- Proposed amendments to the Value Added Tax (VAT) Law include new provisions on VAT refunds.
- The draft law proposes that businesses engaged in the production of goods or provision of services with a VAT rate of 5% can claim a VAT refund if they have unclaimed input VAT of over 300 million VND after 12 months or 4 quarters.
- The draft also clarifies that investment projects in the initial investment phase are eligible for VAT refunds.
- The requirement for businesses to have sufficient registered capital for investment projects to be eligible for VAT refunds is removed.
- The draft introduces provisions to prevent VAT refunds for businesses in certain sectors or industries that do not meet the necessary business conditions.
- The draft proposes that VAT refunds be allowed for oil and gas exploration, survey, and development projects with unclaimed input VAT of over 300 million VND.
- The requirement for VAT refunds for imported goods subsequently exported and for certain cases of export goods subject to pre-shipment inspection is removed.
- The draft introduces principles for determining the input VAT of exported goods and services eligible for VAT refunds.
- The requirement for VAT refunds in cases of ownership transfer, business conversion, merger, consolidation, division, or termination is removed.
- The draft includes provisions on the responsibilities of tax authorities and taxpayers in processing VAT refund requests.
- The Minister of Finance will be responsible for issuing detailed regulations on the conditions for VAT refunds.
- The proposed amendments cover cases where businesses can claim VAT refunds based on unclaimed input VAT or investment projects.
Source: baochinhphu.vn
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
