VAT refund for export Enterprises

SL Furniture Vietnam Joint Stock Company was established in 2018 and has quickly made a mark in the furniture industry, with a modern manufacturing plant in Dong An 2 Industrial Zone, Binh Duong. SL Furniture focuses on creating high-quality, unique products for export to the most demanding market - the United States. By 2022, after more than 2 years of being heavily affected by the Covid-19 pandemic, the financial situation of the company faced many challenges. SL Furniture chose to trust the services of TPM for consulting on completing documentation and processing the value-added tax refund procedures to generate cash flow to address the current financial issues

Facing the procedure for the first VAT refund (pre-inspection - post-refund), SL Furniture encountered numerous challenges in preparing the documentation to meet the refund conditions and comply with administrative procedures in the refund process. During the collection, analysis, and assessment of the documentation, TPM identified non-compliance with the adjustment of VAT by the company, leading to discrepancies between the tax authorities and the company's recorded figures. Additionally, some documents required for the refund were not fully updated with the required information, potentially causing delays in the refund process and exerting significant financial pressure on the company's resources.

TPM's solutions

Detailed analysis and completion of tax records: TPM's team of tax experts conducted a thorough review, analyzing in detail all VAT declarations and related documents of the company. We identified errors, provided advice for adjustments, and enhanced the documentation to ensure accuracy and completeness of records and supporting documents.

Optimizing the Tax Refund Process: TPM developed an optimized process from document collection to verification and submission of the application, contributing to expediting the tax refund process.

Tax Compliance Improvement Consultation: TPM advises the company on standardizing accounting processes to ensure transparency and accuracy in accounting and tax documentation. Simultaneously, they support businesses in training to enhance employees' understanding of taxation, adapting flexibly to the continuous changes in tax laws in Vietnam.

KẾT QUẢ :

With the companion of TPM Tax Agency, SL Furniture has received over 10 billion VND in refunded VAT, contributing to reducing financial pressure and creating a significant financial resource for the business operations. Additionally, TPM's consultations have also ensured transparency and high tax compliance for the enterprise, reducing tax risks when inspected by tax authorities.

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