The Ministry of Finance has announced that they will make efforts to reduce the time it takes businesses to file taxes by nearly 300 hours per year, around 50%.
Recently, on the weekly television show, ‘People ask, ministers answer’, Minister of Finance Dinh Tien Dung answered several questions by concerned citizens pertaining to cumbersome tax procedures for businesses and individuals.
Jostling for tax payment
A large number of import-export firms complained that they had to spend a total of nearly four months on tax declarations each year. Dung admitted that the situation was not perfect, adding that the ministry proposed reducing the time it takes for businesses to declare taxes by nearly 300 hours. According to World Bank estimates from 2012, it took firms an average of 537 hours a year to declare taxes.
According to the minister, they will scrutinise and attempt to eliminate some of the more cumbersome procedures for businesses.
“We’ll try to cut down on a series of unnecessary administrative procedures. According to our plan, by September many firms should be saving time,” Dung noted.
He added that the time it takes for customs clearance will be shortened, beginning in September.
They will also attempt to reduce the time for valued added tax (VAT) declarations by 156 hours, and corporate income taxes should see a time reduction of 35 hours. Online tax declaration will also be made easier, according to the minister.
“The goal is to shorten the time it takes to declare taxes and pay social insurance by 50% by the end of this year,” he said.
Đăng ký: VietNam News