What are regulations on exemption of late payment interest for enterprises and people affected by Covid-19 in Vietnam?
What are regulations on exemption of late payment interest for enterprises and people affected by Covid-19 in Vietnam?
What are regulations on exemption of late payment interest for enterprises and people affected by Covid-19 in Vietnam? - image from internet
Pursuant to Article 4 of the Decree 92/2021/ND-CP on elaboration of Resolution 406/NQ-UBTVQH15 in 2021 on provision of assistance for enterprises and people affected by Covid-19, the exemption of late payment interest is as follows:
1. Late payment interest incurred in 2020 and 2021 on all outstanding tax, land levies, land rent payable by taxpayers that are enterprises and organizations (including their dependent units and business locations) that have incur losses in the tax period of 2020 shall be exempted.
2. Determination of exempted late payment interest
Supervisory tax authorities, tax authorities responsible for management of tax, land levies and land rents shall determine the late payment interest incurred in 2020 and 2021 according to tax administration database and issue late payment interest exemption decisions.
3. Authority to exempt late payment interest
Heads of supervisory tax authorities and tax authorities responsible for management of tax, land levies and land rents shall issue late payment interest exemption decisions to taxpayers.
4. Procedures and application for exemption of late payment interest
a) The taxpayer shall complete application form No. 01/MTCN in Appendix II hereof, specify the loss incurred in 2020 and send it to the supervisory tax authority or the tax authority responsible for management of tax, land levy or land rent electronically, in person or by post.
The tax authority responsible for management of tax, land levy or land rent shall cooperate with the supervisory tax authority in verifying the loss incurred in 2020, which is the basis for granting exemption of late payment interest.
In case the taxpayer has undergone an inspection or audit, the inspection record, decision, verdict or result notification (original copies or copies certified by the taxpayer) shall be included.
The loss incurred in the tax period 2020 shall be determined in accordance with CIT laws.
b) Within 15 working days from the receipt of the taxpayer's application form, the tax authority shall issue the notice of rejection (Form No. 02/MTCN in Appendix II hereof) if the taxpayer is not eligible, or issue the decision on exemption of late payment interest (Form No. 03/MTCN in Appendix II hereof) if the taxpayer is eligible for exemption.
The decision on exemption of late payment interest shall be sent to the taxpayer electronically and published on the website of tax authorities.
c) In case the taxpayer has been granted exemption of late payment interest but a competent authority discovers that the taxpayer is not eligible according to regulations of this Decree, the tax authority shall issue a decision to revoke the decision on exemption of late payment interest.
5. In case the taxpayer that is eligible for exemption of late payment interest according to Clause 1 of this Article provides supplementary documents to the tax declaration dossier, or the tax authority or competent authority carries out an inspection or audit, or issues a decision or notification which increase the tax, land levy or land rent payable, the taxpayer is not required to pay the late payment interest incurred in 2020 and 2021 on the increase in tax, land levy and late payment interest if the taxpayer incurs a loss in 2020.
6. The cases in which taxpayers have paid late payment interest before the effective date of Resolution No. 406/NQ-UBTVQH15 shall not be reconsidered.
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