Want to be in the loop?
subscribe to
our notification
Business News
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
Related News
VIETNAM’S GDP TO GROW 5.5% THIS YEAR – WB
This forecast is based on the assumption of a moderate recovery in manufacturing exports in 2024, fueled by rebound growth of 8.5% year-on-year in the fourth quarter of 2023 and 17.2% year-on-year in the first quarter of 2024, reflecting strengthening global demand, said Dorsati Madani, senior country economist at the WB in Vietnam.
FARE REFUND FOR VISA REJECTION
Cathay Pacific will offer full refunds for cases of visa rejection to provide you with the confidence to explore the world with ease. If you are planning to fly to a destination that requires an entry visa, you can now book with greater peace of mind.
FOUR COMMODITIES POST Q1 EXPORT VALUE OF OVER 5 BILLION USD
The total export turnover of agricultural, forestry, and fisheries products in the first three months of 2024 is estimated to reach 13.53 billion USD, an increase of 21.8% compared to the same period of 2023.
MOIT PROPOSES SCHEME TO BOOST RENEWABLE ENERGY PROCUREMENT
The proposed Direct Power Purchase Agreement (DDPA) mechanism, outlined in the draft decree, targets organisations and individuals consuming electricity from the 22kV power grid or higher, with a monthly consumption averaging 500,000kWh. However, residential households are excluded from direct procurement.
REAL ESTATE BONDS PLACE PRESSURE ON ISSUING FIRMS
The ministry’s recent report underscores concerns within Vietnam’s corporate bond market for 2023 and 2024. It emphasizes the critical need to address hindrances to the real estate sector in line with the objectives provided in Government Resolution No. 33/NQ-CP, which aims to stabilize the industry.
DA NANG CUSTOMS FOCUSES ON DEVELOPING CUSTOMS-BUSINESS PARTNERSHIPS
Da Nang Customs Department issued an action plan for developing customs-business partnership in 2024. One of the new events this year is the workshop on “Settlement reports for enterprises engaged in outsourcing, export production and export processing” held in Da Nang Customs Department on April 16, 2024.