The Ministry of Finance always takes feedbacks from enterprises

Vietnam stock market in this year has more advantages, goods results. Photo: Hữu Linh

The British Business Association in Vietnam (BBGV) as proposed a number of problems related to procedures for taxpayers, tax settlement, tax inspections, etc.

Speaking at the VBF 2016, Deputy Minister of Finance, Mr.Tran Xuan Ha said that, in recent years, with the direction of the Government, the Ministry of Finance had many innovations, improvements in policy mechanisms and tax legislations.

Accordingly, taxation has reduced the rate of tax mobilization, expansion preferential treatment and increase incentives, while ensuring compliance with the commitment to enforce the regulations and international conventions; abolished, reducing many fees and charges; administrative tax reform and customs of the standards in the region, etc.

Before the recommendations of the BBGV, according to the Deputy Minister of Finance, the mechanism of tax administration has defined the tax inspection, agreement on fixed period, assigned to the specialized tax inspection agency. Taxation has and continues to apply information technology in records management, minimize the shortcomings in the process of inspecting and checking.

Also in the VBF, the working group on Capital Markets asserted that, in view of macroeconomic policy, Vietnam has a capital market. However, these markets operate less efficiently (capital raised from the market is very small compared to direct investment). Therefore, the expert group suggested a solution is increasing both the size and liquidity of the capital markets.

Regarding the issue, Deputy Minister of Finance Tran Xuan Ha said Vietnam's capital market is quite favorable this year, with good results and market capitalization reached 42% of GDP.

In the next time, the Ministry of Finance will continue to have many solutions to boost the capital market such as privatization of State enterprises, withdraw less capital in large enterprises, continue to implement mechanisms to loosen room for foreign investors. The Ministry of Finance will also open the derivatives market (for Index and Future at first) and expected to launch in the next year if eligible.

In addition, the leader of the Ministry of Finance asserted that they would continue to acquire the feedbacks of experts and enterprises from VBF in order to make adjustments and amendments such as: Provisions on voluntary pension funds, issue bonds under establish book method ... and modify accounting standards, standards for financial reporting in Vietnam to meet international standards.