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More than 20 trillion VND of excise tax on domestic cars is proposed to be extended until November 20

The Ministry of Finance has just submitted a report to the Government on the issuance of a Decree extending the deadline for paying special consumption tax (SCT) for domestically manufactured or assembled cars.

More than 20 trillion VND of excise tax on domestic cars is proposed to be extended until November 20 - Photo 1.

In this document, the Ministry of Finance proposes to the Government to stipulate an extension of the tax payment deadline for the payable excise tax amount arising in the tax period of June, July, August and September for automobiles manufactured or sold. domestically assembled.

The tax payment extension period of the above tax period is implemented until November 20 at the latest.

Thus, if the proposal of the Ministry of Finance is approved, the time limit for excise tax payment, specifically the June tax payment period, will be extended by 4 months; July tax payment period is extended for 3 months; August tax payment period is extended for 2 months and September is for 1 month.

According to the Ministry of Finance, the average amount of special consumption tax paid by domestic automobile manufacturing and assembling enterprises is from 2,450 to 2,800 billion VND/month. In the scenario where the demand for electric vehicles increases thanks to the reduction of excise tax on battery electric vehicles, the estimated tax amount collected each month this year is about VND 2,000 billion.

The total number of months extended in the tax payment period from June to September is up to 10 months, with a tax amount of up to VND 20,000 billion.

Because this is an urgent solution that needs to be issued immediately to promptly support businesses, the Ministry of Finance asked the Government to allow the decree to take effect from the date of signing until the end of December 31.

The Ministry of Finance affirmed that the support policy for domestically manufactured or assembled cars has been applied continuously for 3 years, from 2020 to now, contributing to effective support for manufacturing and assembling enterprises. domestic automobile assembly recovered.

The extension of SCT payment for domestically manufactured and assembled cars has been implemented in 2020 and 2021 according to the provisions of Decree No. 109/2020/ND-CP and Decree No. 104/2021/ND -CP. Particularly in October and November 2021, the total amount of tax extension is VND 5,448 billion.

The reason for this proposal is that the sales activities of the car manufacturer were negatively impacted in the period of June to September 2021 due to the implementation of anti-epidemic decisions.

The car factories of some manufacturers were also affected because of the lack of chips and assembly components due to the disruption of the global supply chain.

The Ministry of Finance also acknowledged that the extension of tax payment for domestically manufactured and assembled cars is not consistent with international commitments to which Vietnam has joined. However, the Ministry of Finance assessed this policy as necessary to create conditions to help businesses overcome difficulties.

“The application of an extension of the time limit for paying excise tax along with the regulation on a 50% reduction in registration fee collection for domestically manufactured or assembled cars have contributed to removing difficulties for the production and business of Vietnam’s automobile industry. businesses; help domestic automobile manufacturers and assemblers when they have more financial sources to rotate investment capital, maintain operations, help employees maintain jobs, contribute to economic recovery – social”, the Ministry of Finance assessed.

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