Deputy Prime Minister Le Minh Khai has signed a decision to issue Government Decree No. 12/2023/ND-CP on extensions on the payment of value added taxes (VAT), corporate income taxes, personal income taxes, and land rental fees in 2023.

The total amount subject to the extension is estimated at VND100 trillion ($4.23 billion).

The Decree is aimed at easing difficulties faced by businesses amid a plunge in new orders and shrinking markets.

Under the decree, the deadline for VAT payments from March to May and in the first quarter will be extended by six months.

The payment of personal income tax by household businesses and individuals working in priority sectors will be delayed until December 31 at the latest.

The deadline for the payment of corporate income taxes in the first and second quarters will be extended by three months.

Individuals, households, and businesses operating in priority sectors are entitled to a six-month deferral of 50 per cent of land rental fees due to be paid in 2023, from May 31 to November 30.

Decree No. 12 takes effect from the date of issuance to December 31, 2023.