What is the extension period for the deadline for VAT payment for the tax period of July 2024 in Vietnam?

What is the deadline for submission of monthly VAT declaration dossiers in Vietnam?

According to the provisions under Article 8 of Decree 126/2020/ND-CP regarding taxes declared monthly, quarterly, annually, separately; tax finalization:

Taxes declared monthly, quarterly, annually, separately; tax finalization

1. The following taxes AND other amounts collected by tax authorities have to be declared monthly:

a) Value-added tax (VAT), personal income tax. Taxpayers who satisfy the requirements specified in Article 9 of this Decree may declare these taxes quarterly.

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Under Clause 1, Article 55 of the Law on Tax Administration 2019, the provisions are as follows:

Tax payment deadlines

1. In case tax is calculated by the taxpayer, the tax payment deadline is the deadline for submission of the tax declaration dossier. In case of submission of supplementary tax documents, the tax payment deadline is the deadline for submission of the erroneous tax declaration dossier.

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According to Article 44 of the Law on Tax Administration 2019 regarding the deadline for submission of tax declaration dossiers:

Deadlines for submission of tax declaration dossiers

1. Deadlines for submission of tax declaration dossiers of taxes declared monthly and quarterly:

a) For taxes declared monthly: the 20th of the month succeeding the month in which tax is incurred;

b) For taxes declared quarterly: the last day of the first month of the succeeding quarter.

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Thus, the deadline for submission of monthly VAT declaration dossiers in Vietnam is the 20th of the month succeeding the month in which tax is incurred.

What is the extension period for the deadline for VAT payment for the tax period of July 2024 in Vietnam? (Image from the Internet)

What is the extension period for the deadline for VAT payment for the tax period of July 2024 in Vietnam?

According to Article 4 of Decree 64/2024/ND-CP regarding the extension of VAT payment deadlines:

Extension of Tax and Land Rent Payment Deadlines

1. For VAT (excluding VAT on imported goods)

a) Extending the VAT payment deadline for the amount of VAT payable (including the amount of tax allocated to other provincial localities where the taxpayer’s head office is located, and tax payable on each arising occurrence) for the tax periods from May to September 2024 (for monthly VAT declarations) and for the second quarter and third quarter of 2024 (for quarterly VAT declarations) of the enterprises and organizations mentioned 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 the VAT of July 2024, 03 months for the VAT of August 2024, and 02 months for the VAT of September 2024 and the third quarter of 2024. The extension period under this point is calculated from the end of the VAT payment deadline as stipulated in the tax management law.

Enterprises and organizations eligible for the extension shall comply with the declaration and submission of monthly and quarterly VAT returns according to the current regulations, but are not required to immediately pay the VAT liabilities emerging on the declared VAT returns. The extended VAT payment deadline for monthly and quarterly tax periods is as follows:

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The deadline for VAT payment for the tax period of July 2024 is extended to December 20, 2024.

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Thus, the deadline for VAT payment for the tax period of July 2024 (excluding VAT on imported goods) is extended to December 20, 2024.

Which business lines are eligible for extension of the deadline for VAT payment for the tax period of July 2024 in Vietnam?

Under Article 3 of Decree 64/2024/ND-CP, enterprises engaged in the following business lines are granted an extension for the deadline for VAT payment for the tax period of July 2024:

1. Agriculture, forestry, and fishery;

2. Manufacturing and processing of food; textile; manufacture of wearing apparel; leather production and related products; wood processing and manufacture of wood products, bamboo, and rattan (excluding beds, cupboards, tables, chairs); manufacture of straw and plaiting materials; paper production and paper products; manufacture of rubber and plastic products; manufacture of non-metallic mineral products; metal production; mechanical processing; metal treatment and coating; manufacture of electronic products, computers, and optical products; automobile and other motor vehicle production; manufacture of beds, cupboards, tables, chairs;

3. Construction;

4. Publishing activities; cinematographic activities, TV program production, sound recording, and music publishing;

5. Extraction of crude oil and natural gas (excludes corporate income tax extensions for crude oil, condensate, and natural gas under agreements and contracts);

6. Beverage production; reproduction of recorded media; manufacture of coke, refined petroleum products; manufacture of chemicals and chemical products; manufacture of fabricated metal products (excluding machinery and equipment); manufacture of motorbikes and motorcycles; repair, maintenance, and installation of machinery and equipment;

7. Sewerage and wastewater treatment.