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Im-Ex tax payments now much quicker

Released at: 08:12, 21/06/2015

Im-Ex tax payments now much quicker

Electronic tax payments making life easier for customs agencies and enterprises alike, conference told.

by Minh Tuyet

Electronic import and export tax payments now account for between 53 and 63 per cent of the total, a representative from the Export - Import Tax Payment Department at Vietnam Customs told a conference in Ho Chi Minh City on June 19 regarding improving the Ministry of Finance’s Circular No. 126 on simplifying tax payments.

Electronic tax payments save enterprises a lot of time and resources, the representative went on. Significantly, customs agencies now immediately subtract the amount owed by enterprises when they file returns and make payments, which also serves as a notification to the enterprise that it has paid tax in the correct category. This is considered a major achievement in ongoing tax reform efforts.

Less time required for tax payments is also a notable point. Time for cargo clearance after enterprises completed their tax payments had been reduced by 30 minutes to five or seven minutes. Both enterprises and customs agencies are also required to complete less paperwork.

According to a representative from the Information Technology and Custom Statistics Department, most customs procedures have now been automated, such as examining registration conditions, issuing registration forms, and classifying goods.

Of the 7 million customs declarations now processed in Vietnam, 60 per cent were in the green channel (that is, goods are permitted to go through without inspection), 30 per cent were in the yellow channel (where documentation is checked and the goods may or may not be inspected), and 10 per cent in the red channel (where goods are inspected).

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