The Ministry of Finance is drafting a Decree extending the deadline for paying special consumption tax on domestically produced and assembled automobiles.

Specifically, according to the draft (3rd time) of the Ministry of Finance, for the amount of special consumption tax payable arising from the tax calculation period of February, March, April, May and June 2025 for domestically produced or assembled automobiles, the extension period is from the end of the deadline for paying special consumption tax according to the provisions of the law on tax administration until November 20, 2025.

It is necessary to extend the deadline for paying special consumption tax on domestically produced automobiles. Illustrative photo

Commenting on the Draft Decree, the Vietnam Chamber of Commerce and Industry (VCCI) said that it agrees with the policy of extending special consumption tax that the Ministry of Finance is proposing.

According to VCCI, the domestic automobile manufacturing and assembly industry plays an important role in the cause of socio-economic development by leading the development of supporting industries, creating jobs for hundreds of thousands of workers, and making a large contribution to the state budget.

In the context of the economy still facing many potential difficulties, the automobile market in early 2025 shows signs of slowing down, so short-term support policies for the industry, in addition to long-term support policies, are extremely necessary to support the industry during this period.

According to VCCI, extending the deadline for paying special consumption tax on domestically produced and assembled cars will help businesses maintain cash flow, reduce financial pressure, and have more resources to adapt to economic fluctuations.

In the written comments, VCCI also suggested that the Ministry of Finance consider continuing to assess the compatibility with international commitments and assess the preparation mechanism in case of policy responses from other countries during the implementation phase.