26 October 2021
The General Department of Taxation has issued Official Letter No. 3765/TCT-CS dated 30 September 2021 to provide guidance on VAT refund for investment projects. The content is as follows:
The VAT of a business that has not been deducted shall not be refunded and instead be carried forward to the next period in the following cases:
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The investment project does not have adequate charter capital as registered; engages in conditional business lines while the corresponding conditions have not been fully satisfied as prescribed by the Law on Investment or the fulfillment of such conditions is not maintained throughout its operation;
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The project is a natural resource extraction project or mineral extraction project licensed from 01 July 2016 or a manufacturing project where the total value of natural resources or minerals plus energy costs makes up at least 51% of the product price.
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