Customs industry’s revenue in August slows down
Lao Cai Customs clears 454 durian trucks during 4-day holiday | |
Officially operating the Nanning (China) - Ha Long (Vietnam) passenger transport route via the Beilun II Bridge |
Officers of HCM City Customs Department process procedures for enterprises. Photo: T.H |
According to preliminary statistics, the total taxable import-export turnover of the whole country in August decreased by 1.9% compared to July. Of which, the taxable import turnover alone dropped 1.5% compared to July.
Notably, the turnover of some imported goods with large values and high tax rates plunges, including: Coal of all kinds down 45% in volume and 19.7% in value, reducing the revenue by VND430, crude oil down 11.8% in volume and 12.9% in value, reducing revenue by VND 275 billion; petroleum products down 25.6% in volume and 20.1% in value, reducing revenue by VND571 billion; phones and components down 21.2% in value, reducing the revenue by VND210 billion; CBU cars down 12.3% in volume and 11.8% in value, reducing the revenue by VND597 billion compared to July 2024.
Notably, as the department accounting for the largest proportion in the import-export revenue of the whole country, HCM City Customs Department has faced difficulties in revenue collection and recorded the decrease in revenue.
According to the assessment, the decline in revenue under the management of the Ho Chi Minh City Customs Department is mainly due to weak market supply and demand and purchasing power, and the large number of imported cars remaining at the port. Many imported goods with high tax rates that have had their taxes reduced and will be reduced further in the coming years under the tariff reduction roadmap committed in free trade agreements (FTAs). On the other hand, the policy of reducing VAT (from 10% to 8%) for a number of goods has also had a significant impact on the revenue of Ho Chi Minh City.
A representative of the Import-Export Tax Department, General Department of Customs emphasized that from now until the end of the year, the VAT reduction policy will continue to be implemented, and expected to reduce revenue by about VND18,000 billion.
The Customs implements import tax refunds for auto parts, which will also reduce total revenue by about VND6,000 billion. These are challenges for the revenue collection of the Customs.
Related News
HCM Customs suggests businesses for implementing “5-together motto”
19:14 | 14/09/2024 Customs
VLA proposes close cooperation with Customs
09:44 | 13/09/2024 Customs
Take business satisfaction as criteria to assess effectiveness of Customs performance: DG Nguyen Van Tho
07:31 | 12/09/2024 Customs
Build a trusted Customs-Business partnership
09:29 | 11/09/2024 Customs
Latest News
Vietnam Customs is confident that it will provide more high-quality textbooks to contribute to the WCO
09:24 | 16/09/2024 Customs
EuroCham highly admires the reform work and working methods of the Customs authority
18:46 | 15/09/2024 Customs
Ho Chi Minh City Customs accompanies businesses to continuously develop the country's economic locomotive.
12:30 | 15/09/2024 Customs
Quang Ninh Customs accomplishes many key tasks in 2024 earlier
11:07 | 14/09/2024 Customs
More News
Japanense Chamber of Commerce and Industry recognizes benefits of developing Customs-Business partnership
11:03 | 14/09/2024 Customs
VCCI Deputy Secretary General Dau Anh Tuan: Customs-Business Partnership has dramatic changes
14:23 | 13/09/2024 Customs
Customs sector is constantly innovating, reforming and modernizing
15:44 | 12/09/2024 Customs
Quang Ninh Customs has many initiatives to develop partnerships
15:44 | 12/09/2024 Customs
Deputy Director General of General Department of Customs Dinh Ngoc Thang: Building trust in Customs-Business relationship
07:31 | 12/09/2024 Customs
Opening of the 2024 Customs-Business Forum: “10-year development of Customs-Business partnership”
07:30 | 12/09/2024 Customs
“King of luxury brands” Johnathan Hanh Nguyen proposes six contents to improve quality of Customs - Business partnership
14:37 | 11/09/2024 Customs
Customs sector actively promotes law enforcement in response to Vietnam Law Day
14:03 | 10/09/2024 Customs
HCM City Customs Department prevents smuggling and tax fraud
14:02 | 10/09/2024 Customs
Your care
Vietnam Customs is confident that it will provide more high-quality textbooks to contribute to the WCO
09:24 | 16/09/2024 Customs
EuroCham highly admires the reform work and working methods of the Customs authority
18:46 | 15/09/2024 Customs
Ho Chi Minh City Customs accompanies businesses to continuously develop the country's economic locomotive.
12:30 | 15/09/2024 Customs
HCM Customs suggests businesses for implementing “5-together motto”
19:14 | 14/09/2024 Customs
Quang Ninh Customs accomplishes many key tasks in 2024 earlier
11:07 | 14/09/2024 Customs