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Friday, October 30, 2020

Local auto firms likely to enjoy excise tax payment extensions

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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 payment deadlines of excise tax from March to October may be extended to up to December 20.

The extension is expected to eliminate the financial difficulties these firms are facing amid the coronavirus pandemic.

Under the draft decree, the payment deadline of the March excise tax is extended to September 20, while the April and May deadlines are extended to October 20 and November 20, respectively, VietnamPlus news site reported.

The excise tax payment deadlines for the remaining five months will be extended to December 20.

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

If tax agencies discover taxpayers who are not subject to the incentive during or after the extension period enjoying the extension, they will have to fully pay their excise taxes and delayed amounts.

The extension for excise tax payments for March to October will cut the State budget collection down by VND2.2 trillion each month, according to the ministry.

However, the State budget collection in 2020 will not reduce as the auto firms will have to make their excise tax payments prior to December 20.

The Covid-19 pandemic has taken a heavy toll on the automobile manufacturing and assembling sector. To promptly remove the obstacles facing these auto firms and boost auto production, the Government has issued Resolution 84, which allows local auto firms to enjoy excise tax payment extensions.

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