TAX AUTHORITIES TO CUT AT LEAST 20 PER CENT OF COMPLIANCE COSTS RELATED TO BUSINESS ACTIVITIES

The General Department of Taxation (GDT) has said that it guaranteed to reduce and simplify at least 20 per cent of regulations and cut at least 20 per cent of compliance costs related to business activities and eliminate unnecessary regulations by 2025.

The GDT has just issued Decision No 1308/QD-TCT on the implementation plan for Decision No 1162/QD-BTC dated June 8 of the Ministry of Finance (MoF) on the issuance of the action plan on improving the quality and efficiency of online public service provision by the MoF this year.

In this plan, the GDT aims to continue to reduce and simplify regulations related to business activities, and eliminate regulations that are no longer appropriate.

The GDT's units have completed the integration of online public services under their management into its web portal.

In which, the Public Service Portal and the Electronic Portal of the General Department of Taxation are connected and share data with the National Public Service Portal.

Along with that, the plan sets a target that 100 per cent of administrative procedures that meet the requirements of the law will be provided in the form of a complete online public service.

100 per cent of online public services that are fully qualified for connection are integrated into the Public Service Portal and the GDT's web portal.

100 per cent full-fledged online public services that are eligible for connection, involving many people and businesses, are integrated into the National Public Service Portal.

The decision ensured to reduce and simplify at least 20 per cent of regulations and cut at least 20 per cent of regulatory compliance costs related to business activities in effective documents until the end of May 31, 2020, in accordance with the requirements of Resolution No 68/NQ-CP dated May 12, 2020, of the Government by 2025.

At least 80 per cent of administrative documents are processed completely online. The information systems of the GDT related to people and businesses put into operation and exploitation are connected and interconnected through an integrated and data-sharing platform; information of people and businesses is digitised and stored in national databases without having to re-supply, stated the GDT.

Source: VIR

Related News

MEMBER CORNER / PROMOTIONS

VIETNAM'S MANUFACTURING STORY HAS CHANGED IN 2026

Vietnam is no longer attracting investment solely because of its competitive costs. Today, global manufacturers are increasingly choosing Vietnam for its expanding industrial ecosystem, resilient supply chains and growing role in high-value sectors such as semiconductors, electronics and advanced manufacturing.

Jul 24, 2026

BANKING / FINANCE / INSURANCE / TAX

VIETNAM NEEDS OVER $200BN FROM STOCK MARKET IN NEXT 5 YEARS

Speaking at the event, Bui Hoang Hai, vice-chairman of the State Securities Commission of Vietnam, said total investment demand in the 2026-30 period is estimated at VND38,000 trillion ($1.4 trillion). The state budget can only provide approximately VND8,500 trillion ($323 billion), or 20 percent, leaving the remaining 80 percent to be sourced from private and international capital.

Jul 23, 2026

VIETNAM ECONOMY INVESTMENT

HUNG YEN BUILDS DIGITAL FOUNDATIONS TO DRIVE LONG-TERM GROWTH

From strengthening data infrastructure to developing AI platforms, Hung Yen province is enhancing governance capacity while laying the groundwork for the growth of its digital economy. Hung Yen, about 50-60km southeast of Hanoi, has maintained steady momentum in implementing its digital transformation agenda, creating a stronger foundation for the province to advance science, technology, and innovation.

Jul 23, 2026

VIETNAM ECONOMY INVESTMENT

CHINESE INVESTMENT WAVE OPENS NEW DOORS

As Chinese companies move beyond factory relocation to ecosystem-driven investment, Vietnam has a rare opportunity to evolve from a low-cost production base into a strategic node in regional value chains. When global companies first diversified supply chains, the focus was largely on relocating manufacturing capacity.

Jul 23, 2026

VIETNAM ECONOMY INVESTMENT

VIỆT NAM STEPS UP EXPORT TO ACHIEVE US$550-BILLION TARGET

Việt Nam is intensifying efforts to sustain export momentum in the second half of 2026 as the country works towards its target of US$550 billion in export revenue for the year, despite continuing uncertainties in global trade. Statistics show that exports reached $266.5 billion in the first six months, meaning the economy needs to generate around $245.5 billion more during the remainder of the year to meet the annual goal.

Jul 23, 2026

VIETNAM ECONOMY INVESTMENT

ASIA POWERS VIETNAM’S SHRIMP BOOM, LEAVING THE WEST BEHIND

In the first half of 2026, Vietnam's shrimp exports surpassed the US$2.3 billion mark, driven largely by booming demand from China and a lobster craze. But behind that growth figure lies a lopsided picture: Asia is carrying the load, while the U.S. and Europe have yet to break out. These days, a container of frozen shrimp leaving a Ho Chi Minh City port is more likely to cross the East Vietnam Sea to Shanghai than the Pacific to Los Angeles.

Jul 23, 2026