-According to the Prime Minister’s Decision 05/2012/QD-TTg, foreigners and overseas Vietnamese are subjected to have VAT refunded.
-VAT-refunded goods must meet the following conditions: Subject to VAT, not banned from export or export restriction, have bills and tax refund declaration document, and have value of goods purchased in one shop in one day from VND2 million onwards. Reimbursement value equals to 85 percent of VAT payable.
-At present, four banks are chosen to refund VAT: BIDV and Vietinbank at Tan Son Nhat International Airport and Vietcombank and Maritime at Noi Bai International Airport.
Basically, the Prime Minister’s Decision and the Ministry of Finance’s Circular 58/2012/TT-BTC provide full legal foundation and procedures for implementation. However, the refund is now being handled manually rather than electronically. We lack a suitable software programme to interconnect sellers, customs offices and tax authorities. This is a big drawback that needed immediate remedy.