Tax sector urged to realise State budget collection target
Minster of Finance Dinh Tien Dung on January 13 asked for greater efforts from the tax sector to well implement the budget collection plan for 2020 assigned by the National Assembly and the Government.
Minster of Finance Dinh Tien Dung speaks at the conference (Source: VNA)
Hanoi (VNA) – Minster of Finance DinhTien Dung on January 13 asked for greater efforts from the tax sector to wellimplement the budget collection plan for 2020 assigned by the National Assemblyand the Government.
Speaking at a Hanoi conference to review the tax collection work in 2019, Dungurged the sector to prepare necessary conditions to put electronic invoice intouse in accordance with Decree No.119/2018/ND-CP and Circular No. 68/2019/TT-BTCissued by the ministry.
He said that the General Department of Taxation must develop and submit guidingdocuments to effectively implement the amended Law on Tax Management and the NA's Resolution No. 94 on tax arrears and taxdebts, and eliminating late payment of fines.
Tax agencies must take effective measures to accelerate the collection of taxarrears to the State budget, towards ensuring that by the end of 2020, themaximum tax debt will not exceed 5 percent of the total State budget revenue.
According to Cao Anh Tuan, GeneralDirector of the General Department of Taxation, the sector aims to collect over1.25 quadrillion VND (55.2 billion USD) in 2020.
The sector will step up inspection and supervision of taxpayers' taxdeclaration right from the beginning of the year, focusing on checking preposterousdeclarations and areas of business with signs of tax inadequate declaration,and resolutely sanctioning cases of violating regulations on tax declaration,Tuan said.
It will also build a plan of inspection in 2020 on the basis of risk analysis,and assign tax departments to ensure the minimum rate of inspection reaching 19.5percent of enterprises being managed.
In 2019, the total State budgetcollection hit over 1.27 quadrillion VND, equivalent to 109.3percent of the whole year’s estimate, up11.2 percent year-on-year.
Of the number, budget revenue from crude oil reached 56.2 trillion VND, or 126.1 percent of its projection and85.1 percent of the previous year. Meanwhile, domestic collection reached 1.21 quadrillionVND, accounting for 108.6 percent of the projection./.
The taxation sector collected more than 1.14 quadrillion VND (49.46 billion USD) in tax for the State budget in 2018, equal to 107.2 percent of estimates and up 12.3 percent from 2017.
Total State budget collection in the first five months of this year was estimated at 508.6 trillion VND (21.86 billion VND), fulfilling 43.5 percent of the estimate and up 14.1 percent year-on-year, the General Department of Taxation (GDT) reported.
The General Department of Taxation has collected over 19.4 trillion VND (835 million USD) in tax debts as of July 31, up 2.4 percent from the same time last year.
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Minster of Finance Dinh Tien Dung speaks at the conference (Source: VNA) 
