Minister of Finance Dinh Tien Dung pledged to cut the time it takes businesses to complete their tax paperwork by 200 hours a year during a meeting with Prime Minister Nguyen Tan Dung Wednesday.
PM Dung met with leaders from the General Department of Taxation and relevant agencies, and asked them to focus on reducing complex payment procedures and impose strict punishments on state employees who take an imperious attitude toward or attempt to seek bribes from taxpayers.
Local watchdogs and research firms estimate that Vietnamese businesses spend 537 hours annually to complete tax paperwork, Minister Dung said.
According to the World Bank’s Doing Business 2014 report, in other Asia-Pacific countries, tax paperwork takes businesses an average of 208 hours a year to complete.
Dung told the prime minister that his ministry will revise tax procedures and cut tax preparation time to 337 hours per year by the end of this year.
The World Bank report said that businesses in Vietnam must declare and submit taxes 32 times a year. The procedures require an average of 872 hours to complete--or 100 working days.