Financial sector told to stay updated with Industry 4.0 to expand tax base
Updated : Tuesday, January 09, 2018 9:09 AM (GMT+0700)

PrimeMinister Nguyen Xuan Phuc asked the financial sector to stay updated with thedevelopment of Industry 4.0 so as to expand the tax base.

Prime Minister Nguyen Xuan Phuc speaks at the teleconference of the financial sector 

He attended the sector’steleconference on January 8 with the 63 provinces and cities. The event aimedto review the sector’s performance in 2017 and set tasks for this year.

A report at the event readthat by the end of December 31, 2017, total state budget balancing revenues areestimated at more than 1.283 quadrillion VND (56.3 billion USD), about 71trillion VND (3.1 billion USD) or 5.9 percent higher than the estimates.

Nearly 624,000 or 100percent of businesses had used online tax declaration services while almost 98percent of them had registered e-tax payment by the end of last year.

Addressing the meeting, PMPhuc recognised the financial sector’s efforts while also pointing out itsshortcomings.

He said financial policies,especially tax policies, have changed too fast and too much, affecting peopleand businesses. Such vagaries show that the making of policies has yet to keepup with the socio-economic life. 

He said tax policies inparticular and financial policies in general must keep pace with the country’schanges and be stable for a fairly long term, about five to ten years.

The Government leader pointedout a fact that focus is still on raising tax rates instead of expanding thetax base to ensure State budget collection.

It is necessary to stayupdated with the development of Industry 4.0, which is happening in variouseconomic sectors like e-commerce, online services and online games, hestressed, considering them as “gold mines” to expand the tax base. Meanwhile,the financial sector is still struggling with the management and exploitationof these taxation sources.

PM Phuc asked the sector toalign existing tax policies with OECD and United Nations standards. He alsocalled for its staff’s better sense of responsibility towards the society,people and businesses so as to eradicate lubrication payments in the sector.


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