Vietnam VAT credits

Tue 22nd Mar 2016

The Vietnamese Finance Ministry is to speed-up the refunds of business VAT credits from this month.

In particular, it is looking to stop local authorities from holding up hundreds of credits where any related infringements are immaterial. Or if companies have separate credits and liabilities with the state, and they cannot be offset for simplification.

The authorities have blamed this problem on a lack of funds. The Ministry declared that it will remove refund ceiling quotas for each authority to give more flexibility on credits.

The Ministry is now looking for the processing of refunds in under a working day of the receipt of an valid application