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The Big Enterprise Management Department has been set up to help giants treat and remove obstacles related to taxes and streamline tax payment procedures.
The new tax mechanism under the General Taxation Department benefits 405 out of 500,000 enterprises operational across the country. Of them 80 percent are corporations either owned by the State or with the State as a major shareholder, including groups and corporations in key industries such as oil and gas, electricity, mining, post and telecommunications and banking.
In the first step, the General Taxation Department is to issue digital identities for the target population to allow tax forms to be completed online.
Deputy Minister of Finance Do Hoang Anh Tuan explained that it was a necessary step, as these enterprises play a very important role in socio-political and economic development, paying up to 70 percent of gross tax revenues.
Dam Thi Huyen, Deputy General Director of Petrolimex, which now runs hundreds of branches and member companies across the country, lauded the move as “an important step” to help solve overlapping enterprise guidelines, management and inspection work.
The Vietnam Chamber of Commerce and Industry (VCCI) said it will submit to the Government a proposal on a number of special mechanisms and policies in favour of major enterprises, not limited to taxes and customs procedures.