No 10-percent VAT on overseas remittances

The Ministry of Finance (MoF) has just affirmed that Vietnam will not impose the 10-percent value added tax (VAT) on overseas remittances and export or import foreign currencies channeled through banks system.

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 MoF and found that the customs sector had made several proposals concerning the list of commodities subject to VAT that caused the misunderstanding.

Detailed information can be found at the 865/BTC-TCHQ document issued by MoF on January 20, 2009, that was sent to the provinces and cities Custom Department.   

VietNamNet/CPV

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