The Vietnamese government is considering measures to support businesses to overcome difficulties
During the Covid19 epidemic period, on March 26, 2020, the Ministry of Finance submitted to the Government support for businesses in industries affected by the epidemic such as Agriculture, Transport, Garment, Manufacturing, and epidemics. catering/accommodation/food production, Education and training, healthcare, arts, sports… and support for Small and Micro Enterprises. On March 27, 2020, the General Department of Taxation sent Official Letter No. 1307/TCT-CS to tax departments to provide the following support:
To companies in supported industries
- VAT: extension of VAT payment (except for import VAT) for March to June 2020 (for companies declaring monthly), and for the first quarter of quarter 2.2020 (for companies declaring tax quarterly) ). Payment grace period is 5 months.
- CIT: extension to pay the remaining tax for the 2019 tax finalization and the interim calculation for the first quarter of the second quarter of 2020 for 5 months according to the normal tax payment deadline.
- If the companies have paid the 2019 finalization tax, the Company can use this paid amount to offset tax with other taxes.
To households and business individuals:
- Extension of payment of VAT and PIT until December 15, 2020.
For land rent: Extend the first period of land rent for businesses in supported industries if they rent land from the state. For small and micro enterprises, the entire rent for the first term can be extended. The extension period is 5 months from May 31, 2020. The deadline for paying land rent is October 31, 2020.