Vietnam adopts 10-year tax reform strategy

13:48, May 20, 2011      

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Vietnam has ratified a tax reform strategy for 2011-2020 to meet the needs of the market economy while enhancing revenues sources, increasing production capacity and sharpening the competitiveness of domestic enterprises.

According to Vietnam News Agency on Friday, Vietnamese Prime Minister Nguyen Tan Dung has approved the plan, which includes reforms to the value-added tax (VAT), personal and corporate income taxes, special consumption taxes, import-export taxes, environmental taxes, and fees and duties on mineral and land use rights and agricultural lands.

Under the plan, tax revenues are expected to increase by 70 percent by 2015 and 80 percent by 2020. By 2015 the state budget would be equal to about 23-24 percent of the country's gross domestic product (GDP).

Vietnam would cut over 3,000 tax lines in 2011, including 2,800 tax lines for agricultural products and 330 for information technology products, according to the report.

By 2015, Vietnam is expected to rank among the top-5 countries in Southeast Asia with tax convenient procedures, and by 2020 among the top-4 with more than 90 percent of businesses using e- tax services, said the report.

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