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Monday, July 15, 2024

The tax refund tangle

By Van Phong

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While there has been some improvement in the value-added tax (VAT) refund process in recent months, a significant number of businesses, particularly those exporting agricultural, forestry, and processed products, are still grappling with the frustrating delay in receiving their much-needed tax refunds. This delay is adversely affecting their working capital. During numerous meetings, the Prime Minister has emphasized the necessity for the tax authority to ensure accurate, complete, and timely VAT refunds. In response to his directives, Finance Minister Ho Duc Phoc has mandated that the tax authority promptly process tax refund requests by eligible entities in accordance with the law. This approach has led to a noticeable acceleration in VAT refund processing over the past few months, resulting in the issuance of 10,000 tax refund decisions by local tax departments in the first seven months of this year. However, the actual refunded tax amount only reaches 39% of the annual target and corresponds to approximately 85% of the figure for the same period in the previous year. Many businesses are still waiting for their tax refunds, which constitute upfront payments to the State budget that are supposed to be reimbursed after adhering to state regulations. Unfortunately, these businesses are […]
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