New Fiscal Relaxation for Pharmaceutical, Upstream Oil & Gas and Tourism Sectors

This edition reviews several fiscal incentives given to certain sectors, among others, the preliminary return of VAT overpayment for pharmaceutical wholesalers, medical devices distributors, and State-Owned enterprises subsidiary. Then, there is a fiscal facility for exploration and exploitation activities carried out by upstream oil and gas production sharing contracts. The provisions regarding VAT reimbursement of upstream oil and gas were also revised. Moreover, the government issued a Mof Regulation which allows mineral and coal contract holders to do bookkeeping in foreign languages. Lastly, there is also a relaxation of the rules of VAT refund for foreign tourists.

Contents

• Pharmaceutical Wholesaler, Distributors of Medical Devices, and State-Owned Enterprises Subsidiary Can Speed Up the Tax Refund
• Regulation on VAT Reimbursement for Upstream Oil and Gas is Revised
• The Relaxation of VAT Refund Provision to Increase Foreign Tourist Spending
• Upstream Oil and Gas Business Obtains Fiscal Incentives
• Holder of Mineral and Coal Contract of Work May Conduct Bookkeeping in Foreign Language