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Vietnam plans to extend tax relief in 2023

HANOI, March 14 (Xinhua) -- Vietnam is planning to extend tax relief this year to tackle the problem of liquidity for households and businesses to accelerate the economic growth momentum, local media reported on Tuesday.

Tax authorities are drafting a range of tax relief measures, including the extension of the deadline for tax payments and submission of annual rental fees on publicly-owned land, according to the ministry of finance.

Vietnam may allow an extension of up to six months for the payment of value-added taxes (VAT) this year, the finance ministry said in its proposal, estimating revenues from VAT payments eligible for the extension at 64 trillion to 65 trillion Vietnamese dong (about 2.7 billion U.S. dollars).

The extension of payment deadlines will also apply to corporate income taxes, under which the government would offer a three-month extension worth around 42.8 trillion-43.6 trillion dong (about 1.8 billion U.S. dollars).

Household businesses will be allowed to extend their payments of VAT and income taxes until Dec. 30.

Besides, fiscal efforts include extending up to six months the deadline for submission of land rentals, estimated at 3.5 trillion Vietnamese dong (147 million U.S. dollars).

Despite a costly tax relief last year, Vietnam generated 1,803 trillion Vietnamese dong (75.9 billion U.S. dollars) in tax revenues, 27.76 percent higher than its official target and up 14 percent from the 2021 revenues, Finance Minister Ho Duc Phoc told the media.