MINISTRY OF FINANCE TO REDUCE, SIMPLIFY 176 ADMINISTRATIVE PROCEDURES

The Ministry of Finance recently issued Decision 2141/QD-BTC approving the plan for reduction and simplification of administrative procedures within its jurisdiction. Accordingly, the ministry will cut and streamline 176 administrative procedures in 13 fields, of which 148 administrative procedures will be reviewed for elimination and 28 administrative procedures will be simplified.

Specifically, the tax sector will have seven administrative procedures removed and two procedures streamlined. Administrative procedures to be abolished will relate to VAT declaration for telecommunications products; declaration on monthly and yearly tax revenue; VAT refund for some products; VAT declaration for hydropower generators.

The customs sector will have five administrative procedures abolished and nine administrative procedures rationalised. Formalities to be removed consist of procedure for consulting citizens and enterprises on customs procedures; procedure for re-grant of the list of duty-free imported goods; and declaration for notarised copy of customs procedures, general and private guarantee procedures. Five papers to be rationalised cover the recognition of business conditions for duty-free shops.

Other sectors such as state treasury, securities, insurance will also have many procedures simplified to facilitate the business community. With this round of reductions and simplifications, the total number of administrative procedures within the jurisdiction of the Ministry of Finance will be 839, including 291 in the tax sector, 178 in the customs sector, 148 in the securities sector, 12 in the state treasury and 210 in the financial sector.

Source: VCCI