Exports without payment documentation can have 90 percent of related VAT refunded from August 14, 2010. This is the main content of Circular 94/2010/TT-BTC that the Ministry of Finance recently issued to provide guidelines for export-related VAT refund.
Exports without payment documentation can have 90 percent of related VAT refunded from
According to this circular, businesses, which have exports and have not been paid by the foreign partners and temporarily have 90 percent of incoming VAT refunded, can have the remaining 10 percent of incoming VAT refunded within four working days commencing from when related legal documentation is submitted to the tax authority.
The following cases are not subject to the above-mentioned refund, but before-tax-refund inspection is needed: International conventions in which Vietnam participates say that inspection is required before tax refund; taxpayers that have tax refunded for the first time, excluding export processing enterprises that have a production facility in a locality where tax refund takes place; taxpayers that evaded tax two years ago; businesses that merge into another business, separate, disband, go bankrupt, transform ownership, or stop operation; transfer, sale and lease of state-owned enterprises that havent had all of their incoming VAT deducted yet or pay unnecessary VAT; taxpayers that do not make necessary explanation and or supplement the tax refund profile according to the tax authoritys requirement before the explanation time finishes.
Referring to VAT refund profiles, which do not have payment documentation and are sent to the tax authority before
(Source: VEN)
