stabilise the macroeconomy and keep inflation in check.

(Source: NDO)