- Invoices and supporting documents are required for compensation made by an insurance company to an insured party
- The insured party can provide invoices of goods purchased or repair services
- The insurance company settles compensation payment to the insured party according to the insurance policy
- Input VAT can be declared by the insurance company for the compensated amount paid
- Compensation amount of VND20 million or more must be settled via bank transfer
- In the case of co-insurance, the insurance company must issue an invoice to the co-insurance company according to Decree No. 123/2020/ND-CP.
Source: assets.kpmg.com
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.
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