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Vietnam Confirms Plans To Reduce Tax Filing Burdens

8 April 2015
Tax News

Vietnam's General Department of Taxation (GDT) has confirmed that it will step up reforms to improve and simplify tax filing procedures for businesses.

The GDT plans to cut back at least 10 percent, and simplify at least 20 percent of the current tax administrative procedures, with the objective of reducing the time it takes businesses to comply with their income tax obligations to 121.5 hours.

As of January 2015, tax filing hours had been reduced from a peak of 537 hours to 167 hours per year, and must be cut by another 45.5 hours to reach the average level of the ASEAN-6 countries, comprising Brunei, Indonesia, Malaysia, the Philippines, Singapore, and Thailand.

The GDT disclosed that electronic tax filing will be implemented before June 30 this year. It is projected that 60 percent of tax filing will be conducted online by the end of September 2015, and that rate is expected to be raised to 95 percent a year after that.

The GDT also said that the number of businesses currently using online tax payments remains modest – 41,800 enterprises out of a total of 488,000 enterprises nationwide, or only 8.5 percent. The agency plans to boost the percentage of businesses making online tax payments to at least 90 percent by the end of September.
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