According to a draft decree which is expected to be submitted to the Government by the Ministry of Finance (MoF) in May, payment deadlines for value added tax (VAT), corporate income tax, personal income tax, and land rent in 2024 will be extended, involving a total value of nearly VND84 trillion ($3.3 billion).

The MoF said that the move aims to help enterprises and people to overcome difficulties and sustain production and business activities while minimizing impact on the balance of the state budget.

The scope of this policy is proposed to be the same as that in a similar decree last year.

According to the MoF, the VAT to be paid by enterprises benefiting from the extension will be about VND52.4 trillion ($2.065 billion) , and the corporate income tax VND27.6 trillion ($1.085 billion).

Meanwhile, the policy will cover about VND440 billion (nearly $17.3 million) in the VAT and personal income tax to be paid by households and individuals doing businesses, and land rent subject to the extended deadlines is valued at about VND3.2 trillion (over $125.4 million).

The MoF said this year’s state budget revenue will not be affected as tax payers have to fulfill their obligation by the end of this year. It described the extension as an urgent measure for supporting businesses and people, proposing the Government allow this decree to take effect upon signing.