HCM City Taxation Department in cooperation with Asian Commercial Bank (ACB) has recently agreed to make trials to refund taxes to businesses.
Accordingly, ACB will grant businesses guarantee letters for six months. Based on these guarantee letters, when receiving legal tax refund documents of businesses, the taxation department will immediately refund tax to the businesses. During examination on the tax refund documents, if ACB discovers any false declarations, ACB will refund the paid tax to the state budget or the businesses will be asked to pay tax arrears. In order to obtain the guarantee letters from ACB, the businesses have to meet some requirements of the bank. In the short term, this programme is scheduled to be implemented in some well-performed businesses who are making transactions at ACB.
According to Nguyen Trong Hanh, vice director of HCM City Taxation Department, with this programme, the businesses will be refunded tax immediately, the tax agency has sufficient time to check over the tax refund documents and banking services are employed in the transaction relation between the state and business.