Tax declaration time for businesses will reduce 88 hours per year as the Prime Minister has issued Decree 91, simplifying procedures on tax management, business income tax, value added tax and personal income tax.
|Businesses do tax declaration at the Ho Chi Minh City Taxation Department (Photo: SGGP)|
According to Minister of Finance Dinh Tien Dung, value added tax declaration will reduce from 12 times every year to only four times per year as the new decree permits enterprises to do it quarterly instead of monthly.
The regulation will be applied to enterprises with annual revenue of VND50 billion and lower in the previous year.
Similarly, businesses will declare business income tax annually in stead of quarterly, cutting the declaration time from five to only one per year.
After the decree 91 takes effect on November 15, tax payment time will drop 88.36 hours per year. Of these, value added tax takes less 41.36 hours and business income tax reduces 47 hours.
Earlier, the Ministry of Finance has released Circular 119, modifying seven tax circulars to facilitate tax payment for businesses. The circular has taken effect since September 1 and reduced 201.5 hours spent on tax procedures every year.