Is there an extension for the deadline to pay provisional corporate income tax in Vietnam for the third quarter of 2024?

Is there an extension for the deadline to pay provisional corporate income tax in Vietnam for the third quarter of 2024?

Pursuant to Clause 2, Article 4 of Decree 64/2024/ND-CP, it is stipulated as follows:

Extension of tax payment deadlines and land rent

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2. For corporate income tax

a) Extension of the tax payment deadline for the provisional corporate income tax payable for Q2 of the corporate income tax period for 2024 by enterprises, organizations falling under the scope defined in Article 3 of this Decree. The extension period is 03 months, from the due date of the corporate income tax payment as stipulated by law on tax management.

b) In cases where enterprises, organizations mentioned in Article 3 of this Decree have branches or affiliated units that independently declare corporate income tax with the direct tax management authority of the branch or affiliated unit, these branches and affiliated units are also subject to the extension for corporate income tax payment. If such branches or affiliated units of enterprises, organizations mentioned in Clauses 1, 2, and 3 of Article 3 of this Decree do not have business activities in the economic sector or field eligible for the extension, then they are not eligible for the extension of corporate income tax payment.

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Thus, Decree 64/2024/ND-CP clearly states that the tax payment deadline is only extended for the provisional corporate income tax payable for Q2 of the corporate income tax period for 2024.

This means that the provisional corporate income tax payable for the third quarter of the corporate income tax period for 2024 will not be extended and must be paid in accordance with the deadline prescribed in Article 55 of the Law on Tax Administration 2019.

Is there an extension for the deadline to pay provisional corporate income tax in Vietnam for the third quarter ivnof 2024? (Image from the Internet)

When is the deadline for provisional corporate income tax payment iv nfor the third quarter of 2024?

Pursuant to Clause 1, Article 55 of the Law on Tax Administration 2019, it is stipulated as follows:

Tax payment deadlines

1. In cases where taxpayers calculate the tax, the tax payment deadline is no later than the last day of the filing deadline for the tax declaration. In cases of supplementary tax declaration filing, the tax payment deadline is the deadline for the tax declaration of the period with errors or omissions.

For corporate income tax, it is provisionally payable quarterly, and the tax payment deadline is no later than the 30th day of the first month of the following quarter.

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Thus, the deadline for provisional corporate income tax payment for the third quarter/2024 is no later than the 30th day of the first month of the following quarter, which is October 30, 2024.

Vietnam: Where and how is tax payment regulated?

Pursuant to Article 56 of the Law on Tax Administration 2019, regulations on the location and method of tax payment are as follows:

Location and method of tax payment

1. Taxpayers pay taxes into the state budget as follows:

a) At the State Treasury;

b) At the tax management agency where tax declaration files are received;

c) Through organizations authorized by the tax management agency to collect taxes;

d) Through commercial banks, other credit institutions, and service organizations as prescribed by law.

2. The State Treasury, commercial banks, other credit institutions, and service organizations as prescribed by law are responsible for arranging locations, means, and officials to facilitate taxpayers in promptly paying taxes into the state budget.

3. Agencies and organizations receiving tax payments or deducting taxes must issue tax payment receipts to taxpayers.

4. Within 08 working hours from the time of collecting tax money from taxpayers, the agencies and organizations receiving tax money must transfer the money to the state budget. In cases of tax collection in cash in remote, isolated, island areas, or difficult travel areas, the timeframe for transferring tax money to the state budget is as regulated by the Minister of Finance.

Taxpayers must pay taxes into the state budget at the following locations:

- At the State Treasury;

- At the tax management agency where tax declaration files are received;

- Through organizations authorized by the tax management agency to collect taxes;

- Through commercial banks, other credit institutions, and service organizations as prescribed by law.

The State Treasury, commercial banks, other credit institutions, and service organizations as prescribed by law are responsible for arranging locations, means, and officials to facilitate taxpayers in promptly paying taxes into the state budget.

Agencies and organizations receiving tax payments or deducting taxes must issue tax payment receipts to taxpayers.

Additionally, within 08 working hours from the time of collecting tax money from taxpayers, agencies, and organizations receiving tax money must transfer the money to the state budget.

In cases of tax collection in cash in remote, isolated, island areas, or difficult travel areas, the timeframe for transferring tax money to the state budget is as regulated by the Minister of Finance.