To support organizations, individuals, and businesses to restore production and business due to the impact of storm No. 3 and post-storm floods, the Thai Nguyen Provincial Tax Department is urgently implementing policies to exempt, reduce, and extend taxes, fees, and charges... for those affected.
 |
| Officers of the Dong Hy - Vo Nhai Regional Tax Department guide taxpayers on documents and procedures related to determining the value of damage. Photo TL |
Accordingly, businesses affected by storms and floods will have their value-added tax, corporate income tax, special consumption tax, resource tax and non- agricultural land use tax reduced. Specifically: Businesses affected by natural disasters will have their tax payments extended by 1-2 years. Businesses will be able to deduct input value-added tax on goods used for production and business.
For corporate income tax, enterprises are allowed to include in expenses when determining taxable income the loss caused by natural disasters. To be deductible, enterprises need documents such as minutes of inventory of the value of lost assets and goods; insurance compensation records (if any), records specifying responsibilities, organizations and individuals who must compensate (if any); records determining funding for overcoming the consequences of natural disasters; and welfare payments for employees affected by natural disasters.
Enterprises affected by natural disasters are also entitled to a maximum reduction of 30% of special consumption tax in the year of the damage, not exceeding the value of damaged assets after compensation (if any). Regarding resource tax, enterprises are exempted or reduced from tax for the amount of lost resources. If tax has been paid, it will be refunded or deducted from the tax payable in the following period. Enterprises are also entitled to a 50% reduction in non-agricultural land use tax if their land and houses are damaged.
For individuals and business households affected by natural disasters, personal income tax, special consumption tax and resource tax will be reduced. In which, the personal income tax rate will be reduced corresponding to the level of damage but not exceeding the amount of tax payable. Special consumption tax will be reduced corresponding to the damage but not exceeding 30% of the amount of tax payable. The resource tax rate will be reduced corresponding to the amount of lost resources; in case the tax has been paid, the tax paid will be refunded or deducted from the resource tax payable in the following period.
Business households and individuals only need to submit an extension request no later than September 30 to receive an extension for tax payment. The Tax Authority will not charge late payment fees for the extended tax and land rent amounts during the extended payment period. Business households that suffer material damage that directly affects production and business due to natural disasters (floods) will be granted an extension for tax payment of no more than 2 years from the tax payment deadline. Taxpayers will not be fined and will not have to pay late payment fees calculated on the tax debt during the extended tax payment period.
The Provincial Tax Department has requested associations and business associations in the province to coordinate in disseminating to enterprises and organizations policies on tax, fee, charge exemption, reduction and extension and the above tax policies. Local tax departments have assigned focal officers to guide taxpayers on records, procedures and restore tax records, related documents to determine the value of damage, etc.
Source: https://baothainguyen.vn/kinh-te/202409/mien-giam-thue-cho-nhung-truong-hop-bi-ton-that-do-bao-lu-b7f113b/
Comment (0)