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$1.2 billion spent on Q1 VAT refunds

Released at: 22:17, 11/04/2016

$1.2 billion spent on Q1 VAT refunds

NA has set aside $4.38 billion for year as a whole.

by Hong Nhung

The National Treasury spent approximately $1.2 billion on refunding value added tax (VAT) to enterprises in the first quarter, the General Department of Taxation (GDT) has reported.

According to a cost estimate the GDT submitted to the Ministry of Finance (MoF), VAT refunds in the first and second quarters of this year assigned to all local departments of taxation is nearly $2.2 billion, corresponding to 50 per cent of the total amount of around $4.38 billion approved by the National Assembly.

As such, the amount of estimated cost for VAT refunds in regional areas for the first half of this year remains at about $1 billion.

After Document No. 3357/BTC-TCT was introduced by MoF a range of difficulties in tax refunds have been resolved, to the satisfaction of the business community and the people.

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