The Ministry of Finance (MOF) has announced that a number of regulations are to be scrapped or modified in an effort to reduce the time it takes enterprises to pay their taxes.
This is the first step towards the Government’s goal to cut the time it takes enterprises to prepare and pay taxes by no more than 300 hours each year by the end of 2014.
According to the MOF’s Circular 119/2014/TT-BTC, enterprises do not have to declare and pay value added tax (VAT) when re-importing goods returned by foreign companies.
They will now only have to do so when the returned goods never left Vietnamese territory.
The MOF is also abolishing several other regulations to ease administrative procedures for enterprises.
MOF officials said the changes are designed to facilitate corporate tax payment and would not affect tax revenues.
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.
Nhan Dan Online
