Vietnam: Enterprises that are eligible for extension of VAT payment time limit

12:20, 12/02/2013

On February 08, 2013, the Ministry of Finance of Vietnam issued Circular No. 16/2013/TT-BTC guiding the implementation of the extension of time limits, reduction of a number of state budget revenues according to the Resolution No. 02/NQ-CP on a number of solutions to remove difficulties for business production, market support, settlement of bad debts.

According to Clause 1 Article 5 of Circular No. 16/2013/TT-BTC of the Ministry of Finance of Vietnam, to prolong 06 months for value added tax (VAT) payment time limit for payable VAT amounts arising of January, February, March of 2013 (excluding VAT at import stage) for enterprises performing VAT payment under deduction method being the following subjects:

doanh nghiep duoc gia han nop thue GTGT, Thong tu 16/2013/TT-BTC

- Medium and small-sized enterprises, including cooperatives (employing less than 200 laborers working full-time and attaining year revenue not exceeding 20 billion dong), excluding enterprises operating in fields: Finance; banking; insurance; securities; lottery; games with prizes; production of goods or services subject to excise tax (hereinafter referred to as medium and small-sized enterprises).

- Intensive-labor enterprises (more than 300 laborers) in production or processing fields of: Agricultural products, forestry products, aquatic products, textile and garment, leather and footwear, electronic components, building of socio-economic infrastructural constructions (hereinafter referred to as intensive-labor enterprises).

- Enterprises of housing (sale, lease, lease-purchase) business investment and enterprises producing items as: Iron, steel, cement, bricks, tiles.

View full text at Circular No. 16/2013/TT-BTC of the Ministry of Finance of Vietnam, effective from March 25, 2013.

Thu Ba

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