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Tax department revels in int’l aid for reforms
The State Bank of Vietnam has assigned the Vietnam Industrial and Commercial Bank (Vietinbank) to join in disbursing an international aid worth 85 million USD for modernizing the country’s tax management.
Of the aid, the World Bank funds 80 million USD from its own aid and helped the Japanese Government channel its grant worth 5 million USD into the project.
The memorandum of understanding on the aid was signed by the Vietnamese Government and the WB in March.
In addition to this project, the taxation sector has conducted administrative reforms with assistance from the Japanese International Cooperation Agency (JICA) and the International Finance Corporation (IFC) under two accords signed in July.
JICA will help improve tax staffs’ competence, diversify information campaigns and support tax payers. The project will last for three years till August 2011.
From July, 2008 till late 2010, the tax sector has been receiving assistance from the IFC in streamlining tax procedures for small and medium enterprises.
IFC Director of the Investment Climate Consultancy Agency Richard Stern said efforts to simplify tax policies and procedures will help improve tax management and better understanding of their duties among tax agencies and enterprises, thus reducing loopholes that may lead to corruption.
The Vietnamese Government has approved a programme on tax reforms till 2010, focusing on a shift to a socialist-oriented market economy to ensure sufficient funding for national industrialization and modernization as well as international integration.
VNA
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