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[Taxation] Policies for Tax Exemptions, Tax Reductions, and Tax Payment Extensions for Companies Affected by Typhoon No. 3

2024/09/19

In order to assist enterprises that suffered losses due to Typhoon Yagi (Typhoon No. 3), the GDT issued Official Letter No. 4062/TCT-CS dated September 13, 2024, informing the following policies on various exemptions, reductions, and payment extensions due to natural disasters.

1. Extension of tax payment deadline for up to 2 years for all taxes including corporate income tax in accordance with Article 62 of Law No. 38/2019/QH14 on Tax Administration
2. Exemption of late payment penalty for all taxes, including CIT, in accordance with Article 59, Paragraph 8 of Law No. 38/2019/QH14
3. Exemption of fines for administrative violations in accordance with Article 140, Paragraph 1 of Law No. 38/2019/QH14 on Tax Administration
4. Approval of deduction of VAT on purchases of goods and services lost due to natural disasters and not compensated in accordance with Article 14, Paragraph 1 of Circular No. 219/2013/TT-BTC
5. Approval of CIT deductibility of expenses related to assets and goods lost due to natural disasters and not compensated, restoration costs and support costs for families of workers affected by disasters in accordance with Article 9 paragraph 2a, 2n of CIT Law No. 14/2008/QH12 and Article 6 paragraph 2.30 of Circular No. 96/2015/TT-BTC. Approval of tax deductibility of expenses related to assets and goods lost due to natural disasters and not compensated for
6. Reduction of special consumption tax in accordance with Article 9 of Special Consumption Tax Law No. 27/2008/QH12
7. Exemption and reduction of natural resources tax in accordance with Article 9, Paragraph 1 of the Natural Resources Tax Law No. 45/2009/QH12
8. Exemption and reduction of non-agricultural land use tax based on Article 9 and 10 of Non-Agricultural Land Use Tax Law No. 48/2010/QH12

We recommend that you also check with the competent tax authorities regarding this Official Letter and any other unclear points, taking into account the individual damage of the enterprise.

 

References:
Official Letter No. 4062/TCT-CS dated September 13, 2024 of the General Department of Taxation
Tax Administration Law No. 38
Law No. 14 on Corporate Income Tax
Special Consumption Tax Law No. 27/2008/QH12
Natural Resources Tax Law No. 45/2009/QH12
Law No. 48/2010/QH12 on Non-Farmland Use Tax
Circular No. 96/2015/TT-BTC
Circular No. 219/2013/TT-BTC