The Government has recently issued Decree 52/2021/ND-CP providing extension of payment time limits for value-added tax, corporate income tax, personal income tax, and land rentals in order to support businesses and people suffering from the COVID-19 pandemic.
The Decree will be applicable to enterprises operating in agro-forestry-fishery, food processing, textile, crude oil and natural gas exploitation, water supply and wastewater treatment.
Other beneficiaries include small- and micro-sized enterprises as specified in the 2017 Law on Assistance for Small- and Medium-Sized Enterprises and Decree 39 dated March 11, 2028; and credit institutions and foreign bank branches that provide support to customers hit by the COVID-19 pandemic as requested by the State Bank of Vietnam.
Under the Decree, a five-month grace period will be given to value-added tax of the assessment periods of March, April, May and June, the first and second quarters this year. This means the payment of value-added tax of the March assessment period will be extended to September.
Timeframe for payment of value-added tax of July and August will be extended by four and three months, respectively. The extended time is counted from the deadline for payment of value-added tax in accordance with the Law on Tax Administration.
Meanwhile, payment of corporate income tax in the first and second quarters will be extended by three months, according to the Decree.
A six-month break will be given to land rental payers, starting from May 31, 2021.
This is the third time the Government has introduced tax and land rental payment deadlines since the first COVID-19 cases reported in Vietnam on January 23, 2020.
Earlier, the Government promulgated Decree 41/2020/ND-CP dated April 8, 2020, on extension of deadlines for tax and land rental payment and Decree 109/2020/ND-CP dated September 5, 2020, on extension of payment time limits for excise tax on domestically manufactured or assembled cars.- (VLLF)
