Tax sector sees 10.7% rise in State budget revenue in four months
Total State budget collection in the first four months of this year was estimated at 640.29 trillion VND (25.20 billion USD), equivalent to 43% of the yearly projection, representing a year-on-year rise of 10.7%, according to the General Department of Taxation.
Tax transaction at Ho Chi Minh City Department of Taxation (Photo: VNA)
Hanoi, May 7 (VNA) – Total State budget collection in the first four months of this year was estimated at 640.29 trillion VND (25.20 billion USD), equivalent to 43% of the yearly projection, representing a year-on-year rise of 10.7%, according to the General Department of Taxation.
Of the total, collection from crude oil was about 21.23 trillion VND, equal to 46.2% of the projection and equal to that in the same period last year, while domestic collection was estimated at 619.06 trillion VND, 43% of the projection and up 11% over the same period last year, the department reported.
Particularly, domestic tax and fee collection was 478.43 trillion VND, up 7% year on year.
The department said that 25 out of the 63 localities completed over 40% of State budget projection for this year, while 26 others finished 30-40% of the plan and 12 reported under 30%.
In the Jan-April period, the total amount of tax and land rent exempted or reduced was about 25.5 trillion VND.
The department said that policies on exemption and reduction of taxes, fees, charges, and land rental have helped promptly remove difficulties for businesses and people, contributing to ensuring macro-economic stability, controlling inflation, and supporting production and business recovery.
It said that in the rest of the year, the tax sector will keep a close eye on the domestic and world economic developments, analysing impact from fiscal and monetary policies that other countries are applied on the health of domestic enterprises, thus warning the risks and giving advice to the Ministry of Finance and the Government on responding measures so as to ensure the State budget revenue for the whole year.
ඣ At the same time, the sector will show stronger performance in implementing support packages to help businesses remove difficulties and create sustainable income sources for the State, while designing new packages./.
State budget revenue from exports and imports in the first quarter of this year reached 88.35 trillion VND (3.53 billion USD), equivalent to 26.3% of the estimate, and down 4.2% year-on-year, the General Department of Vietnam Customs reported on April 3.
An estimated 399.4 trillion VND (nearly 16.18 billion USD) was collected for the state budget in the first two months of 2024, equivalent to 23.5% of the year’s target and up 10.4% from a year earlier, the Ministry of Finance reported on March 6.
The State budget revenue from export-import activities in the first two months of this year reached 56.42 trillion VND (2.35 billion USD), or 15% of the estimate, down 2.4% year on year, reported the General Department of Customs on March 4.
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