The tax sector will continuously intensify reforms to further ease the operation of businesses and improve the country’s paying tax index.
According to Bui Van Nam, head of the General Department of Taxation, the department is piloting many electronic tax payment services for individuals in a move to simplify and save time and money for the tax payers.
For example, the department is deploying the service of e-tax declaration and payment for tenants and e- tax payment for the transfer of real estate.
According to Nam, up to 99.71% of Vietnam’s firms currently use the electronic tax declaration service. Tax revenue collected through the electronic service reached over VND520 trillion (US$22.9 billion) last year, accounting for over 51% of the country’s total tax revenue, he said.
“GDT has so far also applied the electronic tax refund service to ease taxpayers at all 63 cities and provinces nation-wide,” Nam said.
Besides, GDT will also focus on reforming administrative procedures to encourage investment, business, and production, which would in turn boost economic growth.
It will continuously consult relevant ministries and agencies on the revision and supplementation of tax laws and regulations.
According to the World Bank’s Doing Business 2018 report, Vietnam climbed 81 places to rank 86th among 190 economies on the ease of paying taxes.
It is the fourth year in a row Vietnam’s progress in tax reforms has been recognized by the WB in the annual report. The country ranked fourth in ASEAN, after Singapore (7th), Thailand (67th), and Malaysia (73th).
The ranking was measured by the four component indicators - number of tax payments, time, total tax rate and post-filing index (VAT refunds and corporate income tax audits).
According to the report, the time it takes to prepare, file and pay the taxes, including social contributions, in Vietnam was estimated at 498 hours per year. While the time for paying taxes like corporate income tax, value added or labor taxes in the country unchanged from last year, the time for paying social contributions fell by 42 hours from last year to 147 hours.
However, the General Department of Taxation (GDT) said in fact, the time for paying taxes was reduced to only 117 hours per year thanks to the department’s and Ministry of Finance’s joint effort in tax reforms between 2015 and 2016.
The report also showed the country’s number of tax payments declined by 17 to 14 this year while the total tax and contribution rate accounted for 38.1 percent of profit, down 1.3 percent from last year.
As reported by the WB, this result has recognized the GDT’s efforts in administrative and institutional reforms over the past time.
For example, the department is deploying the service of e-tax declaration and payment for tenants and e- tax payment for the transfer of real estate.
Vietnam climbed 81 places to rank 86th among 190 economies on the ease of paying taxes
|
“GDT has so far also applied the electronic tax refund service to ease taxpayers at all 63 cities and provinces nation-wide,” Nam said.
Besides, GDT will also focus on reforming administrative procedures to encourage investment, business, and production, which would in turn boost economic growth.
It will continuously consult relevant ministries and agencies on the revision and supplementation of tax laws and regulations.
According to the World Bank’s Doing Business 2018 report, Vietnam climbed 81 places to rank 86th among 190 economies on the ease of paying taxes.
It is the fourth year in a row Vietnam’s progress in tax reforms has been recognized by the WB in the annual report. The country ranked fourth in ASEAN, after Singapore (7th), Thailand (67th), and Malaysia (73th).
The ranking was measured by the four component indicators - number of tax payments, time, total tax rate and post-filing index (VAT refunds and corporate income tax audits).
According to the report, the time it takes to prepare, file and pay the taxes, including social contributions, in Vietnam was estimated at 498 hours per year. While the time for paying taxes like corporate income tax, value added or labor taxes in the country unchanged from last year, the time for paying social contributions fell by 42 hours from last year to 147 hours.
However, the General Department of Taxation (GDT) said in fact, the time for paying taxes was reduced to only 117 hours per year thanks to the department’s and Ministry of Finance’s joint effort in tax reforms between 2015 and 2016.
The report also showed the country’s number of tax payments declined by 17 to 14 this year while the total tax and contribution rate accounted for 38.1 percent of profit, down 1.3 percent from last year.
As reported by the WB, this result has recognized the GDT’s efforts in administrative and institutional reforms over the past time.
Other News
- Vietnam's first lotus root export to Japan
- Vietnam posts trade surplus of US$8.4 billion in first four months
- Hospitality real estate attracts remittances: VARS
- Hanoi to host the Vocational Education Day 2024
- Hanoi tightens e-commerce management
- No e-cigarette product allowed on Vietnamese market yet: Trade Ministry
- Q2/2024: Hanoi businesses expect better performance
- Companies, universities team up to develop semiconductor workforce in Vietnam
- Upcoming Law on industrial park – Vietnam’s passage to attract new foreign investment wave
- Samsung and NIC partner to develop Vietnam's tech talent pool
Trending
-
Hanoi: Seven decades of construction and development
-
Vietnam news in brief - May 8
-
The Battle of Dien Bien Phu – boundless inspiration for young creative artists
-
Hanoi's oldest book street preserving the city's reading culture
-
Private investors: Key to build more parking lots in Hanoi
-
PM urges Cambodian cooperation to promote sustainable use of Mekong River
-
Vietnam seeks more information on Cambodia’s Funan Techo canal project
-
Hanoi: The 'epic victory' of Dien Bien Phu as seen in photos
-
Hanoi strives to ensure smooth high school exams