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Vietnam Today

Tax late payment fines waived

Released at: 17:32, 07/09/2015

Tax late payment fines waived

NA to consider resolution on waiving accumulated late payment fines at its October session.

by Son Ho

The Ministry of Finance is drafting a resolution it will send to the National Assembly (NA) on debt forgiveness for late payment fines on taxation to remove difficulties for certain organizations and individuals, which is expected to be passed at the 10th meeting of the 13th session of the parliament in October.

The NA will decide on removing late payment fines on taxation incurred prior to July 1 2013 for firms in difficulties who pay the original tax debt before December 31, 2015.

Those entitled to the policy must meet the two following criteria.

First, enterprises must provide products or services that are paid from the State budget but are yet to be paid. They would therefore be unable to pay taxes before January 1 2015 and are yet to have new a deadline for payment.

Second, a partner of the taxpayer must have has gone bankrupt or breached the contract, which lead to the tax debt and late payment fines.

The draft policy will also remove late payment fines on tax debts accumulated before July 1, 2013 for taxpayers who dissolved their business or went bankrupt but have not been located by authorities.

It is expected that after the resolution is passed by the NA the government will provide details on implementation.

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