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GOV’T PROMULGATES THIRD DECREE ON EXTENSION OF DEADLINES FOR TAX PAYMENT
The Government has issued Decree No. 52/2021/ND-CP proving extension of time limits for payment of value-added tax, corporate income tax, personal income tax, and land rent fees to support businesses and people suffering from the COVID-19 pandemic.
The Decree shall be applicable to enterprises operating in agro-forestry-fishery, food processing, textile, crude oil and natural gas exploitation, water supply and treatment.
Other beneficiaries include small and micro-sized enterprises as specified in the 2017 Law on Assistance for SMEs and Decree No. 39/2018/ND-CP dated March 11, 2028; credit institutions and braches of foreign banks which provide support to their customers hit by the COVID-19 pandemic following requirement of the State Bank of Viet Nam.
Under the Decree, a five-month extension will be given to value-added tax of the assessment periods of March, April, May, June, the first quarter and the second quarter this year. This means the payment of VAT of March assessment period shall be extended to September.
Timeframe for payment of value-added tax of July and August shall be extended by four and three months, respectively.
Payment of corporate income tax in the first and second quarters shall be extended by three months, according to the Decree.
A six-month extension will be given to payment of land rent fees, starting from May 31, 2021.
This is the third time the Government has introduced tax and land rent payment deadlines since the first COVID-19 cases reported in Viet Nam on January 23, 2020.
Earlier, the Government promulgated Decree No. 41/2020/ND-CP dated April 8, 2020 on extension of deadlines for tax and land rent fee payment and Decree No. 109/2020/ND-CP providing the extension of time limits for excise tax payment for domestically manufactured or assembled cars.
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