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16 April 2020

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Vietnam Provides Tax Payment Relief for COVID-19

The Vietnam government has issued Decree 41/2020/ND-CP of 8 April 2020, which provides payment relief measures in response to the COVID-19 pandemic for VAT, corporate income tax, personal income tax, and land rent.

The payment relief is provided in the form of extensions for taxpayers with activities in specified sectors, including agriculture, forestry, manufacturing, food processing, construction, transportation, accommodation, tourism, and several others. The extensions also apply for certain others, including SMEs, as well as qualifying credit institutions and branches of foreign banks that implement solutions to support businesses affected by COVID-19.

The payment extensions include:

  • a 5-month extension for VAT payments (excluding import VAT) that applies for the monthly VAT payments for March, April, May, and June 2020 and the quarterly VAT payment for the first two quarters of 2020;
  • a 5-month extension for the final corporate tax payment for the 2019 fiscal year;
  • a 5-month extension for the quarterly corporate tax payments for the first two quarters of 2020;
  • for business households and individuals, an extension for VAT payments and personal income tax payments to 31 December 2020; and
  • a 5-month extension of the first land rent fee payment due for 2020 for land that is rented directly from the government (5 months beginning from 31 May 2020).

Note, extensions are not provided for returns.

The Decree is effective from 8 April 2020 and written requests for the extensions must be submitted to the tax authority by 30 July 2020.

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