Banks stop receiving corporate tax in cash

Instead of paying corporate income tax in cash at bank counters, businesses have to make it online beginning December 1, according to a new regulation by the Ministry of Finance.

Businesses pay tax in HCMC (Illustrative photo: SGGP)

The regulation is among efforts by the ministry to implement the Government’s Resolution 19 to reform administrative procedures and reduce tax payment time to 121.5 hours a year.

The resolution sets a target to increase the number of businesses declaring tax online to 95 percent and those making online payment to 90 percent.

The General Department of Taxation said it has coordinated with 43 commercial banks to implement online tax collection and the ratio of businesses attending the program has neared 91 percent so far.

However, the amount of tax paid online has still been low.

Different from businesses, individuals can submit tax in cash at bank counters as normal.

By Minh Xuan – Translated by Hai Mien

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