31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Banking & Finance
Gov’t extends excise tax payment deadline for domestic cars
Ngoc Mai 10:52, 2022/05/23
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).

RELATED NEWS
TAG: vietnam domestic cars vietnam excise tax vietnam car manufacturing
Other news
11:48, 2022/48/01
Vietnam looks for UK support in finalizing financial regulations: NA Chairman
Vietnam and the UK would strengthen cooperation in green finance, and digitalization of the financial sector, with the UK's assistance in providing the required resources for Vietnam to realize its commitments at the COP26.
10:43, 2022/43/27
Vietnam c.bank reportedly sells over US$10 billion from FX reserves
The move is expected to help accommodate the momentum of the exchange rate and the pressure on foreign exchange reserves.
14:28, 2022/28/23
Vietnam Deputy PM expects no disruption to petrol supplies
Rising prices of strategic goods, including petrol, fertilizers, and farm produce are putting pressure on the Government’s efforts in market price management.
16:51, 2022/51/22
Standard Chartered launches new head office in Hanoi
The open-plan office is located in the grade A Capital Place building, Ba Dinh District, Hanoi.
14:35, 2022/35/21
Central Bank ready to meet market demand for foreign currencies
Such a move would help ensure that banks and credit institutions have the means to meet the demand for foreign exchange from individuals and organizations.
14:55, 2022/55/20
C.bank expects Vietnam's inflation to stay below 4% in 2022
Against the backdrop of rising USD value, the Vietnamese Dong has depreciated by a mild margin of 2% compared to Thai’s Bath (down 7%), Japanese Yen (14.6%), and Taiwanese dollar (5%).