Accordingly, the extension of tax payment is the corporate income tax calculated every quarter and tax settled in 2011, including corporate income tax switched from 2010 to this year.

Specifically, the temporary tax payment calculated for the quarter I/2011 is extended at least on April 30, 2012. Tax payment of quarter II/2011 is extended at least on July 30, 2012. Tax payment of quarter III is extended at least on October 10, 2012. And quarter IV is on March 31, 2013.

For businesses operating in many industries, many fields, the extended tax to pay not including the tax calculated on income from real estate, finance, banking, insurance, and securities. In addition, the income from operations of imported goods not subject to non-essential consumer goods is not extended.

The ministry of Finance estimates that the total tax payments amount to roughly VND7 trillion. Around 200,000 out of 360,000 SMEs operating in Vietnam will be eligible for the deadline extension.

In 2009, to help local companies overcome economic difficulties, the government also decided to extend tax payment deadlines. The total tax payments amount to roughly VND10 trillion. (Translated by Hong Chau)