Proposal to extend VND 20,000 billion of tax for domestically produced cars
The Ministry of Finance proposed that domestic automobile manufacturers and assemblers be delayed paying about 20 trillion dong of special consumption tax in four tax periods from June to September, 2022.
The Ministry of Finance has just submitted a report to the Government on the promulgation of a Decree extending the submission deadline excise tax on cars domestically produced and assembled.
Accordingly, the Ministry of Finance proposes to the Government to stipulate an extension of the tax payment deadline for the payable excise tax amount of the tax period of June, July, August and September 2022 for automobiles. domestically produced or assembled. The time limit for tax payment of the above tax period is until November 20, 2022.
If this plan is approved, the extension of the excise tax payment deadline will be 10 months with 4 tax periods. Specifically, the June tax payment period will be extended for 4 months, the July payment period will be extended for 3 months, the August payment period will be extended for 2 months, and September will be extended for 1 month.
According to the Ministry of Finance, this is an urgent support solution for domestic automobile manufacturers and assemblers and will be implemented in 2022, so it should be issued immediately. Therefore, this agency proposes to the Government to allow the Decree to take effect from the date of signing until the end of December 31, 2022.
After the extension period according to this Decree, the payment of excise tax on domestically manufactured or assembled cars shall comply with current regulations.
Assessing the impact of the application of this policy on budget revenue, the Ministry of Finance said that the average amount of special consumption tax that domestic automobile manufacturing and assembling enterprises pay to the state budget is about operating in the range of 2,450-2,800 billion VND per month.
In case the demand for electric vehicles increases when the special consumption tax is reduced with battery electric cars, replacing gasoline cars, it is expected to reduce budget revenue by about 2,000-3,000 billion VND, which is an average monthly decrease. 170-250 billion VND.
The total amount of excise tax expected to be extended in 4 periods is about 9,300-11,400 billion VND. The amount of tax that businesses are extended is about 20,000 billion dong.
The Ministry of Finance also said that taxpayers eligible for extension shall send a written request for extension of the time limit for paying excise tax (either electronically or by sending a paper copy directly to the tax office or via email). post office).
These documents will be sent once for all the extended periods together with the time of filing the excise tax return, so no new administrative procedures will arise.
If approved by the Government, the excise tax reduction policy for domestically manufactured or assembled cars will undergo the third consecutive year of being applied, from 2020 to present.
The total amount of excise tax that is expected to arise and is extended for 4 periods (from the June tax period to the September tax period) is about VND 9,300-11,400 billion.
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