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Monday, June 24, 2024

Tax authorities urged to accelerate VAT refunds for businesses

The Saigon Times

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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 accordance with the guidance of the Prime Minister and the Ministry of Finance, the General Department of Taxation issued official dispatch No. 2099 on VAT refunds in late May.

As of June 16, tax authorities at all levels have resolved VAT refund requests for 7,893 cases, with the refunded VAT amount reaching 30% of this year’s estimate, and being 12% lower than that in the same period last year.

To facilitate the timely processing of tax refund requests and support business operations, tax authorities at all levels are asked to quickly work with relevant departments to expedite the handling of documents for businesses, while ensuring compliance with Decision 679 issued by the General Department of Taxation on May 31, 2023.

Furthermore, local tax authorities are asked to promptly issue decisions on VAT settlement for businesses with eligible VAT refund requests to meet the specified timeline.

For businesses with ineligible tax refund requests, they will receive a notice from the tax authorities in accordance with template No. 04 attached to Circular 80 of the Ministry of Finance.

Data of the General Department of Taxation showed that in the year to May 17, there had been 4,760 requests for VAT refunds, but 199 of them had not been settled with a total amount of VND1,119 billion.

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