The Ministry of Finance and the Vietnam Chamber of Commerce and Industry on Tuesday held a dialogue on tax and customs policies with more than 500 companies in the North. — VNA/VNS Photo Ngọc Quỳnh

 

The Ministry of Finance and the Vietnam Chamber of Commerce and Industry on Tuesday held a dialogue on tax and customs policies with more than 500 enterprises in the northern region, aimed at removing difficulties and creating favourable conditions for business operations.

 

Deputy Minister of Finance Cao Anh Tuấn said that the Government was focused on speeding up administrative reforms, including tax and customs, to ease the burden on businesses. 

 

Specifically, as of November 15, the e-tax declaration system has been implemented in all 63 provinces and cities with 99.93 per cent of the total number of existing companies registering to declare tax online and 98.75 per cent to pay tax only. Online value added tax (VAT) refunds make up 97 per cent.

 

Tuấn said that the finance ministry will continue to review and amend the tax laws following the system reform strategy by 2030, to ensure consistency with international practices towards a sustainable tax system and a facilitating environment for international integration.

 

Reforms will continue to be strengthened in customs to facilitate imports and exports. To date, 99 per cent of customs procedures are conducted via the Việt Nam Automated Cargo Clearance System (VNACCS).

 

While challenges are forecast to persist next year, the ministry will keep a close watch on the global and domestic economic development to raise appropriate solutions, Tuấn said.

 

According to the Deputy Director of the Legal Department under the General Department of Customs, the application of information and technology in customs declaration and payment will be enhanced, which is expected to help improve the competitiveness of enterprises.

 

The General Department of Taxation is also speeding up the compilation of decree guiding the implementation of the global minimum tax to ensure fairness in the international tax system.

 

With a tax rate of 15 per cent imposed on multinational corporation with revenue from 750 million euro (US$791.8 million), the additional tax collection is estimated to reach a total of VNĐ14.6 trillion. The global minimum tax is expected to affect 122 foreign companies operating in Vietnam.

 

From 2021 to date, the Ministry of Finance has provided a number of tax and fee reductions and exemptions to support residents and businesses, with total funds estimated at about VNĐ191 trillion. — VNS