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Thursday, December 2, 2021

Local auto firms likely to enjoy excise tax payment extensions

The Saigon Times

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HCMC – The Ministry of Finance has submitted a draft decree to the Government, which will benefit local auto manufacturers and assemblers as their excise tax payment of over VND4.4 trillion will likely be rescheduled from October and November to December 30.

Under the draft decree, the payment deadline of the October excise tax, or special consumption tax, for domestically manufactured or assembled cars will be extended to December 20, while the November deadline will be extended to December 30, the local media reported.

The draft decree was set up following the results of Decree No. 109, allowing local auto firms to enjoy excise tax payment extensions in 2020 to provide support for enterprises impacted by the Covid-19 pandemic.

To be entitled to the extension, local auto firms will have to submit online or written applications for extensions to tax agencies at the time of making excise tax declarations in line with the prevailing regulations.

If their applications fail to be submitted when making tax declarations, taxpayers will have to submit the applications before December 15.

In addition, if taxpayers who are not subject to the incentive during the extension period are found obtaining the extension, they will have to fully pay their excise taxes and delayed amounts.

In another case, after the extension period, if tax agencies discover taxpayers who are not subject to the incentive enjoying the extension, they will have to pay fines, apart from fully paying their excise taxes and delayed amounts.

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