10:54 | 02/09/2015 Finance - Banking
(VEN) - According to the General Department of Taxation, tax procedure reform, especially in terms of administrative procedures, has been strongly implemented.
The tax sector is promoting administrative reform with high efforts to save time and costs for the public and businesses. In particular, the sector strives to cut the tax payment time from 872 hours to 171 hours a year following Governmental Resolution 19/2014 and achieve the goal of the tax system reform strategy approved by the prime minister in order to become one of the five leading countries in the Southeast Asian region in terms of enjoying favorable tax conditions.
Thanks to drastic measures, the tax payment time was reduced by around 370 hours in 2014. Since the beginning of the year, the modification of professional processes in declaration, value-added tax deduction and corporate income tax declaration procedures has helped reduce more 40 hours for taxpayers.
The tax sector is strengthening information technology application, contributing to saving time and costs for businesses and limiting intervention and direct contact between tax officers and businesses in tax declarations and calculations. If more than 90 percent of businesses nationwide implement online tax declaration and payment, they will contribute to cutting the tax payment time by around 10 hours.
The sector will implement online tax declaration and payment for registration fees for vehicles and land, and personal income tax on real estate trading and houses for rent.
With these solutions, the average tax payment time will be cut by 50 hours, contributing to realizing the goal set in the resolution.
In addition to reviewing completed legal documents, the most important thing is to put these documents into practice.
Administrative reform in the tax sector aims at cutting the tax payment time for businesses.