HCMC – The Ministry of Finance has reported that Vietnam refunded VND29.236 trillion in value-added tax (VAT) in January-March, up by 8% compared to the same period last year.
According to data from the ministry, VAT refunds for export activities totaled over VND26.16 trillion, accounting for 89% of the total. Refunds for investment projects reached VND2.92 trillion, while others made up 123 decisions worth VND148 billion, according to the Vietnam News Agency (VNA).
Of the total refunds, around VND17.32 trillion was processed under the “refund first, audit later” mechanism, while VND11.916 trillion was subject to pre-refund audits, representing 41% of the total and up by 10% year-on-year.
Under current regulations, tax authorities are required to issue refunds within five working days if enterprises submit complete and valid documentation.
A representative of the General Department of Taxation said that upcoming amendments to the Law on Tax Administration would include a redesign of VAT refund procedures, aiming to accelerate the process and enhance automation.
The Ministry of Finance and the tax authority will continue to gather feedback to ensure greater transparency and create more favorable conditions for businesses.
