Ministry proposes tax filing deadline extension for 2024

May 14, 2024 - 13:31

The ministry hopes the move could ease some business challenges and provide more support for business operations.

Citizens at the tax office. — VNA/VNS Photo

HÀ NỘI — The Ministry of Finance (MoF) is considering proposals from other relevant ministries and agencies on a draft decree that would extend the deadlines for filing taxes.

The Ministry of Justice will evaluate the draft before submitting it to the Government in May.

The aim is to continue easing difficulties and providing support for business operations.

Previously, the MoF reported that an official dispatch had been sent to the Prime Minister, seeking approval to develop a decree extending the deadlines for submitting value-added tax, corporate income tax, personal income tax and land rental fee payments for the current year.

The ministry also suggested extending the deadline for submitting a special consumption tax for domestically manufactured or assembled automobiles. The proposed decree will be fast tracked if approved.

The Government office has released documents saying Deputy Prime Minister Lê Minh Khái would approve such a proposal.

A report regarding the outcomes of implementing the 2 per cent reduction in the value-added tax (VAT) rate, as stated in Resolution No. 110, was also recently handed to the National Assembly.

The report showed that in the first quarter of this year, the VAT reduction resulted in a tax saving of nearly VNĐ11.5 trillion.

Except for February, due to the Tết holiday, the average monthly reduction in value-added tax for imports was approximately VNĐ1.5 trillion, while the domestic sector saw a monthly reduction of about VNĐ2.5 trillion in January and March.

As a result, the budget revenue has decreased by nearly VNĐ23.5 trillion so far this year.

If the policy of VAT cut continues for the second half of the year, it is projected that the total tax reduction for the year will reach approximately VNĐ47.5 trillion.

The Government said that the resolute and coordinated implementation of financial measures recently has positively impacted businesses and stabilising production, business activities and people's livelihoods, thereby contributing to macro-economic stability and creating favourable conditions for economic recovery and growth. — VNS

Compliance risk management to be enhanced to prevent tax evasion in a digital economy

The rapid development of science and technology, especially the explosion of the Internet and digital platforms, has created a digital economy full of potential and opportunities for socio-economic development.

Economy

Tax sector sees 10.7% rise in State budget revenue in four months

Total State budget collection in the first four months of this year was estimated at VNĐ640.29 trillion (US$25.20 billion), equivalent to 43 per cent of the yearly projection, representing a year-on-year rise of 10.7 per cent, according to the General Department of Taxation.

Economy

Small, low-value items imported on e-commerce platforms should be taxed

The vast majority of those are being imported through e-commerce platforms, including some of the largest in the country such as Shopee, Lazada and TikTok, with combined value reaching billions of dollars monthly.

MM Mega Market recognised among the 'Top 100 Best Places to Work in Việt Nam 2024'

Economy

Green lifestyle changes drive people towards ethanol fuel

Economy

World Bank outlines path for Việt Nam to reach high income status

Economy

Việt Nam vows to create favourable conditions for Korean investors

Economy

Aeon Mall to be built in Cần Thơ City

Economy

Cyberattack risks surge with AI advancements

More on this story

Economy

The Việt Nam Import-Export Report to be released Thursday

The annual trade publication by the MoIT gives an overview of the import-export picture for the whole year

Economy

Bình Dương welcomes boost in investment from RoK

Republic of Korea is the fourth largest foreign investor in Bình Dương Province, contributing $4 billion, or 10 per cent of the total foreign investment poured in the province.

Economy

SBV to hold gold auction this morning

The session will introduce changes to the bidding conditions compared to the previous auction.

Economy

Business conditions numerous and cumbersome: CIEM

Major hurdles must be overcome to simplify and streamline regulations governing economic activities, according to the latest report by the Central Institute of Economic Management (CIEM).

Economy

Compliance risk management to be enhanced to prevent tax evasion in a digital economy

Economy

Condotel sales at their lowest level in six years in Q1

The condotel market is facing liquidity issues, with sales at their lowest level in six years in the first quarter of the year.

Economy

Banks raise savings rates to attract depositors

Data from the General Statistics Office also shows that bank deposits as of March 25 this year decreased by 0.76 per cent compared to the beginning of the year, while it increased by nearly 1.2 per cent at the same period last year.