The HCM City Tax Department accelerates VAT refunds in the second half of 2024 to facilitate production and business activities of businesses. — Photo baochinhphu.vn

The HCM City Tax Department said that in the first six months of the year, the department refunded nearly VNĐ4.7 trillion (US$203 million) of value-added tax (VAT) to businesses in the area.

Tax refunds increased 93 per cent over the same period in 2023.

Businesses receiving VAT refunds are mainly exporting businesses, accounting for more than 90 per cent of the total tax refund value, followed by investment projects.

The refunds are considered quite positive as they give businesses additional financial resources to recover, especially in the context that production and business activities of many businesses are still difficult due to weak demand.

In addition, the city's Tax Department also refused tax refunds worth VNĐ810 billion to 65 businesses because they did not meet the requirements of necessary data and documents. The department also inspected 245 tax refund documents, and issued fines of VNĐ13.3 billion.

In the second half of 2024, the Tax Department said that it will continue to strengthen the processing of tax refund applications, ensure timely responses in accordance with regulations, create favourable conditions, remove difficulties and completely resolve problems with outstanding tax refund dossiers. – VNS