Friday , June 2 2023

Government approves tax extensions to boost economy

The government has extended the payment deadlines for value-added and income taxes and land rents for a fifth time to support the economy amid the global headwinds.

Extensions of three to six months will be given for VAT incurred between March and August.

Priority sectors such as agriculture, forestry, seafood, food processing, garment, construction, transportation, and logistics will see the VAT and personal income tax dates extended to Dec. 31.

Corporate income tax payable in the first and second quarters will be deferred by three months.

In the case of land rents, the priority sectors will also get a 50% discount for this year and an extension of six months if payable from May 31.

This is the fifth extension the government has given since Covid-19 broke out to boost economic resilience and manufacturing amid a drop in export orders as global consumers tightened spending due to fears of inflation and recession.

The extensions involve taxes worth VND112 trillion ($4.77 billion). The figure last year was VND233 trillion.

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