Tax reform saves US$314 million

The tax agency has saved over VND7 trillion (US$314 million) by streamlining and cutting tax procedures and payment time in accordance with the Government’s Decree 30c on administrative reform.

Tax payers at the General Department of Taxation in Hanoi (Photo: SGGP)

The report was announced by Mr. Nguyen Quang Tien, head of the Taxation General Department’s Reform and Modernization Division, at a seminar on business environment improvement through tax reform in Hanoi yesterday.

He reported that the tax industry has cut 63 and simplified 262 procedures in the total of 456 ones. Tax payment time has reduced 78 percent equivalent to 420 hours out of the total of 530 hours.

The industry will continue reforming in the phase of 2016-2020 such as reviewing tax procedure process, collecting feedbacks from businesses and supervising the reform’s implementation, he said.

He hoped the Government and businesses to give assistances so that Vietnam will be present in the list of top four ASEAN nations by 2017 and top three by 2020 in tax transparency standards.

According to a survey by the Vietnam Chamber of Commerce and Industry announced at the seminar, 86 percent of businesses think that tax procedures need to be reformed further. Sixty one percent want to shorten time and increase the publicity and transparency in doing tax formalities.

By Ngoc Quang – Translated by Hai Mien

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