Business

Vietnam goes up 11 places in WB tax rankings

Vietnam has climbed 11 places to 167th position in terms of paying taxes in the World Bank’s (WB) 2016 Doing Business report.
Vietnam goes up 11 places in WB tax rankings ảnh 1​People wait to have their tax procedures handled (Photo: VNA)

Hanoi (VNA) – Vietnam has climbed 11 places to 167th positionin terms of paying taxes in the World Bank’s (WB) 2016 Doing Business report.

Payingtaxes is one of the criteria the WBuses to rank 189 economies on the ease of doing business.

The improvement was highlighted at a dialogue ontaxation and customs policies and procedures held by the Finance Ministry andthe Vietnam Chamber of Commerce and Industry in Hanoi on November 28.

The tax sector abolished 32 administrativeprocedures and streamlined 40 others, according to a report at the event.

The General Department of Taxation inked agreementswith 41 commercial banks to carry out e-tax payments nationwide, slashing timeneeded to pay taxes from 537 hours to 117 hours a year.

Meanwhile, the General Department of VietnamCustoms cut down clearance time from 21 days to 14 days for exported goods andto 13 days for imports.-VNA
VNA
#World Bank #Doing Business report #taxation #administrative procedures
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