Two representatives from the private and FDI sectors are Vingroup Group and Honda Vietnam Company. State-owned enterprises account for 29% of the units on the ranking list but contribute 65.6% of the total tax revenue. Among the five centrally-governed cities, Hanoi has the most companies on the list, followed by Ho Chi Minh City.
Although the minerals and petroleum sector does not lead in the number of enterprises on the ranking, it tops the list in corporate income tax contributions, accounting for 36.4% of the total tax. This is followed by the telecommunications, information technology, and IT services sector (15.3%) and the financial sector (10.5%). The report also shows that over 70% of surveyed companies consider the corporate income tax rate still high as their biggest concern, followed by unclear circulars and guidance documents. More than 86% of respondents expect tax rates to be further adjusted downward in the near future to better suit the practical conditions of businesses. Additionally, over 80% of units hope for further simplification of administrative procedures.
A survey by Vietnam Report also indicates that more than 67% of participating enterprises believe that administrative and tax procedures are being positively adjusted, creating more convenience for taxpayers. However, about one-third of businesses are still not fully satisfied with recent reforms in this area. Nearly 12% even think that these reforms have made tax declaration and payment more difficult.
(Source: VnExpress)
