Tax agencies issued decisions to refund Value Added Tax (VAT) for businesses totaling nearly VN34 trillion ($1.43 billion) in the first four months of 2023, according to the General Department of Taxation.

The figure is equivalent to 18.2 per cent of the estimated value of VAT refunds for the year as a whole.

Over VND28.2 trillion ($1.18 billion) was refunded to export businesses and more than VN5.5 trillion ($232 million) to investment projects.

Of the 3,874 businesses that received refunds, 3,855, or 99 per cent, received e-tax refunds. As of April 20, tax agencies had handled 4,787 e-tax refund files in total and reimbursed more than VND33.5 trillion ($1.41 billion) to businesses.

E-tax refunds have been applied since 2016 to help save time and cost for taxpayers.