The Ministry of Finance is drafting a Circular guiding the implementation of the tax policy and tax preferentiality for programs and projects sponsored by Official Development Assistance (ODA) and preferential loans.
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The Ministry of Finance is drafting a Circular guiding the implementation of the tax policy and tax preferentiality for programs and projects sponsored by Official Development Assistance (ODA) and preferential loans.
The taxes applied for projects funded by ODA and preferential loans include export tax, import tax, special consumption tax, value added tax, personal income tax, business income tax and other taxes and expenditures.
The Circular defines that tax policy, tax preferentiality and tax refund procedures are determined to non-refundable ODA projects.
Accordingly, owners and contractors of the non-refundable ODA projects will enjoy import and value added taxes as regulated at the Law on Import Tax and Export Tax.
(Source:VGP)
