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Vietnam VAT credits

  • VAT
  • 21 March 2016 | Richard Asquith

Vietnam VAT credits

The Vietnamese Finance Ministry is to speed-up the refunds of business VAT credits from this month.

In particular, it is looking to stop local authorities from holding up hundreds of credits where any related infringements are immaterial. Or if companies have separate credits and liabilities with the state, and they cannot be offset for simplification.

The authorities have blamed this problem on a lack of funds. The Ministry declared that it will remove refund ceiling quotas for each authority to give more flexibility on credits.

The Ministry is now looking for the processing of refunds in under a working day of the receipt of an valid application


VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.