Vietnam: Officially issued Decree No. 41/2020/NĐ-CP on tax and land rent deferral

Vietnam: Officially issued Decree No. 41/2020/NĐ-CP on tax and land rent deferral
Nguyen Trinh

Recently, the Government of Vietnam has officially issued Decree No. 41/2020/NĐ-CP on tax and land rent deferral.

Entities mentioned in Article 2 of Decree No. 41/2020/NĐ-CP of Vietnam’s Government shall be entitled to deferral of added value tax (VAT), corporate income tax (CIT), personal income tax (PIT) and land rent, specifically as follows:

- VAT incurred by the enterprises and organizations mentioned in Article 2 of this Decree during March, April, May, June of 2020 (for taxpayers declaring tax monthly), first and second quarter of 2020 (for taxpayers declaring tax quarterly) may be deferred for 05 months from the deadlines for VAT payment;

- CIT declared in the 2019’s annual statement and CIT declared in the first and second quarters of 2020 by these entities will be deferred for 05 months form the deadline for CIT payment;

- Deadline for annual payment of rents that are due in the beginning of 2020 for direct lease of land by the State to the taxpayers mentioned above under decisions or contracts of competent authorities will be deferred for 05 months starting from May 31, 2010.

View more details at Decree No. 41/2020/NĐ-CP of Vietnam’s Government, effective from April 08, 2020.

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