Tax deferral to ease business operations 08:00 | 03/03/2021
A postponement of business-related tax would assist pendemic-stricken companies and the state budget. Photo: Le Tien
The Ministry of Finance (MoF) has proposed that the government approves a decree on extending the payment of taxes and land fees in 2021 with particular measures for every tax, beneficiary, and business sector.
The MoF suggested delaying VAT payments for five months, reducing the total state budget by VND68.8 trillion ($3 billion) during the period. For corporate income tax (CIT), the MoF proposed deferring for three months â consequently, around VND40.5 trillion ($1.76 billion) will be paid to the state budget later, while VAT made by household and individual businesses to be delayed is estimated at VND1.3 trillion ($56.5 million).