VN’s tax payment jumps 22 notches

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A series of Viet Nam’s tax reform regulations were recognized in the 2020 World Bank's Ease of Doing Business.

Specifically, Viet Nam’s paying tax index moved 22 steps forward, elevating the country’s position from 131th to 109th out of 190 economies. 

Tax paying time dropped 114 hours (from 498 to 384 hours). Payments number declined by four times from ten times (including nine times of tax payment and one time of social insurance) to only six times in 2020. Total taxes and contribution rate declined by 0.2% from 37.8% in 2019 to 37.6% in 2020. 

The WB praised Viet Nam’s improvements in upgrading the information technology infrastructure used by the General Department of Taxation so to make paying taxes easier.

By Khanh Phuong