Payment deadline of exercise tax on domestically manufactured and assembled cars extended

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The Government issued Decree 32/2022/ND-CP extending payment deadline of exercise tax on domestically manufactured and assembled cars. Photo: Internet.

According to the General Department of Taxation, the Government issued Decree 32/2022/ND-CP extending payment deadline of exercise tax on domestically manufactured and assembled cars, which takes effect from the date of signing.

The Decree extends the payment deadline for exercise tax of tax terms in June, July, August and September 2022 for domestically manufactured and assembled cars. The extended deadline is from the end of payment deadline of the excise tax as per regulations of the Law on Tax administration to the end of November 20, 2022.

The deadline for submitting the application for extension is not later than November 20, 2022.

The country’s top tax authority has requested local tax departments to extend the payment deadline for these cars in accordance with Decree 32 to remove difficulties for production and support those affected by the Covid-19 pandemic.

The Ministry of Finance cites Article 8 of Law 03/2022/QH15 as saying that the exercise tax on domestic electrically-operated cars of nine seats or fewer, the cars of between 10 seats and under 16 seats, the cars for both passenger and cargo transportation and the cars of between 16 seats and under 25 seats revises down to 3%, 2%, 2% and 1%, respectively.

The ministry expected that the volume of consumed electrically-operated cars will increase and will replace the volume of gasoline-powered vehicle cars.

On the basis of business production and payment of exercise tax in the whole year by domestic automakers, the average tax payable to the State budget is around VND2450 billion to VND2800 billion.

If implementing Law 03, the revenue from the tax is expected to reduce by about VND2,000-3000 billion, an average of VND170-250 billion per month.