Foreigners receive VAT refund at Tan Son Nhat airport
A counter has been set up at Tan Son Nhat airport in Ho Chi Minh City to help foreigners file for a value added tax (VAT) refund before leaving Vietnam.
The setup is a joint effort between the HCMC Customs Bureau, the Bank for Investment and Development of Vietnam (BIDV) and the Vietnam Bank for Industry and Trade (VietinBank).
On January 19, the Prime Minister approved a pilot scheme allowing foreigners to file for a VAT refund on goods bought in Vietnam when they leave the country via Noi Bai airport in Hanoi or Tan Son Nhat airport in Ho Chi Minh City.
According to the Finance Ministry, departing foreigners are entitled to receive 85% of the VAT they paid on goods bought in Vietnam, while the banks will retain the remaining 15% as fees to process the refunds.
The new VAT refund policy is expected to boost tourism and other economic sectors.
The General Department of Customs said that more VAT refund counters will be established at other international airports, seaports and border gates after the pilot period ends on June 30, 2014.
(by Nhan Dan)