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Tuesday, July 23, 2024

VND2 trillion in VAT refunded to wood industry firms

The Saigon Times

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

According to Thang Van Thong, vice head of the wood chip section under the Vietnam Timber and Forest Product Association (Viforest), the refunded VAT amount is part of the total outstanding VAT refunds of over VND6 trillion pending settlement.

Many localities have already settled VAT refunds for businesses, including Ninh Thuan, Phu Yen, Quang Ngai, Quang Nam, Thua Thien-Hue, Quang Binh, and Thanh Hoa provinces.

Thong emphasized the significance of the VAT refunds for the enterprises at this point in time, as they will help firms stabilize their business operations and production in the near future.

Previously, the delay in VAT refunds for an extended period had posed numerous challenges for businesses in the wood industry.

Over time, wood industry enterprises have submitted multiple requests to competent authorities, seeking the removal of hindrances to tax refunds.

Following the prime minister’s instruction, the General Department of Taxation, on September 8, urged heads of local tax departments to expedite the settlement of VAT refund requests for businesses.

By the end of August, businesses across sectors had got VAT refunds totaling VND87.2 trillion, or 46.9% of the total estimated tax refunds for the entire year of 2023, reported the General Department of Taxation.

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