In the wake of devastating floods affecting Central Vietnam, public concern is growing regarding the support measures available to taxpayers, particularly businesses impacted by the disaster, to aid their recovery and resumption of operations.
Speaking with Báo Người Lao Động on November 24th, Mr. Đồng Minh Hồng, a member of the Ho Chi Minh City Tax Consultancy and Agency Association, stated that current tax laws provide comprehensive provisions for tax exemptions, reductions, and extensions for taxpayers affected by natural disasters like floods and landslides. These events often result in significant property damage and hinder tax declaration and payment capabilities.
At the reception point of the Vietnam Fatherland Front Committee in Ho Chi Minh City, volunteers are busy sorting goods for swift delivery to flood-affected communities. Photo: CHÍ NGUYÊN
A leader from the Ho Chi Minh City Tax Department also noted that since 2015, the tax authority has implemented various measures to support taxpayers impacted by natural disasters. Affected businesses can receive extensions for tax declarations and payments of up to 2 years from the original deadline, during which no late fees or penalties will be imposed.
Additionally, taxpayers facing administrative penalties due to disaster-related damages may be exempt from fines, depending on the extent of the damage and supporting documentation.
“Furthermore, eligible businesses can benefit from personal income tax exemptions or reductions and full input VAT deductions upon providing sufficient proof of damage. The tax authority will also consider waiving invoice-related penalties for severely affected businesses,” added the Ho Chi Minh City Tax Department official.
Can the Transition from Lump-Sum Tax to Tax Declaration be Extended?
Regarding requests to extend the January 1, 2026 deadline for transitioning from lump-sum tax to tax declaration for affected businesses, Mr. Hồng emphasized that businesses must adhere to the general transition schedule. However, affected businesses should proactively notify tax authorities and provide detailed documentation of flood-related damages.
Based on this information, tax authorities will collaborate with local governments to implement appropriate support measures in accordance with regulations.
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