- South Korean firms in Vietnam facing delays in VAT refunds and tax-related challenges
- Difficulties in obtaining tax incentives, VAT refunds, clarity on contractor payment recordings, and double taxation on international transportation income
- Concerns about inability to deduct corporate income tax for workers’ overtime beyond 200 hours annually
- South Korean companies previously raised issue of slow VAT refunds in meeting with HCMC authorities
- Importance of helping existing foreign companies expand to boost foreign investment in Vietnam
- Need for stable economic ecosystem and transparent tax administration system to attract investment
- Ministry of Finance processing documents from South Korean businesses and issuing solutions to resolve difficulties
- Commitment to improving policies and administrative procedures for a more favorable business environment
- Reviewing and expediting VAT refund process, maximum overtime for workers set at 200 hours per year
- South Korean enterprises’ contributions to state budget increasing annually, totaling nearly VND175 trillion ($7.09 billion) over past five years
Source: e.vnexpress.net
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.
