The World Bank (WB) and the State Bank of Vietnam have signed an agreement for non-refundable finance worth US$4.2 million provided by the Japanese government in revenue administration reform.
The project aims to enhance the tax system effectiveness in Vietnam via launching the comprehensive risk management system and redesigning the professional process and information infrastructure.
The finance also helps Vietnam modernize the existing tax policy framework by assessing the impact of tax policy changes.
The WB’s Country Director to Vietnam Ousmane Dione said that the grant agreement is considered the broader commitment of the WB to support Vietnam in improving the effectiveness of budget revenue collecting and spending as well as implementing fiscal policies to promote economic growth.
He also stressed that the project focusing on the tax system will help improve the capacity of mobilizing domestic resources, which are significant pillars of fiscal consolidation.
An important part of this project is building a roadmap to modernize the information technology (IT) system in revenue administration and creating a foundation to build IT structure, thereby, the General Department of Taxation can adopt updated IT solutions for their work.
Another part of this project focuses on enhancing the capability of policy-makers in analyzing and drafting tax policies skills. It helps analyze the impacts of proposed changes to core tax instruments, in accordance with Vietnam’s Tax Reform Strategy and best international practices. It also supports the preparation of the legislative framework to issue property taxes.
The finance is provided by the Japanese government through the Policy and Human Resources Development Program, which are administered by the WB.
Overview of the signing ceremony. Photo by Huy Thang/VGP
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The finance also helps Vietnam modernize the existing tax policy framework by assessing the impact of tax policy changes.
The WB’s Country Director to Vietnam Ousmane Dione said that the grant agreement is considered the broader commitment of the WB to support Vietnam in improving the effectiveness of budget revenue collecting and spending as well as implementing fiscal policies to promote economic growth.
He also stressed that the project focusing on the tax system will help improve the capacity of mobilizing domestic resources, which are significant pillars of fiscal consolidation.
An important part of this project is building a roadmap to modernize the information technology (IT) system in revenue administration and creating a foundation to build IT structure, thereby, the General Department of Taxation can adopt updated IT solutions for their work.
Another part of this project focuses on enhancing the capability of policy-makers in analyzing and drafting tax policies skills. It helps analyze the impacts of proposed changes to core tax instruments, in accordance with Vietnam’s Tax Reform Strategy and best international practices. It also supports the preparation of the legislative framework to issue property taxes.
The finance is provided by the Japanese government through the Policy and Human Resources Development Program, which are administered by the WB.
