- Revenue with regard to exported goods is recognized upon the completion of customs procedures. Customs procedures, therefore, mark the point of revenue recognition for both corporate income tax and value added tax (VAT) purposes.
- When an investment project is not executed in compliance with investment laws, the taxpayer is not eligible for a VAT refund applicable to an “investment project.”
- When an export and processing enterprise imports goods for factory construction, and then in turn sub-leases (including sub-leasing to a domestic business) a part of the factory, the export and processing enterprise is required to declare and pay import duty and import VAT for the goods imported for use in the factory construction.
Source: KPMG Vietnam
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