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By the end of November, the central budget revenue was estimated at VND 516 trillion, equivalent to 91 percent of the estimate. Photo: T.L

Budget revenue reached 96.6 percent

According to the General Department of Taxation, as of November, total budget revenue of the tax sector reached 96.6 percent compared to the estimate, up 12 percent compared to 2018.

The General Department of Taxation's report showed revenue from crude oil is about VND 51,541 billion, equal to 115.6 percent of the estimate. Domestic revenue is estimated at 95.8 percent of the estimate and up 14 percent compared to 2018.

The whole tax sector has 10 of 18 taxes that completed and exceeded the estimate. Compared with 2018, 15 of 18 revenues increased, of which revenue from production and business sectors increased by 12.5 percent, revenue from personal income tax increased by 17.7 percent, revenue from registration fees increased by 22.9 percent, revenue from fee and charge increased 10 percent, revenue from lottery increased by 13.5 percent and revenue from granting of permission to exploit natural resources and minerals increased by 23.6 percent.

As of the end of November, central budget revenue was estimated at VND 516 trillion, equivalent to 91 percent of the estimate, up 15.8 percent compared to 2018. Local budget revenue reached VND 612,157 billion, 101.8 percent of the estimate, up 10 percent compared to 2018.

Review enterprises with large tax debts

According to the General Department of Taxation, accumulation in the first 11 months, tax authorities conducted 80,984 inspections, reaching 92.32 percent of the plan in 2019; checked 427,018 tax dossiers at tax offices. Total amount proposed for handling via inspection was VND 50,044.7 billion. The total amount of tax increased through inspection and examination was VND 13,644.7; loss reduction was VND 34,296.5 billion. Total tax estimated to be paid to the State budget was VND 9.241,5 billion, 67.73 percent of increased taxes through inspections.

Notably, the tax authority inspected 500 enterprises with associated transactions, collected from tax arrears, refunded tax amount and fines of VND 1,077 billion; cut a loss of VND 4,985 billion; reduced a deduction of nearly VND 21 billion and revised up taxable income to VND 5,463 billion.

For management of tax debt, by the end of November, the tax authority implemented measures to urge tax debt collection. Accordingly, collecting VND 30,687 billion, equivalent to 79.2 percent of 90-day tax debts and more than 90-day tax debts as of December 31, 2018, up 9 percent compared to 2018. In particular, revenue by debt management measure was VND 18,506 billion, by debt enforcement VND 12,181 billion.

The General Department of Taxation said to complete the task in 2019, the tax authority will collect some central budget revenues such as crude oil and natural gas, remaining profits and shared dividends, revenues from granting of permission to exploit mineral, revenue from central land use fees, fees and charges under the central budget.

The General Department of Taxation requests units closely monitor the implementation of debt enforcement. Thereby, synthesise and analyse tax debt structure, implement debt classification, determine the cause of increased debt. Assess the debt collection and monthly debt enforcement of the whole tax sector.

The General Department of Taxation also requires tax departments to review enterprises with large amounts of tax debt to collect into the State budget in the last months of 2019.

In particular, tax departments need to deploy inspections and examinations according to the assigned plan; take measures to combat revenue losses in transfer pricing activities, and strive to accomplish the assigned budget revenue target.