20 January 2022
On 27 December 2021, the Tax Department of Binh Duong province issued Official Letter No. 22024/CTBDU-TTHT to guide the refund of insurance premium tax. The main content is as follows:
In case the insurance buyer is a business organization, when refunding insurance premiums (partially or wholly), the insurance enterprise shall request such insurance buyer to issue a VAT invoice, clearly stating the insurance premiums refunded by the insurance company, the VAT amount, and reasons for the refund. Such invoices shall serve as a basis for the insurance enterprise to adjust its sale turnover and output VAT and for the insurance buyer to adjust its insurance purchase expenses and the VAT amount already declared or credited.
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