Tax payment deadline extension proposed for local car manufacturers

The Ministry of Finance (MoF) has proposed the Government extending the deadline for  special consumption tax payment from domestically manufactured or assembled automobiles.

Accordingly,  the tax payment deadline for June, July, August and September will be extended to November 20, 2024, with the total tax amount estimated at nearly VND8.6 trillion (more than $336 million). 

According to calculations by the MoF, the amount of late tax payment mentioned above does not affect the estimated state budget revenue this year.

If accepted, this is the fifth tax payment deadline extension applied to domestically manufactured or assembled automobiles in the past 4 years.

The proposed extension is expected to help 14 local car manufacturers to tackle difficulties for recovery and growth, according to the MoF.

The latest extension was applied in the second half of 2023, with the total tax amount estimated at nearly VND8.1 trillion (more than $317 million).