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Tuesday, May 21, 2024

Deadline extension proposed for tax, land rent payments in 2024

By Nguyen Tan

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HCMC – The Ministry of Finance has finalized the draft of a Government decree which extends the 2024 payment deadlines of taxes and land rent to support businesses and fuel economic growth.

The proposed changes include deferring payments for value-added tax (VAT), corporate income tax, personal income tax, and land rent, with a collective deferral amounting to nearly VND84,000 billion for the year.

Specifically, the draft outlines a staggered extension for VAT payments: five months for the tax due in May, June, and the second quarter of 2024; four months for July; three months for August; and two months for September and the third quarter.

The total VAT deferred under this plan is estimated at VND52,400 billion, with all payments required to be settled by December 31, 2024, to prevent any impact on state budget revenues.

Corporate income tax payments for the second quarter are proposed to be extended by three months, which would defer approximately VND27.6 trillion in tax.

For household businesses and individual business owners, the ministry suggests extending the deadline for paying value-added and personal income taxes for 2024 until December 30, 2024.

The payment deadline for 50% of the land rent due in 2024 is proposed to be extended by six months from the original due date of May 31, 2024. This deferral would amount to an estimated VND3,200 billion.

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