By 2020, Tax sector sets a revenue target of surpassing at least 3% of estimate

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That is the content in Dispatch No.5490/TCT-DT signed by the Director General of the General Department of Taxation to request 63 tax departments to implement the 2020 budget revenue estimate.

According to the General Department of Taxation, 2020 is the last year to stabilise the State budget for 2017-2020, which decides the implementation of socio-economic development and financial budgetary objectives from 2011-2020 and from 2016-2020. Deploying the 2020 budget revenue estimate in the context that macro-economy and business environment are improved, economic structure is gradually shifted with the core of the processing industry. However, it is forecasted that there are still many difficulties and challenges from the downsides of investment shifting, international integration related to the origin of goods, monetary policy regulatory, economic pressure, climate change, natural disasters, and epidemics.

To strive to surpass the budget revenue in2020 at the highest level, the Director General of the General Department of Taxation requested tax departments to strengthendisciplines and rules in directing and managing budget revenue; to focus on implementing tasks and solutions on revenue collection according to the direction of the Government, the Ministry of Finance, the General Department of Taxation and Circular No.88/2019/TT-BTC; to launch emulation movements to strive to surpass the estimate of the State budget revenue from the first day, the first month and the first quarter of 2020.

The General Department of Taxation has requested 16 tax departments based on the assigned estimate of State budget revenue in2020 from business households and individuals to assign revenue target fromthe beginning of the year to tax branches to strengthen revenue management and prevent tax losses to accomplish the assigned targets. By 2021, the General Department of Taxation will assign the estimate of the State budget revenue from business households and individuals to 63 provinces and cities.

Asthe Lunar New Year 2020 will take place from January 23 to January 29, the General Department of Taxation requested tax departments to urge businesses, organizations, business households and individuals to implement tax declaration promptly and full payment of payable tax amounts into the State budget.

For corporate income tax and the remaining profit temporarily paid of the fourth quarter of 2019, tax departments focus on urging enterprises to promptly pay into the State budget before January 23, 2020.

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Leaders of the General Department of Taxation required tax departments to register the revenue target of 2020 with the General Department of Taxation, ensuring the domestic revenue excluding revenue from land use fees and lottery, and the revenue and expenditure differences of the State Bank in 2020 are consistent with economic growth and budget revenue over the years. At the same time, requiring tax departments to manage budget collection and strengthen revenue management, prevent revenue losses; reduce tax debt and surpass at least 3 percent compared to the estimate.

For localities with real revenue in 2019 that exceeds the estimated revenue in 2019, the General Department of Taxation also requires the tax department to calculate the surpassing revenue targets in the registered revenue target in 2020.