Businesses may save over 200 hours for tax declaration

VGP – Businesses will save more than 200 hours each year for conducting tax declaration and payment, according to the Ministry of Finance’s new Circular No. 119/2014/TT-BTC.

August 27, 2014 3:48 PM GMT+7

This is part of the Ministry's efforts to reduce the time for enterprises to prepare and pay taxes by no more than 300 hours each year by the end of 2014 as ordered by the Prime Minister.

Under the Circular, a number of procedures will be abolished since September 1, this year.

Enterprises shall not have to declare and pay value-added tax on products returned by foreign partners.

According to World Bank data, it took an average of 872 hours per year for an enterprise to prepare, file and pay the three major types of taxes in 2013.

By Kim Loan