JavaScript is off. Please enable to view full site.

Vietnam’s top taxman mulls ‘scoring’ enterprises on tax compliance

Vietnam’s top taxman mulls ‘scoring’ enterprises on tax compliance

Wednesday, December 05, 2018, 11:34 GMT+7
Vietnam’s top taxman mulls ‘scoring’ enterprises on tax compliance
Business representatives declare tax at a tax department in Vietnam. Photo: Tuoi Tre

The General Department of Taxation of Vietnam is looking to introduce a set of criteria and indicators which will be used to “score” businesses based on their compliance with tax regulations.

The score will help categorize enterprises into risk-based groups for better management, the taxman said.

In order to be classified into the “good compliance” group, a business must meet at least nine out of 13 criteria ranging from timely tax payment to not being involved in legal prosecutions.

Specifically, an enterprise must not have violated regulations on tax declaration and payment within two years prior to the date of evaluation.

During this period, the business must comply with regulations on invoice issuance and use.

Another important criterion is that the amount of corporate tax paid by the business being evaluated must be higher than the average for businesses operating in the same field.

The enterprise must not have been found breaking rules during inspections, or being involved in legal prosecutions related to its economic activities during the two-year span.

The total amount of its overdue tax and fines must not exceed VND1 million (US$43).

If a business fails to meet at least nine of the 13 criteria during evaluation, it will be categorized into the “poor compliance” group.

These groups will serve to help the General Department of Taxation carry out its inspection activities more efficiently, as “high-risk” companies will be subject to more thorough inspections while “low-risk” ones will undergo fewer.

In addition, tax return requests filed by “compliant” enterprises will also be processed faster thanks to their history of good compliance with tax regulations, the top taxman said in a statement.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

Tuan Son / Tuoi Tre News


Read more




‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Vietnamese youngster travels back in time with clay miniatures

Each work is a scene caught by Dung and kept in his memories through his journeys across Vietnam

Latest news

China's Hainan expands COVID-19 lockdowns to quell outbreak

China's Hainan, an island province dependent on tourism, locked down more areas on Monday, state media reported, as it battles its worst COVID-19 outbreak after seeing very few cases the past two years compared with many other regions in the country