Changes to Vietnam's value-added tax rules should pave the way towards the smoother processing of VAT refund claims, according to the ministry of Finance
The existing regulation did not permit offsetting of refunds against tax debt, so business enterprises were required to settle debts with the tax authority before getting their VAT refunds. The Ministry officially abolished the regulation on March 14.
The Ministry has now asked local tax authorities to process VAT refunds if the amount of tax due is less than the amount of refund claimed.
The Ministry however instructed tax authorities to hold refund claims in the event they detect any breach of tax or customs regulations, or where taxpayers are unable to support their claims.
Source: http://www.tax-news.com/
Keywords: Vietnam, Eases, VAT Refund, Rules
