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The Vietnamese tax authorities announced on the 28th of May 2022 with the release of Decree 34/2022 that the deadlines for payments of relevant taxes and land rental fees applicable for the 2022 tax year have been extended. The tax year in Vietnam corresponds to the calendar year and the effect of the decree takes place from the signing date.
Specifically, for eligible businesses, the extension of the value-added tax (VAT) payment schedule shall be the following:
For companies declaring VAT on a monthly basis:
March, April, May 2022 VAT payments' deadline is extended for a period of 6 months;
June VAT payments' deadline is extended for a period of 5 months;
July VAT payments' deadline is extended for a period of 4 months;
August VAT payments' deadline is extended for a period of 3 months.
For companies declaring VAT on a quarterly basis:
Q1 2022 VAT payments' deadline is extended for a period of 6 months.
Q2 2022 VAT payments' deadline is extended for a period of 5 months.
Deadlines for the CIT payment for Q1 and Q2 2022 are extended for a period of 3 months.
As far as individuals and business households which are conducting certain business activities are concerned, the deadlines for payments of personal income tax and VAT for 2022 have been extended to the end of the calendar year.
Furthermore, for eligible businesses which lease the land directly from the State of Vietnam and pay their rental fees annually, the deadline extension to pay 50% of the land rental fee is granted. The deadline is extended from May 31st 2022 to November 30th 2022.
It shall be further noted that, companies that are involved in several types of business activities are entitled to an extension of taxes and lease payments for land incurred in respect of all types of activities, given that at least one of their activities falls under the scope of activity.
In practice, in order to utilize the provisions in the Decree 34/2022, businesses must submit a deferral request alongside their tax returns (monthly/quarterly) to the local tax bureau. Importantly, the submission of a deferral request has to be done before September 30th 2022, otherwise any present/future benefits would not be applicable. A deferral request shall mention all types of taxes for which a company would like to utilize for a deadline extension, and the form can be submitted either online or in person at the tax bureau office.
At PHC Advisory, we are able to offer your business in Vietnam full support on relevant compliance matters, or any other issues your business may face in Vietnam. If you would like to know more about how PHC Advisory can assist your business in applying for tax deadline extensions, as well as updates on the most recent tax and financial developments in Vietnam, please contact us at info@phcadvisory.com.
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