- Businesses are frustrated by complicated and delayed VAT refund procedures, which negatively impact their cash flow and competitiveness.
- Enterprises propose an automatic VAT refund mechanism for valid applications to address these issues.
- The 2024 VAT Law imposes a 5% tax on many preliminarily processed agricultural products, which businesses argue is inconsistent with VAT principles and harms export competitiveness.
- The current “collect first – refund later” system forces businesses to advance large sums in VAT, straining industries with low profit margins.
- VCCI has petitioned for regulatory revisions, including easier VAT refunds and recognition of digital documentation for exporters.
Source: vietnamnet.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.
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