May beverage manufacturing enterprises in Vietnam have their VAT deferred in 2024?
May beverage manufacturing enterprises in Vietnam have their VAT deferred in 2024?
Based on Point e, Clause 1, Article 3 of Decree 64/2024/ND-CP, the subjects eligible for the extension of value-added tax submission are regulated as follows:
Eligible Subjects for Extension
- Enterprises, organizations, households, business households, and individuals operating in the following economic sectors:
a) Agriculture, forestry, and fisheries;
b) Manufacturing and processing of food products; textiles; clothing manufacturing; leather production and related products; wood processing and manufacturing of products from wood, bamboo, and rattan (except beds, cupboards, tables, and chairs); manufacturing of products from straw, thatch, and weaving materials; paper manufacturing and paper products; manufacturing of products from rubber and plastic; manufacturing of products from other non-metallic minerals; metal manufacturing; mechanical processing; metal treatment and coating; manufacturing of electronic products, computers, and optical products; manufacturing of automobiles and other motor vehicles; manufacturing of beds, cupboards, tables, chairs;
c) Construction;
d) Publishing activities; film production, television program production, recording, and music publishing;
dd) Extraction of crude oil and natural gas (no extension for corporate income tax of crude oil, condensate, natural gas collected according to agreements, contracts);
e) Beverage manufacturing; printing and reproduction of recorded media of all types; manufacturing of coke, refined petroleum products; manufacturing of chemicals and chemical products; manufacturing of products from fabricated metal (excluding machinery and equipment); manufacturing of motorcycles, motorbikes; repair, maintenance, and installation of machinery and equipment;
g) Drainage and wastewater treatment.
...
According to the above regulation, beverage manufacturing enterprises are eligible for an VAT deferral.
Can beverage manufacturing enterprises in Vietnam have their VAT deferred in 2024? (Image from the Internet)
When is the deadline for payment of VAT after deferral periods in Vietnam?
According to Point a, Clause 1, Article 4 of Decree 64/2024/ND-CP, the VAT deferral is stated as follows:
- Extend the deadline for paying value-added tax payable (including tax allocated to other provincial levels from where the main headquarters of the taxpayer is located, tax payable per each occurrence) for the tax period from May to September 2024 (for cases declaring value-added tax on a monthly basis) and the second quarter of 2024, third quarter of 2024 (for cases declaring value-added tax on a quarterly basis) for enterprises.
- The deferral period is 5 months for value-added tax of May 2024, June 2024, and the second quarter of 2024, the deferral period is 4 months for value-added tax of July 2024, the deferral period is 3 months for value-added tax of August 2024, and the deferral period is 2 months for value-added tax of September 2024 and the third quarter of 2024. The deferral period is calculated from the ending date of the prescribed value-added tax payment deadline according to the tax administration law.
- Enterprises, organizations shall declare, submit Value-Added Tax Declaration monthly, quarterly as per current law, but are not required to pay the payable value-added tax arising from the declared Value-Added Tax Declaration yet. The extended deadlines for value-added tax submission are as follows:
+ The latest submission date for value-added tax of May 2024 is November 20, 2024.
+ The latest submission date for value-added tax of June 2024 is December 20, 2024.
+ The latest submission date for value-added tax of July 2024 is December 20, 2024.
+ The latest submission date for value-added tax of August 2024 is December 20, 2024.
+ The latest submission date for value-added tax of September 2024 is December 20, 2024.
+ The latest submission date for value-added tax of the second quarter of 2024 is December 31, 2024.
+ The latest submission date for value-added tax of the third quarter of 2024 is December 31, 2024.
When does the deferral period for value-added tax submission end in Vietnam?
Based on Article 6 of Decree 64/2024/ND-CP, the enactment and effectiveness are regulated as follows:
Implementation and Effectiveness
- This Decree is effective from the date of issuance until the end of December 31, 2024.
- After the deferral period as per this Decree, the deadlines for tax and land rent submission shall comply with the current regulations.
- The Ministry of Finance is responsible for directing, organizing implementation, and handling any arising issues during the execution of this Decree.
- Ministers, heads of ministerial-level agencies, heads of agencies under the Government of Vietnam, Chairmen of People's Committees of provinces, central affiliated cities, and related enterprises, organizations, households, business households, individuals are responsible for executing this Decree.
Thus, according to the above regulation, the deferral period for value-added tax submission in 2024 is effective from June 17, 2024, and lasts until December 31, 2024.
After the deferral period as defined in Decree 64/2024/ND-CP, the value-added tax submission deadlines will be implemented according to the prevailing regulations.
- What information is included in domestic tax accounting documents in Vietnam?
- How many enforcement measures are there for implementation of tax enforcement decisions in Vietnam?
- What does the application for PIT refund for employees include in case the income payer finalize tax as authorized by the individual in Vietnam?
- Do tax suspension warehouse owners have the right to move goods in the tax suspension warehouses in Vietnam?
- Which entities have the power to impose penalties for tax administrative offences regarding tax evasion in Vietnam?
- From February 6, 2025, what does the taxpayer registration dossier include? Where is the taxpayer registration dossier received in Vietnam?
- From February 06, 2025, which entities are the subjects of taxpayer registration of Vietnam?
- Vietnam: Where is the submission place? What does the first-time taxpayer registration include from February 6, 2025?
- What day is the 6th of the 2025 Tet holiday in Vietnam? Which tax return is due on the 6th day of the Tet holiday in Vietnam?
- How to convert TIN to personal identification number for individual/household businesses in Vietnam from July 1, 2025?
