On September 30, 2016, the Ministry of Finance issued... Official Document 13804/BTC-TCT Regarding the management of VAT refunds for the last months of 2016.
Accordingly, the Ministry requires tax departments to strictly implement regulations on VAT refunds; specifically, no refunds should be granted for:
- Goods exported but not actually exported within the customs operational area, and goods imported and then exported;
- Exported goods are natural resources and minerals that have been extracted but not yet processed into other products, or that have been processed and the total value of natural resources and energy costs accounts for 51% or more of the production cost;
- The business establishment's investment project has not contributed the full registered charter capital; or it is engaging in conditional business activities without fulfilling all the required business conditions.
In addition, Circular 13804/BTC-TCT also provides guidance on cases where VAT refunds are not eligible at the end of 2016 for taxpayers who have accumulated input VAT over 12 consecutive months/4 quarters that have not been fully deducted.
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