(VEN) - With its information technology (IT) application development policies, the financial sector has made many breakthroughs in its electronic financial service provision. At least 90 percent of tax management in Vietnam will be automated and computerized in a near future, while customs formalities will be simplified and improved to international standards. The Ministry of Finance is one of many ministries that have all computers connected through local area networks (LANs) and 95 percent of all member units connected to the broadband Internet. It now offers 31 online public services for both organizations and individuals. IT application has considerably simplified tax declaration and increased taxpayer and tax authority comfort. Almost 1,000 businesses in Hanoi, Ho Chi Minh City, Ba Ria - Vung Tau Province and the city of Da Nang make tax declaration online under trial programs. About 20,000 tax declarations are sent to the tax authority online monthly. The General Department of … [Read more...] about IT, an Impetus to the Financial Sector
Financial sector
China mulls new regulator for state financial sector
China is considering a proposal to create a ministerial-level body to manage its state-owned banks and non-bank financial enterprises, two sources with knowledge of the plan said, a move that would strengthen Beijing's grip on its lenders. An investor smiles as she walks past screens showing stock information at a brokerage house in Wuhan, Hubei province June 24, 2011. … [Read more...] about China mulls new regulator for state financial sector
Krugman warns Vietnam against financial sector foibles
Paul Krugman's advice for Vietnam: don't lose sight of financial regulation as private business takes off and the 'invisible hand" of the market grows stronger. Nobel laureate Paul Krugman said Vietnam needed to bide its time while 'the bigger economies get their act together' … [Read more...] about Krugman warns Vietnam against financial sector foibles
Financial sector told to stay updated with Industry 4.0 to expand tax base
PM Nguyen Xuan Phuc addressing the teleconference 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 read that bythe 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 100 percent ofbusinesses had used online tax declaration services while almost 98 percent ofthem had registered e-tax payment by the end of last year. Addressing the meeting, PM Phuc recognizedthe financial sector’s efforts while also pointing out its shortcomings. 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. … [Read more...] about Financial sector told to stay updated with Industry 4.0 to expand tax base
Financial sector asked to keep abreast with Industry 4.0
In his speech, PM Phuc acknowledged the financial sector’s efforts and also pointed out its shortcomings. Fast-changing financial policies, especially tax policies, have affected people and businesses, showing that policy making is yet to keep up with the socio-economic life. Tax and financial policies must keep pace with the country’s rapid changes and stay stable for a long term, about five to ten years, he said, noting that focus is still on raising tax rates in lieu of expanding the tax base to ensure State budget collection.The government leader stressed the necessity of stay updated with the development of Industry 4.0 seen in various economic sectors like e-commerce, online services and online games to expand the tax base. The sector's staff were also asked to raise their sense of responsibility towards the society, people and businesses so as to eradicate lubrication payments in the sector. According to a report released at the event, almost … [Read more...] about Financial sector asked to keep abreast with Industry 4.0