On 10^th September 2024, the Prime Minister issued Directive 92/CD-TTg, focusing on recovery efforts following Storm No. 3 and subsequent flooding.

In Directive 92/CĐ-TTg of 2024, the Prime Minister instructed the Minister of Finance to effectively implement policies for deferring, exempting, and reducing taxes, fees, and charges for organizations, individuals, and businesses affected by the storm and floods, in accordance with legal regulations.

It is important to note that Storm No. 3 is considered a natural disaster. Taxpayers who have suffered damages as a result may be eligible for relief under force majeure provisions in the Tax Administration Law No. 38/2019/QH14. Tax relief measures available in cases of natural disasters include:

• Exemption from late payment fees; exemption and reduction of administrative fines for tax violations.
• Extensions for tax payments and tax return filings.
• Exemption and reduction policies for specific taxes: Value Added Tax, Corporate Income Tax, Personal Income Tax, Special Consumption Tax, Land and Water Surface Rent, Non-Agricultural Land Use Tax, and Natural Resources Tax.

To apply for these relief measures, taxpayers must submit a request to their managing tax authority with supporting documentation of losses incurred.

The Prime Minister also ordered insurance companies to swiftly process and pay out claims to policyholders, ensuring prompt, full, and timely compensation as per contractual agreements and legal requirements.

Additionally, the Governor of the State Bank of Vietnam was directed to instruct credit institutions and commercial banks to actively assess and compile reports on damages incurred by their borrowers. Banks are to promptly apply interest rate support policies, implement debt restructuring, and offer loan extensions. They are also instructed to continue providing loans to enable individuals and businesses to restore their economic activities.