Businesses received value added tax (VAT) refunds totaling over VND70.35 trillion ($2.95 billion) in the first seven months of this year, Deputy Minister of Finance Nguyen Duc Chi has said.

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

Tax agencies refunded more than VND150 trillion ($6.3 billion) worth of VAT to enterprises last year.

In order to prevent delays in refunds, Deputy Minister Chi said three key measures are of focus. Firstly, the tax sector has actively applied information technology in building data about businesses. Secondly, capacity among tax officials will be improved and awareness among businesses raised about tax regulations. Thirdly, the ministry has directed tax officials to not cause difficulties for enterprises seeking tax refunds.

Enterprises found to have committed tax fraud when seeking VAT refunds will be strictly punished, he added.

In May, Prime Minister Pham Minh Chinh ordered the Ministry of Finance to streamline VAT refund procedures to help enterprises and residents.