By Nguyễn Hữu Thức
Circular 58/2012/TT-BTC guiding the Decision 05/2012/QD-TTg
to implement a pilot project allowing VAT refunds for foreigners departing
Vietnam from Noi Bai and Tan Son Nhat international airports has been recently issued on 12
April 2012, and wef 01 June 2012. Along with the Vietnam Chamber of Commerce and
Industry (VCCI), the relevant authorities and business recently organized a
meeting several weeks ago in order to prepare a pilot VAT refund scheme for foreigners and overseas
Vietnamese passing through the country’s two biggest airports from July onwards.
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| A pilot project allowing VAT refunds for foreigners departing Vietnam from Noi Bai and Tan Son Nhat international airports (Source: Hữu Thức) |
Foreigners claiming VAT refund will be charged a fee not
exceeding 15% of the refunded amount, and the 15% of the refund value will be
used as service fee to pay banks that handle tax payments. The refund only
applies to goods purchased from companies which register with and are approved
by the Ministry of Finance to sell goods entitled to VAT refund.
In conclusion, Vietnamese people also believe such decision would
bring benefits to the nation, such as cultural exchange among nations and
helping attract foreign tourists to our country. In addition, the
refund would give domestic merchandises an opportunity to raise their sales
revenue and advertise their products to foreign markets by way of sitting in
our chair located in Vietnam.
* Should you need any further discussion, please contact via email: thuc.huu.nguyen@gmail.com
