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According to the guidelines of the Ministry of Finance (MOF) to meet the regulations of Decision 05/2012/QD-TTg, the VAT refund pilot scheme entitles foreign passport holders departing from Tan Son Nhat Airport in HCMC and Noi Bai Airport in Hanoi (excluding operating air crews flying out of Vietnam) to claim a refund on VAT paid for their purchased goods if they meet the following conditions:
- The goods must be subject to VAT, brand-new and permitted to be carried on board;
- They must not be goods that are restricted or prohibited for export;
- They must be issued with a VAT invoice cum tax refund declaration within 30 days before departure; and
- Have a minimum value of VND2 million as shown on the VAT invoice purchased at one retailer within one day (including an aggregate value of multiple invoices purchased in the same retailer within the same day).
Departing foreigners are entitled to receive 85 percent of the VAT they paid on goods bought in Vietnam, while the banks will retain the remaining 15 percent as fees to process the refunds. VAT refund will be made in Vietnamese Dong or, if requested, in foreign currency using the exchange rate of the bank providing the refund services.
Vietcombank, Maritimebank, BIDV and Vietinbank. will pilot the VAT refund scheme for tourists. Two stands at each airport will help foreigners claim their refunds before leaving Vietnam.
Deputy Head of the General Department of Customs Hoang Viet Cuong said the move is in line with the Party and State's policy during the international economic integration process. It will encourage overseas visitors to spend more in Vietnam, which will boost the sale of goods, the tourism sector and promote the country's culture.
The General Department of Customs also revealed that more VAT refund counters would be established at other international airports, seaports and border gates after the pilot period ends on June 30, 2014.
To implement the Governmental Decision, MOF asked the General Department of Customs, the General Department of Taxation, the Hanoi and HCMC Departments of Customs as well as the commercial banks to improve their quality of service and facilitate foreign visitors in obtaining their VAT refund and the fight against trade fraud./.
Source: VEN
Source: VEN
