Exporters whose actually exported goods have not yet been paid for by foreign parties under export contracts will be temporarily refunded 90% of refundable input value-added tax (VAT) within seven working days, unless they are subject to an inspection prior to tax refund for they have previously committed tax evasion or frauds for the last two years, are merged with other entities, consolidated, divided, dissolved, transformed, fall bankrupt or terminate their business operation.
The remaining VAT amount should be refunded within four subsequent days if exporters can show valid via-bank payment vouchers for their goods.
This early tax refund, provided in Ministry of Finance Circular No. 94/2010/TT-BTC of June 30, 2010, guiding VAT refund for exports, and replacing Circular No. 04/2009/TT-BTC of January 13, 2009, will apply from August 14 but not to exports returned by foreign parties.
For exports for which deferred payment is to be made or payment is to be made in or installments as clearly stated in export contracts but foreign parties have paid or advanced money before the payment is due, exporters will be refunded the whole input VAT amounts under Point 1.3, Section III, Part B of Circular No. 129/2008/TT-BTC of December 26, 2008.
In case exporters have their actually exported goods already partially paid for by foreign parties, have filed valid dossiers of application for temporary refund of input VAT, and satisfy conditions for VAT credit and refund, their paid input VAT amounts will be wholly refunded for goods quantities with via-bank payment vouchers. For goods without such vouchers, 90% of paid input VAT will be refunded.-