Tax sector’s budget revenue increases by nearly 11% in first quarter
The tax sector’s total state budget revenue in the first quarter of 2024 was estimated at 490.2 trillion VND (19.64 billion USD), equal to 33% of the estimate for the year, and 10.9% higher than the figure of the same period last year, the General Department of Taxation announced on April 9.
Hanoi (VNA)📖 – The tax sector’s total statebudget revenue in the first quarter of 2024 was estimated at 490.2 trillion VND(19.64 billion USD), equal to 33% of the estimate for the year, and 10.9%higher than the figure of the same period last year, the General Department ofTaxation announced on April 9.
Of the total revenue, domestic revenue was estimated at474.46 trillion VND, equal to 32.9% of the estimate for 2024, an increase of11.5% over the same period in 2023. Regarding the implementation of tax policies to supportpeople and businesses to recover and develop production and business after theCOVID-19 pandemic, the total amount of tax and land rent exempted and reducedin the first three months of 2024 was estimated at 18 trillion VND. Regarding the implementation of the e-invoice policy, by theend of the first quarter, tax agencies received and processed 7.12 billione-invoices, including 2 billion invoices with the tax authority's verificationcodes and more than 5.12 billion invoices without the codes. By the end of the first quarter of 2024, 50,303businesses had registered to use e-invoices generated from cash registers. Morethan 252.8 million invoices were generated from cash registers. As of March 31, 15,931 petrol stations nationwide had issued electronicinvoices for each sale or 99.97% of the total number of petrol stations acrossthe country./.
Revenue from e-commerce for domestic organisations and individuals reached 536.5 billion VND (over 22 million USD) this year, reported the General Department of Taxation (GDT).
The General Department of Taxation has reported a surge in the number of electronic invoices directly generated from cash registers, reaching a remarkable 104.8 million last year which represented a 47.6-fold increase compared to the initial implementation period.
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The rapid development of e-commerce in recent times has posed significant challenges to the tax management in Vietnam. The tax sector is coordinating with relevant ministries and branches to seek suitable solutions to development requirements and practices serving tax management and preventing tax loss.
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At the Hanoi Tax Department. (Photo: VNA) 
