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HCM City’s budget collection continues growing, but faces challenges

Ho Chi Minh City continued enjoying growth in State budget collection in the first quarter of 2018, however, revenues from several sectors, especially import-export activities are forecast to fall, affecting the city’s budget collection this year.
HCM City’s budget collection continues growing, but faces challenges ảnh 1Ho Chi Minh City's State budget collection during January-March was valued at 90.8 trillion VND (Source: VNA)

HCM City (VNA) – Ho Chi Minh City continued enjoying growth in Statebudget collection in the first quarter of 2018, however, revenues from severalsectors, especially import-export activities are forecast to fall, affectingthe city’s budget collection this year.

According to the municipal People’sCommittee, the city’s State budget collection during January-March was valuedat 90.8 trillion VND (3.98 billion USD), equal to 24.11 percent of the yearlyforecast and up 2.47 percent against the same period last year. Of the total,domestic collection reached 62.1 trillion VND (2.7 billion USD), up 5.02percent, while revenues from import-export activities were 23.6 trillion VND(1.03 billion USD), down 6 percent year-on-year.

On the contrary, local budget collection inthe first quarter was 21.7 trillion VND (952.3 million USD), down 13.6 percentyear-on-year.

Director of the municipal Finance DepartmentPhan Thi Thang said that the city has supported tax payers, and sped up thecollection of excise and remaining corporate income tax from the fourth quarterof last year.

Ho Chi Minh City will also continueintensifying measures to collect tax debts by publicising those whodeliberately drag out their debts or have big debts, Thang added.

However, the city will face challenges incollecting taxes in the rest of this year.

According to the municipal Customs Office,revenues from import-export activities are forecast to reduce by 700 billion-1 trillionVND (30.7-43.9 million USD) each month, as import tax on 90 percent of taxlines fell to zero thanks to free trade agreements.

The finance department said that the city’stax collection from goods imported from members of free trade deals will fallby 11 trillion VND (482.9 million USD) per year.

Its revenues from oil and petrol, iron andsteel, fertilisers and automobile will also drop gradually. For example, thevolume of oil and petrol imported through Ho Chi Minh City port is predicted tofall as importers are moving to Van Phong port of central Khanh Hoa provinceand Nghi Son port of central Thanh Hoa province.

Ho Chi Minh City’s 2018 State budgetcollection estimates are 376.7 trillion VND (16.5 billion USD), of which 256.2trillion VND will come from domestic revenues and 108 trillion VND from importexport activities. Meanwhile, local budget collection is estimated at nearly 82trillion VND (3.6 billion VND) in 2018.-VNA
VNA
#Ho Chi Minh City #State budget collection #import-export activities #first quarter of 2018 #Vietnamplus #Vietnam News Agency Ho Chi Minh City

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