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VAT refund

Overhauling tax procedures: a key priority

Tax procedures are on top of the three groups of administrative procedures that should be reformed, 495 out of 891 businesses responded in a survey This is the information from a report on the results of a survey on the delivery/execution of administrative procedures for businesses in 2024 recently published by the Board for Private Economic Development Research (Board IV) under the Prime Minister’s Advisory Council for administrative reform. There are six groups of basic administrative procedures that businesses must carry out during their lifetime, including starting business, labor and social insurance, import-export, land and construction, tax, and dissolution or suspension of operations. The results of Board IV’s survey indicate the degree of “improved/considerably improved” procedures is not high, representing 10-30% of 891 businesses surveyed. Groups of procedures with much improvement include starting business (26.4%), labor and social insurance (22.7%), and dissolution or suspension of operations (12.6%). Procedures with poor improvement include tax (39.1%) and land, environment, and construction (36.5%). According to businesses’ feedback, the tax agency has tried to improve policy and enhance efficiency in the delivery and execution of tax procedures, but three difficulties still exist. The first difficulty is the lack of synchronization and the complexity in […]
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Vietnam refunds over VND29 trillion in VAT in Q1

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...

VAT refunds surpass VND127 trillion in Jan-Nov

HCMC – Tax authorities had refunded VND127,783 billion worth of value-added tax by the end of November, achieving 68.7% of the estimate for tax...

VND2 trillion in VAT refunded to wood industry firms

HCMC – Wood industry enterprises, primarily woodchips and wood pallets exporters, have received value added tax (VAT) refunds totaling VND2 trillion as of today. According...

Jan-Aug tax revenue lower than expected

HCMC – Vietnam's tax authorities have sounded the alarm over a concerning decline in tax revenue, indicating potential fiscal health issues. Tax revenue in the...

VAT refunds in HCMC decrease by half in H1

HCMC - The HCMC Tax Department processed 436 value-added-tax (VAT) refund requests in the first half of 2023, with a total amount of about VND2.4...

Tax authorities urged to accelerate VAT refunds for businesses

HCMC - The General Department of Taxation has requested local tax authorities to expedite the processing of value-added tax (VAT) refund requests by businesses. In...

Pending VAT refunds take toll on wood businesses

HCMC - Pending VAT refunds are having a negative impact on wood processing and exporting businesses, according to the Vietnam Timber and Forest Product...

VAT refund delays spell trouble for wood exporters

HCMC – Replanted-forest wood exporting businesses are finding it tough to claim VAT refunds, which have reached VND1,000 billion since January this year. The Association...

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