state budget balance needed following vat decision

State budget balance needed following VAT decision

Businesses in Vietnam will continue to enjoy an 8 per cent VAT rate until the year’s end following an extension to the rate cut, which will cause a decrease in state budget revenues.
vat cut continuation expected to ease woes

VAT cut continuation expected to ease woes

The business community is set to benefit from a continued VAT reduction as part of the country’s major efforts to assist enterprises currently facing massive difficulties.
current vat rate may remain for foreseeable future

Current VAT rate may remain for foreseeable future

The government is to ask the National Assembly to continue with its current VAT rate of 8 per cent until the year’s end as part of the country’s efforts to assist enterprises currently facing operating obstacles.
amendments outlined for vat refund eligibility matter

Amendments outlined for VAT refund eligibility matter

The Ministry of Finance has proposed comprehensive modifications encompassing the amendment, abolition, and supplementation of various regulations pertaining to VAT refunds.
banking organisations seek vat reduction addition

Banking organisations seek VAT reduction addition

The Vietnam Banks Association has proposed a 2 per cent VAT reduction for the entire banking sector, which is currently excluded from the list of sectors entitled to the tax cut.
korean businesses expect answers over vat impasse

Korean businesses expect answers over VAT impasse

Major delays in tax refunds are hindering major South Korean companies that would be otherwise keen to invest large sums in Vietnam.
wood exporters pleading for vat refund resolution

Wood exporters pleading for VAT refund resolution

Central-run authorities have given drastic directions to speed up VAT refunds for numerous businesses, especially struggling wood exporters.
tax authority returns nearly 3 billion in vat

Tax authority returns nearly $3 billion in VAT

In the first seven months of 2023, Vietnam's tax authority has refunded $2.93 billion in VAT to businesses, with 80 per cent of the refunds made under the refund first, audit later scheme.
vat refund delays tick off woodchip makers

VAT refund delays tick off woodchip makers

A number of woodchip exporters in Vietnam are rejecting orders as they are waiting for more than $170 million in pending VAT refunds.
businesses and households hold onto vat cutback hopes

Businesses and households hold onto VAT cutback hopes

A proposal on the reduction of VAT was submitted to the National Assembly on May 5 by Minister of Finance Ho Duc Phoc, amid plenty of challenges and risks for the economy.
indonesia imposes 10 percent vat on foreign high tech groups

Indonesia imposes 10-percent VAT on foreign high-tech groups

Indonesia began to impose a 10-percent value-added tax on sales by technology firms including Amazon, Netflix, Spotify and Google on July 7 in the context of the COVID-19 pandemic affecting the country’s state finances.
international booking sites have to pay vat cit in vietnam

International booking sites have to pay VAT, CIT in Vietnam

As reported by newspaper Vietnamnet, the Ministry of Finance has just asked booking sites that allow tourists to book hotel rooms in Vietnam to calculate and pay their value-added tax (VAT) and corporate income tax (CIT).
cam ranh airport opens vat refund booth

Cam Ranh airport opens VAT refund booth

Foreigners and overseas Vietnamese people exiting the country from Cam Ranh airport in Khanh Hoa province will be eligible for value added tax (VAT) refunds on purchases of Vietnamese products.
customs departments to tighten control of airport vat refunds

Customs departments to tighten control of airport VAT refunds

Hanoi - The General Department of Viet Nam Customs has instructed customs departments in Ha Noi and HCM City to strengthen the supervision of goods that are eligible for value added tax refunds at the cities' international airports to avoid losses to the State budget.
businesses anticipate green light for fertiliser vat switch

Businesses anticipate green light for fertiliser VAT switch

Domestic fertiliser producers will have opportunities to capture market share if the proposal to apply a new VAT rate on fertiliser is approved.