20:30 (GMT +7) - Monday 15/10/2018

Banking & Finance

Vietnam pushes e-tax services

Released at: 15:05, 08/03/2015

Vietnam pushes e-tax services

Country targets tax declarations to take 171 hours annually, down from 872.

by Thong Dat

Tax procedures in Vietnam take among the longest time in the world, with 872 hours spent a year by every small and medium-sized enterprise, the Vietnam Tax Consultancy Association (VTCA) has estimated. The time is as much as four times as long as in neighboring countries: 259 hours in Indonesia, 264 hours in Thailand, 133 in hours Malaysia, and 82 hours Singapore.

Deputy Prime Minister Vu Van Ninh has instructed every province to implement e-tax services to cut procedural times for tax declarations to 171 hours a year. He also stressed that all tax departments must continue to review and minimize paperwork to create favorable conditions for taxpayers.

Industry insiders believe that the enormous time spent on tax procedures in Vietnam is due to the accompanying paperwork. The application of e-tax services would be effective for both tax departments and taxpayers, as the latter would save time and money while shortcomings in tax declarations would be minimized.

From September 30, 2014, all businesses were required to make e-tax declarations and pay taxes online. The General Department of Taxation reported that, by the end of last year, 462,391 enterprises had used e-tax services, or 94.8 per cent of all registered enterprises. At the same time, tax departments were required to conduct pilot projects on e-invoices nationwide.

Vietnam targets to have its 63 cities and provinces nationwide providing e-tax services by late 2015, with 95 per cent of enterprises making tax payments online.

User comment (0)

Send comment