10:36 | 19/11/2013 Finance - Banking
(VEN) - The Ministry of Finance has issued Decision No. 2731/QD-BTC on the establishment of a Steering Committee to prevent violations on value-added tax (VAT) management. The decision is effective from November 6, 2013.
Accordingly, the Steering Committee is responsible for reviewing amendments, supplementing or proposing amendments and supplements to legal rules and the rule of related ministries and agencies involved in the management of VAT collection. It also directs checks, inspection, handles violations and coordinate with the police to promptly prosecute organizations and inpiduals who make errors regarding the VAT payment before the law.
Specific tasks of the members of the Steering Committee by the Chairman of the Steering Committee for assignment . Besides , in order to perform their assigned tasks , the Steering Committee makes use of the apparatus unit .
VAT refund instructions on construction and installation materials for export processing enterprises
The Ministry of Finance recently issued a document providing VAT refund instructions on construction and installation materials for export processing enterprises for Katolec Vietnam Co. Ltd in Lot 41B- Quang Minh Industrial Zone, Me Linh District, Hanoi.
Accordingly, in case the company builds a plant for export processing enterprises in the form of package construction and installation contracts, input VAT of the materials and equipment for construction will be deducted and refunded without customs declaration.
As for imported materials and equipment in the list of import tax refund, the company has to do customs declaration for VAT and import tax refund according to regulations./.