Deadline extension for the submission of third-quarter 2024 value-added tax: What is the latest date?

What is the latest deadline for extending the VAT payment for the third quarter of 2024?

Based on Article 4 of Decree 64/2024/ND-CP, regulations are as follows:

Extension of tax payment deadlines and land rent

1. Regarding value-added tax (excluding VAT on imports)

a) The deadline for tax payment is extended for the value-added tax amount payable (including taxes allocated to various provincial locations where the taxpayer has their headquarters, and taxes payable per individual occurrence) for the tax periods from May to September 2024 (for monthly VAT declaration) and the second quarter of 2024, the third quarter of 2024 (for quarterly VAT declaration) for enterprises and organizations specified in Article 3 of this Decree. The extension period is 05 months for the VAT of May 2024, June 2024, and the second quarter of 2024; 04 months for VAT of July 2024; 03 months for VAT of August 2024, and 02 months for VAT of September 2024 and the third quarter of 2024. Extensions are calculated from the end of the VAT payment deadline as per tax management regulations.

Enterprises and organizations eligible for the extension must file monthly and quarterly VAT returns as required by current law, but do not have to pay the VAT amount listed on the submitted VAT return. The extended deadline for filing and paying VAT is as follows:

The extended deadline for the VAT of the tax period May 2024 is no later than November 20, 2024.

The extended deadline for the VAT of the tax period June 2024 is no later than December 20, 2024.

The extended deadline for the VAT of the tax period July 2024 is no later than December 20, 2024.

The extended deadline for the VAT of the tax period August 2024 is no later than December 20, 2024.

The extended deadline for the VAT of the tax period September 2024 is no later than December 20, 2024.

The extended deadline for the VAT of the tax period for the second quarter of 2024 is no later than December 31, 2024.

The extended deadline for the VAT of the tax period for the third quarter of 2024 is no later than December 31, 2024.

b) In cases where enterprises, organizations as mentioned in Article 3 of this Decree have branches or affiliated units that separately declare VAT to the local tax authorities where the branch or affiliated unit is located, these branches or units are also eligible for VAT payment extension. If the branch or affiliated unit does not engage in production or business activities within the economic sectors or fields eligible for the extension, then they are not subject to the VAT payment extension.

Thus, according to the above regulation, the latest extension deadline for VAT payment for the third quarter of 2024 is December 31, 2024.

What is the latest deadline for extending the VAT payment for the third quarter of 2024? (Image from Internet)

What is the procedure for extending the VAT payment deadline?

Based on Article 5 of Decree 64/2024/ND-CP, the procedure for VAT payment extension is as follows:

- Taxpayers who declare and pay taxes directly with the tax authorities eligible for an extension must submit a Request for Extension of Tax Payment and Land Rent (hereinafter referred to as the Request for Extension) for the first time or as a replacement upon detecting errors (by electronic means; directly to the tax authorities or via postal services) using the Form provided in the Appendix attached to this Decree to the direct managing tax authorities once for the whole amount of tax and land rent incurred during the tax periods eligible for extension alongside the timeline for filing tax returns monthly (or quarterly) as prescribed by tax management legislation.

If the Request for Extension is not submitted in conjunction with the filing of the tax return monthly (or quarterly), the latest submission deadline is September 30, 2024. The tax authorities will still perform the tax and land rent extension for the periods extended before the Request for Extension submission.

In cases where taxpayers have extended amounts under different managing tax jurisdictions, the direct managing tax authority of the taxpayer is responsible for relaying the Request for Extension information to the relevant tax authorities involved.

- Taxpayers must determine and take responsibility for ensuring the extension request is compliant with eligible criteria as set out in this Decree.

If taxpayers submit the Request for Extension to the tax authorities after September 30, 2024, they will not be entitled to a tax and land rent extension as stipulated in this Decree.

In cases where taxpayers amend the tax declaration dossier of the extended tax period leading to an increase in the amount payable and send it to the tax authorities before the expiry of the extended tax payment deadline, the extended tax includes the additional payable amount due to the amendment.

If taxpayers amend the tax declaration of the extended tax period after the expiration of the extended tax payment deadline, they will not be granted an extension for the additional payable amount due to the amendment.

- Tax authorities are not required to notify taxpayers about the acceptance of the tax and land rent payment extension.

In the event that during the extension period, the tax authority identifies that the taxpayer is not eligible for an extension, they must issue a notice to the taxpayer regarding the termination of the extension, and the taxpayer must settle the entire tax, land rent, and late payment amount for the period already extended into the state budget.

In cases where after the extension period has ended, inspections or audits by competent authorities reveal that the taxpayer did not meet the criteria for a tax, land rent extension as stipulated in this Decree, the taxpayer must pay the outstanding tax, penalties, and late payment fees into the state budget.

- No late payment fees shall be calculated on the amount of tax, land rent extended during the extension period (this includes cases where taxpayers submit the Request for Extension after filing their tax returns as per the provision in clause 1 of this Article and where competent oversight identifies an increase in payable amounts for periods already extended).

If tax authorities have applied late payment fees (if any) for tax dossiers eligible for extension per this Decree, the tax authorities will adjust these and exempt late payment fees.

- For investors in construction projects and related project components funded by the state budget or payments from state budget sources for basic construction projects using ODA capital subject to VAT when processing payments with the State Treasury, they must attach a notice from the tax authorities acknowledging receipt of the Request for Extension or a Request for Extension confirmation that it has been sent to the relevant contractor performing the project.

The State Treasury, based on the dossier submitted by the investor, shall not perform VAT withholding during the extension period. Once the extension period ends, the contractor must fulfill the payment of the extended tax as prescribed.

Is an aquaculture enterprise eligible for the VAT payment extension?

Based on Article 3 of Decree 64/2024/ND-CP, the eligible entities are defined as follows:

Eligible entities for extension

1. Enterprises, organizations, households, business households, individuals engaged in production within the following economic sectors:

a) Agriculture, forestry, and fisheries;

b) Food production, processing; textiles; garment production; leather product manufacturing and related goods; wood processing and production of wood, bamboo, rattan products (except for beds, wardrobes, tables, and chairs); production of goods from straw, rattan and plaiting materials; paper production and products from paper; products from rubber and plastic; production of other non-metallic mineral products; metal production; metalworking; treatment and coating of metals; production of electronic items, computers, and optical products; automobile production and other types of motor vehicles; production of beds, wardrobes, tables, chairs;

c) Construction;

d) Publishing activities; cinematography, television program production, recording and music publishing;

đ) Extraction of crude oil and natural gas (no extension for CIT from crude oil, condensate, and natural gas collected under agreements, contracts);

e) Beverage production; printing, reproduction of all types of recordings; coking and refined petroleum products; chemical and chemical product manufacturing; production from prefabricated metal products (except for machinery, equipment); production of motorcycles, motor scooters; repair, maintenance, and installation of machinery and equipment;

g) Water drainage and wastewater treatment.

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Therefore, aquaculture enterprises are among the entities eligible for the VAT payment extension.