Tax agency pledges to cut payment time to 171 hours

VGP - The General Department of Taxation will cut the tax payment time in Viet Nam to the ASEAN average of 171 hours by the end of this year as ordered by the Government.

January 23, 2015 4:28 PM GMT+7

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Hoang Thi Lan Anh, deputy head of the General Department of Taxation’s Reform and Modernization Department, told a recent conference in Ha Noi that the tax payment time will be reduced by simplifying and adjusting regulations on invoices, commodity losses, revenue and spending.

The adjustments will be completed this year to help cut the average tax payment time by 50 hours. The department expects to realize the target set by the Government in its Resolution 19 issued last March for tax authorities to streamline procedures for enterprises to prepare, file and pay taxes to an average of 171 hours per year in line with the ASEAN 6 bloc comprising Indonesia, Thailand, Singapore, the Philippines, Malaysia and Brunei.

According to a report on the business environment of International Finance Corporation (IFC) and the World Bank, Viet Nam was ranked 149th among 189 countries and territories in terms of tax convenience last year, or four places lower from the previous year and staying at the bottom of the ranking table of countries in the region.

Enterprises in Viet Nam still have to spend up to 872 hours completing tax payment procedures./VNA./.