A joint effort to ease tax procedures for small and medium sized enterprises in Vietnam has been announced this week by the country's General Taxation Department and the International Financial Corporation (IFC).
According to a report from the official Vietnam News Agency, the two bodies have stated that they will work together to gather in-depth information about the tax procedures surrounding SMEs, and will analyse the effectiveness of legislation and requirements already in place.
This aims to ensure that the General Taxation Department makes appropriate changes needed to taxation methods over the coming years.
According to the VNA, preliminary studies on the matter have indicated that more money is spent by private sector SMEs than large-scale businesses on processing tax matters, with little benefit to the state budget as a result.
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