Finance Ministry Proposes VND20 Trillion Tax Payment Postponement for Local Cars

10:25:15 AM | 5/10/2022

The Ministry of Finance has put forward a new round of excise tax payment deferral domestically manufactured and assembled cars in June, July, August and September 2022.

If the delay is approved, this will be the third consecutive year the Government applies excise tax payment deferral.

The ministry suggested deadline for excise tax payment is November 20, 2022.

The total amount of excise tax expected to be extended in the four months is about VND9,300-11,400 billion, the ministry estimated.

The new round of tax support is urgent for domestic automobile manufacturers and assemblers this year. according to the ministry.

The average excise tax paid by domestic automobile manufacturing and assembling enterprises to the State budget ranges from VND2,450 billion to VND2,800 billion per month.

In case the demand for electric vehicles increases when excise tax for EVs is reduced, the State budget revenue will decrease by about VND2,000-3,000 billion. That means the average monthly reduction is VND170-250 billion.