The State Bank of Vietnam has assigned the Vietnam Industrial and Commercial Bank (Vietinbank) to take part in disbursing a US$85 million international aid for modernising the country’s tax management.
The Vietnamese Government and the World Bank (WB) signed the memorandum of understanding on the aid in March, under which the WB committed US$80 million.
The taxation sector has also conducted administrative reforms with assistance from the Japan International Cooperation Agency (JICA) and the International Finance Corporation (IFC) under two accords signed in July.
JICA will help improve tax staff competence, diversify information campaigns and support taxpayers from now until August 2011.
The IFC Director of the Investment Climate Consultancy Agency, Richard Stern, says efforts to simplify tax policies and procedures will help improve tax management and increase tax agencies and enterprises’ understanding of their duties, thus reducing loopholes leading to corruption.
VOVNews/VNA
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