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Friday, June 14, 2024

Interest exemption proposed for late tax payments

The Saigon Times

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HCMC – The Ministry of Finance has written to the National Assembly proposing issuing a resolution that would exempt loss-making businesses from interest on late payments of taxes, land use fees and land rentals in 2022 and 2023.

If approved, the proposal could result in lost revenue of VND2.5 trillion for the state.

This was one of the measures taken by the Government in 2020 and 2021 to alleviate the financial burden on struggling companies.

The ministry said that the current Law on Tax Administration imposes an interest rate of 0.03% per day on outstanding tax payments, which creates a significant financial burden for businesses, especially those making losses.

In 2022, the policy allowed the tax authority to waive more than VND2.1 trillion in late payment interest accumulated by loss-making companies in 2020 and 2021.

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