VietNamNet Bridge – By the end of May, over 3,700 turns of foreign arrivals got VAT refund worth VND 12 billion, statistics show.

The figures were released after 11-month implementation of Prime Minister’s Decision No. 05/2012/QD-TTg on pilot VAT refund program, applicable in border gates of Noi Bai International Airport and Tan Son Nhat International Airport.

Foreign visitors and overseas Vietnamese will get VAT refunds on purchases made in Viet Nam, when exiting the country through Noi Bai or Tan Son Nhat international airports.

Total amount of refundable VAT is the amount of value-added tax recorded in invoice cum tax refund declaration of the goods actually brought along by foreigner when exiting that has been inspected and certified by the customs office.

In order to qualify for the refund, foreigners must present receipts worth at least VND2 million (roughly US$100) apiece at the VAT counter refund at the airport.

According to the General Department of Viet Nam Customs, goods subjected to a VAT refund must not be among those prohibited for export. Neither must they be listed for export under Ministry of Industry and Trade permits nor subject to special management.

To qualify for a VAT refund, a tax refund declaration form must be issued within 30 days from the departure date and have a valid invoice for goods costing at least VND2 million.

The pilot program will end on June 30, 2014, according to the Decision.

Source: VGP