Ministry plans to simplify income tax procedures

Laws - With the tax procedures being simplified, at least 70 percent of taxpayers will be happy with them by 2015, the Ministry of Finance promises.

The complaints of taxpayers and their expectations would be addressed within the next five years by the restructured tax regime, it said.

For instance, the time required for completing tax procedures would come down, it said, adding it also hoped to increase the ratio of payers satisfied with tax services to 80 percent by 2020.

A General Department of Taxation spokesperson, however, refused to tell Tuoi Tre about the current satisfaction ratio.

The ministry also promised to reduce corporate income tax rates to attract investment and help businesses improve their competitiveness, and personal income tax.

The number of items that currently had attracted just 5 percent VAT – half the normal rate -- would be reduced, while many items would be added to the list subject to special consumption tariff, it said.

The ministry plans to open at least 3,000 new tax offices by 2015 to facilitate payments.
Tax authorities would inspect at least 3 percent of tax payers to check transfer pricing and tax evasion, the ministry said.