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Home / Economy / Banking & Finance
Vietnam helps enterprises reduce tax costs
Huyen Trang 12:39, 2014/10/30
On October 29th, World Bank (WB) has released its 12th annual report on business environment reflecting the ease of doing business in 189 countries in the world including Vietnam.
Environmental assessment reports for a business activity through a variety of criteria such as how easily to start operating a business, transfer of assets or settling commercial disputes; time and cost to complete all procedures for import and export goods through a seaport; how easily the grid connection and other issues that business owners in any country are facing.
 

According to the report, Singapore, Denmark, Korea, Norway, USA, UK, Finland and Australia ... was named the nation that businesses created the most favorable conditions. Meanwhile, economies in emerging markets such as China, Brazil and India are still at the bottom of the list. 
This year, Singapore has topped the list in like the past year, with 88.27 points; New Zealand ranked the second with 86.91 points. Singapore is appreciated because the contractor took only 2.5 days to open a business, 31 days for a power supply, 4 days and 440 USD to import a cargo container, then in Eritrea, entrepreneurs must takes an average of 84 days to open a business, 59 days for power supply, 59 days and $ 2,000 to import a cargo container. 
Of the total of 189 countries ranked, Vietnam is ranked 72. According to the World Bank, based on criteria established in regulation and the operation of enterprises, international trade, payment and settlement of destruction production, Vietnam has improved system of national credit information by establishing a credit information agency new. At the same time, Vietnam has helped the company reduce costs by reducing taxes corporate income tax rate. However, the forecast data shows that the business environment in Vietnam in 2015 will be more difficult when the index ranking fell 6 points, from 72 to 78 ... In addition, the Bank also provides rating in other areas of the business environment in Vietnam as a starting point business ranked 125; building permit application No. 22; loans ranked 36th; tax reform is slow at 173/189
In particular, the economies of East Asia - Pacific region continues to lead the reforms beneficial to businesses. According to the World Bank, since 2005, the East Asia - Pacific region has narrowed the gap with best practice worldwide. In the last decade, the legal reforms have improved consistently favorable business environment in the region and contribute to more business opportunities for local businesses. 
The data of business environment report provides policy makers with information to compare the regulatory environment for business, highlighting the causes of stagnation, the point of inflexibility in the system legislation and regulations for businesses. At the same time, the report also points out what needs to be done to reform.
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