The Ministry of Finance has submitted a proposal to the Government seeking approval to create a decree expanding the timeframe for tax and land lease payments.

The move is expected to ease difficulties faced by enterprises amid the COVID-19 pandemic, especially those in tourism and transportation.

Under the proposal, payments of value added tax are to be extended by five months, during which revenue to the State budget will fall by nearly VND68.8 trillion (US$2.99 billion).

Regarding corporate income tax, around VND40.5 trillion in payments during the first and second quarters will be delayed by three months.

Meanwhile, the payment of some VND1.3 trillion in value added tax and personal income tax from business households and individuals will also enjoy a delay.

The ministry suggested extending the deadline for land lease payments in the first installment, valued at about VND4.4 trillion.

The total value of delayed taxes and land lease will amount to VND115 trillion.

Tax agencies allowed delays in tax and land lease payments worth some VND87.3 trillion last year, for 184,900 taxpayers.