Vietnam to Revamp Business Tax Procedures

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Jan. 8 – Vietnam's tax agencies have been told to reduce the time it takes to fulfill tax and customs requirements from the average 1,050 hours annually to 800 hours.

The Deputy Minister of Finance, Do Hoang Anh Tuan, said that tax agencies should cut red tape to lessen the amount of time it takes for businesses to compny with tax formalities.

Tuan told Thanh Nien News that customs offices will start processing 80 percent of tax declarations online to save time. The plans for streamlining the tax process also include slashing the amount of time it takes to check export shipments by a third.

Deputy head of General Department of Vietnam Customs, Nguyen Van Can, told Thanh Nien News that they were already developing software to allow enterprises to pay taxes electronically.