Proposal to extend more than 10,000 billion VND in special consumption tax on domestically assembled cars

The Ministry of Justice has just published documents on the appraisal of the Decree extending the deadline for paying special consumption tax (SCT) on domestically produced or assembled cars. This Decree was drafted by the Ministry of Finance.

The Ministry of Finance proposed to extend more than 10,000 billion VND of special consumption tax on domestically assembled cars.

According to the Ministry of Finance, there are currently 12 automobile manufacturing and assembling enterprises in the country. After the outbreak of the epidemic, thanks to support through government policies, the domestic automobile industry has gradually recovered.

However, data shows that the output and special consumption tax on domestically produced and assembled cars are gradually decreasing. It is predicted that in the coming time, the market will continue to face difficulties and challenges such as increasing bank interest rates, low credit limits, along with challenges for the financial and credit markets in 2023...

The Ministry of Finance believes that continuing to support domestic automobile manufacturing and assembly enterprises is necessary to help restore and develop production and business.

Therefore, the ministry proposed to extend the tax payment deadline for the special consumption tax payable arising from the tax periods of June, July, August and September for domestically produced or assembled automobiles.

The extension period will be unified to November 20, to avoid accumulating payable amounts for businesses at the end of the year and to avoid affecting the completion of the state budget revenue estimate in case businesses encounter financial difficulties.

According to the Ministry of Finance's calculations, the estimated amount of special consumption tax on domestically manufactured and assembled cars that will be extended for 4 tax periods as proposed is about 10,400 - 11,200 billion VND. Because the latest tax payment deadline is November 20, it will not affect the 2023 budget revenue estimate.

Emphasizing that this is an urgent solution that needs to be issued immediately to promptly support domestic automobile manufacturing and assembly enterprises and be implemented in 2023, the Ministry of Finance proposed that the Government allow the decree to take effect from the date of signing until December 31.

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