Vietnam Government Extends Tax and Land Rental Payment Deadlines in 2024

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The Government has issued Decree No. 64/2024/ND-CP, granting extensions for the payment of value-added tax (VAT), corporate income tax, personal income tax, and land rent for the year 2024. This move aims to provide financial relief to businesses and individuals amid ongoing economic challenges.

Value-added tax extensions in 2024

The decree extends VAT payment deadlines for businesses and organizations that meet eligibility criteria. Specifically, the VAT deadlines are adjusted as follows:

  • May 2024 VAT: The payment deadline is extended by five months, making the new due date November 20, 2024.
  • June 2024 VAT: Similarly extended by five months, with a new due date of December 20, 2024.
  • July 2024 VAT: Extended by four months, now due December 20, 2024.
  • August 2024 VAT: Extended by three months, due December 20, 2024.
  • September 2024 VAT: Extended by two months, also due December 20, 2024.
  • Second Quarter 2024 VAT: Extended by five months, now due December 31, 2024.
  • Third Quarter 2024 VAT: Extended by two months, due December 31, 2024.
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These extensions are applicable for monthly and quarterly VAT declarations. If a business or organization eligible for the extension has branches or affiliated units filing separate VAT declarations, those branches and units also benefit from the extension.

Corporate income tax extension

The decree provides a three-month extension for the quarterly prepayment of corporate income tax for the second quarter of 2024 for eligible businesses and organizations. The new deadline extends three months from the original due date as per the tax management law.

Personal income tax and VAT for household and individual businesses

For individuals, household businesses, and sole traders, the deadline for paying VAT and personal income tax arising in 2024 is extended to December 30, 2024.

Land rent payment extension

The decree also extends the deadline for paying 50 percent of the land rent due for 2024 (specifically for the second period of the year) by two months from October 31, 2024. This applies to businesses, organizations, households, and individuals who are directly leased land by the State under annual rent payment agreements.

Implementation and compliance

This decree, effective from June 17, 2024, to December 31, 2024, aims to ease financial burdens and support economic stability. After the extension period, all tax returns and land rent payments must comply with the existing regulations.

By extending these deadlines, the Government hopes to provide significant relief to businesses and individual entrepreneurs, helping them manage cash flows and sustain operations during challenging times.