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Wednesday, June 19, 2024

Excise tax payment extension proposed for locally-made cars

The Saigon Times

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HCMC – The Ministry of Finance has proposed extending the deadline for excise tax payments for domestically manufactured or assembled automobiles, amounting to VND8,560 billion.

In a draft Government decree, the Ministry of Finance proposed a deferred payment of special consumption tax (SCT) arising from the tax periods of June, July, August, and September this year for domestically manufactured or assembled cars. The payments should be made no later than November 20 this year.

According to the ministry, the tax payment deferral aligns with Government Decree 36/2023. As of May 2, 2024, a total of 14 enterprises have requested a deferment of excise tax payment, totaling VND8,082 billion. This amount has been fully paid into the state budget.

In the first three months of this year, 14 businesses have requested deferment of excise tax payments with a total amount of VND5,186 billion. So far, VND5,043 billion has been paid, with VND142 billion still outstanding.

The ministry emphasized the necessity to support domestic automobile manufacturing and assembly businesses, as the initiative is expected to ease pressure on these businesses amid the negative impacts of economic uncertainties and global geopolitical conflicts on the automotive industry.

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