Sunday, 1 February 2009

VIETNAM: Overseas remittances exempt from VAT

The Ministry of Finance has affirmed that the State will not impose the 10-percent value added tax (VAT) on overseas remittances and foreign currencies channelled through banks.

The decision was released after several commercial banks complained that the customs sector was considering imposing VAT on their imported foreign currencies, mostly overseas remittances, affecting their imports.

The State Bank of Vietnam worked with the Ministry of Finance and found that the customs sector had made several proposals concerning the list of commodities subject to VAT that caused the misunderstanding. Source

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