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Official Gazette

Saturday, September 23, 2017

Hi-tech investors wish to be free from value-added tax on imports

Updated: 10:58’ - 29/09/2014

Enterprises from the Ho Chi Minh City hi-tech park have suggested the municipal People’s Committee propose to the Ministry of Finance the exemption of value-added tax (VAT) for machinery and equipment imported to create fixed assets.

The suggestion was made at a conference for dialogues between information technology (IT) enterprises and Ho Chi Minh City authorities that took place at the city’s Investment and Trade Promotion Center on September 4.

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Elisa kit researched and created by Bui Anh Quoc in a lab of Ho Chi Minh City hi-tech park __Photo: Manh Linh/VNA

However, Tran Thi Le Nga, Deputy Head of the Ho Chi Minh City Tax Department, said enterprises would only have to pay VAT in advance for their imports and receive tax refund later.

She said the Government on August 25, 2014, issued Resolution No. 63 on a number of tax solutions to remove difficulties for enterprises. Accordingly, the time limit for VAT payment is extended to 60 days for imported machinery and equipment.

The Government has also asked the Ministry of Finance to instruct tax agencies to refund tax before inspection within five working days from the date of receiving enterprises’ tax refund dossiers.

However, enterprises from the park have insisted proposing a VAT exemption for their imports.-


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