FROM JULY 01, 2020, VAT REFUNDABLE GOODS MUST SATISFY NEW REQUIREMENT
This is the new content amended by the Ministry of Finance in the Circular No. 92/2019/TT-BTC on amending and supplementing a number of Articles of the Circular No. 72/2014/TT-BTC dated May 30, 2014 on the value-added tax (VAT) refund for goods of foreigners, overseas Vietnamese’s goods brought with when exit dated December 31, 2019.
Accordingly, from the effective date of this Circular, VAT refundable goods must satisfy the following requirement: Goods purchased at the enterprise selling VAT reclaimable goods, not yet used, still in their original conditions when purchasing and having VAT invoices cum tax refund declaration issued within 60 days prior to the date the foreigner leaves Vietnam.
This is a new regulation in compare with the Circular No. 72/2014/TT-BTC, in the former 72/2014/TT-BTC prescribes that refundable tax goods must only purchase at the enterprise selling VAT reclaimable goods, having VAT invoices cum tax refund declaration issued within 60 days prior to the date the foreigner leaves Vietnam.
Noticeable, to be appointed as enterprise sell goods that VAT refundable, from July 01, 2020, the enterprise must commit to join in the VAT refund management system for foreigners. This is the system of integrating, storing and exchanging information related to VAT refund for foreigners between agencies, organizations and individuals that the General Department of Customs build and manage and operate.
This Circular takes effect on July 01, 2020.
