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Wednesday, July 24, 2024

Deadline extension proposed for tax payment in 2023

By N.Tan

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HCMC – The Ministry of Finance has proposed extending the deadline for businesses to settle all tax liabilities in 2023 to help reduce financial costs, maintain liquidity and improve cash flow.

The ministry has sent a draft decree on extending payments of value-added tax, corporate income tax, personal income tax, and land rents due in 2023.

However, local banks and branches of foreign banks are not entitled to the extension of tax payment deadlines.

Under the draft decree, the Ministry of Finance proposed a six-month extension for value-added tax payments payable from March to May 2023 and the first quarter of 2023, a five-month extension for value-added tax payments in June and the second quarter of 2023, a four-month extension for value-added tax payments in July 2023, and a three-month extension for value-added tax payments in August 2023.

The deadline for paying corporate income tax in the first and second quarters would be extended by three months.

Regarding household and individual businesses, the Ministry of Finance proposed delaying the deadline for value-added tax and personal income tax payment for the tax payable in 2023. They are allowed to pay the tax amount by no later than December 30, 2023.

According to the draft decree, the payment deadline for 50% of land rent due in 2023 should be extended by six months, from May 31 to November 30.

If the tax extension is approved, the ministry can still ensure a balance in the state budget at both the central and local levels in accordance with the National Assembly’s plan.

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