Global

Details

  • Service: Tax, Global Indirect Tax
  • Type: Regulatory update
  • Date: 3/5/2014

Vietnam - VAT guidance, VAT refunds for foreign contractors 

March 5: Guidance from the tax authorities in Vietnam concerning value added tax (VAT) addresses:
  • The tax treatment for invoices with the “wrong presentation” (e.g., VAT invoices for on-the-spot export, or VAT invoices with names of purchasers in abbreviation)
  • Purchases of assets by an enterprise that, in turn, transfers the asset to a dependent accounting unit (i.e., technically, enterprise is not required to issue and invoice or declare and pay VAT)
  • When VAT refunds are not to be made to a foreign contractor operating in Vietnam when there is a failure to comply with the regulations

Read a March 2014 report [PDF 365 KB] prepared by the KPMG member firm in Vietnam: Value Added Tax (VAT)




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