Tax revenue totals 10.7 billion USD in first two months
Nearly 246.449 trillion VND (over 10.7 billion USD) in taxes was collected for the State budget in the first two months of 2021, equivalent to 22.1 percent of the estimate, according to the General Department of Taxation.
Hanoi (VNA) - Nearly246.449 trillion VND (over 10.7 billion USD) in taxes was collected for theState budget in the first two months of 2021, equivalent to 22.1 percent of the estimate,according to the General Department of Taxation.
Of the figure, over 241.5 trillion VND or 22.1 percent of the estimatewas domestic revenue.
Tax revenue from State-owned and foreign enterprises reached 20.4 percentand 25.4 percent of the target, respectively.
According to the General Department of Taxation, the number of enterprisessuspended their business in the reviewed period due to the COVID-19 pandemic rose60.5 percent to over 19,700, resulting in the decrease of budget collection.
The Ministry of Finance has announced it may further extend tax payment deferrals to support companies suffering from theCOVID-19 pandemic this year.
Last month, the ministry submitted to thegovernment a proposal on the further extension on the payment deferral period of value-added,corporate income and personal income taxes as well as land use fees forpandemic-hit companies and household businesses in 2021.
It estimated that a total of 115 trillion VND(4.98 billion USD) worth of tax and land use fee payments would have theirdeadlines extended./.
The General Department of Taxation must hasten reforms to create a favourable environment for enterprises to recover their business from the ravages of the COVID-19 pandemic, which was critical to increase tax revenue, Deputy Minister of Finance Tran Xuan Ha has said.
The COVID-19 pandemic has become a golden opportunity for e-commerce trading floors, as well as social networks such as Facebook. However, the country has lost billions of dong in tax revenue due to e-commerce as there are no specific regulations on the sector.
Total tax collection in 2020 is estimated at over 1.26 quadrillion VND (54.37 billion USD), equivalent to 100.6 percent of the estimate, Deputy Director of the General Department of Taxation Dang Ngoc Minh said on December 31.
Nearly 1.279 quadrillion VND (55.3 billion USD) in taxes was collected for the State budget in 2020, almost 24.35 trillion VND, or 1.9 percent, higher than the annual target and 175.85 trillion VND more than the estimate reported to the National Assembly (NA).
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Illustrative image (Photo: VNA) 
