General Department of Taxation Implements the Decree on Extending Tax Payment and Land Rent Deadlines in 2024 in Vietnam

General Department of Taxation Implements the Decree on Extending Tax Payment and Land Rent Deadlines in 2024 in Vietnam (Image from the internet)

General Department of Taxation Implements the Decree on Extending Tax Payment and Land Rent Deadlines in 2024 in Vietnam

On June 17, 2024, the Government of Vietnam issued Decree 64/2024/ND-CP extending the deadlines for value-added tax, corporate income tax, personal income tax, and land rent payments in 2024. Decree 64/2024/ND-CP issued on June 17, 2024, is effective from the date of issuance until December 31, 2024.

Decree 64/2024/ND-CP dated June 17, 2024, stipulates the extension of deadlines for the payment of value-added tax, corporate income tax, personal income tax, and land rent to support businesses and residents, and to promote business operations. The Decree specifies the extension periods as follows:

A 5-month extension for the value-added tax due in May 2024, June 2024, and the second quarter of 2024, a 4-month extension for the value-added tax due in July 2024, a 3-month extension for the value-added tax due in August 2024, a 2-month extension for the value-added tax due in September 2024 and the third quarter of 2024. A 3-month extension for the provisional corporate income tax of the second quarter for the 2024 tax year. Business households and individual businesses must pay value-added tax and personal income tax for 2024 no later than December 30, 2024. A 2-month extension from October 31, 2024, for 50% of the land rent due in 2024 (second installment 2024).

If tax authorities have calculated late payment interest (if any) on tax returns that qualify for the extension as per this Decree, the tax authorities will adjust and not impose late payment interest.

The General Department of Taxation requires local Tax Departments to communicate and disseminate information to taxpayers in their areas to promptly implement Decree 64/2024/ND-CP of the Government of Vietnam to support businesses and residents, and to promote business operations.

Extension of Value-Added Tax Payment Deadlines in 2024 in Vietnam

For value-added tax (excluding value-added tax on imports):

- The extension applies to the value-added tax due (including tax allocated to other provincial authorities where the taxpayer has its headquarters, and tax paid per occurrence) for the tax periods from May to September 2024 (for monthly value-added tax filings) and for the second and third quarters of 2024 (for quarterly value-added tax filings) of businesses and organizations mentioned in Article 3 of Decree 64/2024/ND-CP. The extension periods are as follows: 5 months for value-added tax due in May 2024, June 2024, and the second quarter of 2024; 4 months for value-added tax due in July 2024; 3 months for value-added tax due in August 2024; and 2 months for value-added tax due in September 2024 and the third quarter of 2024. The extension period is calculated from the end of the statutory due dates for value-added tax as specified by tax administration laws.

Businesses and organizations eligible for the extension must file monthly or quarterly value-added tax returns as per current laws but are not required to pay the value-added tax due stated in the filed returns until the extended due dates. The due dates for the extended value-added tax payments are as follows:

The due date for value-added tax for the tax period of May 2024 is November 20, 2024.

The due date for value-added tax for the tax period of June 2024 is December 20, 2024.

The due date for value-added tax for the tax period of July 2024 is December 20, 2024.

The due date for value-added tax for the tax period of August 2024 is December 20, 2024.

The due date for value-added tax for the tax period of September 2024 is December 20, 2024.

The due date for value-added tax for the second quarter of 2024 is December 31, 2024.- The due date for value-added tax for the third quarter of 2024 is December 31, 2024.

- If businesses and organizations specified in Article 3 of Decree 64/2024/ND-CP have branches or units that file separate value-added tax returns with their local tax authorities, those branches or units are also entitled to the tax payment extension. Branches or units of businesses and organizations mentioned in Clauses 1, 2, and 3 of Article 3 of Decree 64/2024/ND-CP that do not engage in eligible businesses or sectors do not qualify for the extension.

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