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New agency set up to support large businesses
The Large Enterprise Tax Management Department has been set up to help giants treat and remove obstacles related to taxes and streamline tax payment procedures.
The new tax mechanism under the General Department of Taxation benefits 405 out of 500,000 enterprises operating across the country. Of them 80 percent are corporations either owned by the State or with the State as a major shareholder, including groups and corporations in key industries such as oil and gas, electricity, mining, post and telecommunications and banking.
It is a necessary step, as these enterprises play a very important role in socio-political and economic development, paying up to 70 percent of gross tax revenues, says Deputy Minister of Finance Do Hoang Anh Tuan.
Dam Thi Huyen, Deputy General Director of Petrolimex, which now runs hundreds of branches and member companies across the country, lauds the move as “an important step” to help solve overlapping enterprise guidelines, management and inspection work.
The Vietnam Chamber of Commerce and Industry (VCCI) says it will submit to the Government a proposal on a number of special mechanisms and policies in favour of major enterprises, not limited to taxes and customs procedures.
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