Businesses in Vietnam saved an estimated of 7,000 billion dongs thanks to tax policy reforms

Mr. Doan Xuan Truong – Chief of Office of the General Department of Taxation said that in 2015 theGeneral Department of Taxation has made many reforms in administrative procedures, thereby saving VND 7.000 billion.

7.000 billion is the sum the Vietnamese taxman helped businesses save in 2015 via paperwork streamlining.

According to Mr. Truong, the General Department of Taxation has guided the departments and units in reviewing and finalizing legal documents to reduce administrative procedures, tax compliance hours for citizens and businesses

By many measures from simplification of administrative procedures to reduction in administratvehours, the time needed for tax payments was cut to 117 hours from 537 hours as previously, thus meeting and exceeding the set-out target under Resolution No. 19 / NQ-CP.

Also in 2015, the General Department has requested the Ministry of Finance to reduce 63 administrative procedures and simplify 50 procedures. Thus, after the review, the tax sector has 385 administrative procedures.