This has been the third extension of excise tax compliance due date for local cars since 2020, with an expected amount subject to a tax break of VND20 trillion ($US$863 million).
The Government has further extended the excise tax payment deadline for domestically-produced cars until November 20.
Car manufacturing at Vinfast's plant. Photo: Pham Hung |
The move was part of the Government’s decree No.32, according to which tax payment for domestic cars bought during the June-September period would be extended until November 20.
This would be the third extension of the excise tax payment deadline for local cars since 2020, with the Ministry of Finance (MoF) expecting the amount subject to a tax break of VND20 trillion ($US$863 million).
Once the extended deadline is expired, payment for an excise tax on domestic cars would be reverted to normal.
The MoF previously put in place a 50% cut in the registration fee for local vehicles. Such support, along with this latest policy, is considered an urgent solution for the car industry to recover from severe pandemic impacts.
According to the MoF, turnover from an excise tax on locally manufactured cars was estimated at VND2.45-2.8 trillion ($107-122 million) per month. Assuming growing demand for electric vehicles in the coming time, the MoF expected a decline of VND2-3 trillion ($87-130 million) in state budget revenue or a drop of VND170-250 billion per month.
Firms eligible for the delay in tax payment deadline could either send the request in soft or hard copies to the tax authorities, noted the ministry.
The total excise tax amount subject to relief in October and November of last year stood at VND5.44 trillion ($237 million).
Other News
- Finance ministry clears bottlenecks to pave way for stock market upgrade
- Over 60% of Vietnamese use QR codes to pay
- Casinos contribute US$370 million to state budget over 5 years
- Standard Chartered and IATA partner to launch IATA Pay in Vietnam
- Vietnam’s capital market shows positive signs: Finance Ministry
- Prime Minister urges banks to cut lending rates further
- Potential upgrade to emerging status may pull US$25 billion into Vietnam’s stock market
Trending
-
Hanoi, a city of music in the making
-
Vietnam urges respect for international law in East Sea
-
Hanoi kicks off communication contest on Dien Bien Phu victory
-
French education group Odyssey keen on strengthening cooperation with Hanoi
-
Hanoi, Shanghai strengthen investment cooperation
-
UOB Painting of the Year Award opens doors to the world for Vietnamese artists
-
Grapefruit blossom perfume Hanoi's air
-
MICE tourism: Vietnam's lucrative “golden market” unveiled
-
Vietnam: Sleep Tourism on the rise