Simple tax procedure for SMEs to raise greater budgets
07:36 | 18/07/2008
VGP - In an effort to simplifying and modernizing taxation system, the Vietnamese General Department of Taxation held a seminar on July 17, in collaboration with the International Financial Company (IFC), on simplifying taxation procedures for small and medium-size enterprises (SME).

 

Continuing to simplifying tax procedures

Việt Nam now has around 180,000 private enterprises, 3 million individual business households, and a large number of small and mini businesses, who are considerably contributing to the State budget through paying taxes.

In order to improve the tax environment, standardize different economic sectors, increase the management capacity and reduce administrative costs within 30 months (from July 2008 till December 2010), the Department will carry out a tax reform and build up a proper tax system for the SMEs, with the IFC's assistance.

The key goal of the project is to simplify tax procedures encouraging SME to pay tax voluntarily. Accordingly, this will help remove tax evasion, which is not only good for economic growth but also for State's Budget, confirmed Richard Stern, an IFC expert.

IFC experts said that the central task now are simplifying tax system, reforming tax management, and streamlining types of tax and local policies.

By Hải Minh

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