The Ministry of Finance has reported that it has applied extensions to the deadlines for the payment of taxes by businesses and individuals totaling nearly VND106 trillion ($4.4 billion) in the first eleven months of 2022.

The extended payment deadline for value-added tax (VAT), corporate income tax, personal income tax, and land rental fees is estimated to total VND96.3 trillion ($3.96 billion).

The ministry has also cut 50 per cent of environmental protection taxes on petroleum products following a Resolution from the Standing Committee of the National Assembly, estimated at around VND1.9 trillion ($78 million).

Export and import taxes on a number of products were also reduced under Government Decree No. 101/2021/ND-CP dated November 15, 2021, estimated at around VND1.7 trillion ($70 million).

As part of the socio-economic recovery program, the government cut, extended, or waived taxes and fees worth about VND47.8 trillion ($1.96 billion) in the first eleven months of the year, according to the ministry.