Vietnam’s ease of paying taxes improves: World Bank
Thanks to the Government’s efforts to simplify tax compliance processes, Vietnam ranked 109th out of 190 countries and territories on ease of paying taxes in the World Bank’s Doing Business 2020 report (DB2020), up 22 places from the previous report.
Vietnam ranked 109th out of 190 countries and territories on ease of paying taxes in the World Bank’s Doing Business 2020 report. (Photo: VNA)
Hanoi (VNA) – Thanks to the Government’s efforts to simplify taxcompliance processes, Vietnam ranked 109th out of 190 countries andterritories on ease of paying taxes in the World Bank’s Doing Business 2020report (DB2020), up 22 places from the previous report.
Vietnam made paying taxes easier by upgrading the information technologyinfrastructure used by the General Department of Taxation, according to theWorld Bank.
The ranking was measured by the four component indicators - number of taxpayments, tax payment time, total tax rate and post-filing index (VAT refundsand corporate income tax audits).
According to the report, Vietnam is expected to see improvements in most of theindicators in 2020 as compared to this year. To be more specific, the time spent on taxpayment would be cut from a hefty 498 hours in 2019 to 384 hours next year. Meanwhile,total number of tax payments will be reduced from 10 in 2019 to six next yearand total tax rate is said to drop 0.2 percent to 37.6 percent in 2020.
The taxation department described the DB2020 report as a vivid illustration forthe taxation sector’s efforts to cut tax procedures and improve administrationreform so as to facilitate conditions for local people and enterprises toexercise their responsibility for the State budget./.
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Vietnam ranked 109th out of 190 countries and territories on ease of paying taxes in the World Bank’s Doing Business 2020 report.
