Finance Ministry vows to boost tax reform

(VOV) - The Ministry of Finance (MoF) will abolish unnecessary tax and customs procedures in an effort to facilitate business operations, said MoF Minister Dinh Tien Dung.

In a weekly Q&A session run by the Government Portal on August 10, Dung said in a Cabinet meeting for July the MoF submitted a plan to ease business difficulties, with a focus on tax and customs reforms.

finance ministry vows to boost tax reform hinh 0
Businesses and people complain about cumbersome and time-consuming tax procedures at tax agencies

Time for businesses to carry out tax procedures has declined from 1,050 hours in 2008 to 941 hours in 2010 and 872 hours in 2012. However, the final figure is rather high compared to other regional countries.

If this plan is put in place as of September 2014, it will help cut 290 out of 537 hours for tax declaration as calculated by the World Bank, he said.

Accordingly, the MoF will revise criteria for VAT and corporate income tax declaration and encourage businesses to pay taxes online.

The Ministry will also strive to reduce time for social insurance premium registration and payment by half from the current 335 hours per year by the end of 2014.