Domestic revenue records high results

VCN - Although the State revenue of the Tax sector has exceeded the estimate for the whole of 2022, the sector makes great effort to ensure that all 63 tax departments will reach and exceed the target in the last months of the year.
State budget revenue is estimated at VND 1,464.3 trillion State budget revenue is estimated at VND 1,464.3 trillion
Revenue collection in eight months achieves 85.6% of current appropriation Revenue collection in eight months achieves 85.6% of current appropriation
New notable points in the State Budget Estimate 2023 New notable points in the State Budget Estimate 2023
Domestic revenue records high results
Pineapples are processed at Dong Giao Foodstuff Export Joint Stock Company. Photo: Thuy Dung

Exceeding the target by 3.8%

According to the latest report of the General Department of Taxation, the revenue in the first 10 months of 2022 is estimated at VND1,219,960 billion, or 103.8% of the estimate and up 114.7% year-on-year.

The revenue from crude oil is estimated at VND65,536 billion, from land use fee at VND173,168 billion, reaching 128.3% of the estimate. The domestic revenue is estimated at VND1,154,428 billion, or 100.7% of the estimate. The revenue from domestic taxes and fee is estimated at VND881,004 billion, or 96.3% of the estimate, and 107.2% over the same period of the previous year.

By the end of October, 17 of 19 areas achieve positive results in revenue collection.

According to the country’s top tax regulator, the positive achievement results from the great efforts of the whole political system, the business community and business households and individuals in overcoming difficulties, making use of tax exemption, reduction and extension by the Government to restore production and business and contribute to the revenue in the 10 months of the year.

In addition, the drastic implementation of solutions as well as the promotion of dissemination and support for foreign suppliers in tax declaration and payment for e-commerce and business on digital platforms have achieved positive results. After more than 7 months of execution, currently, 37 foreign suppliers have successfully declared and paid tax with a total amount of over VND3,170 billion.

The revenue in the first months of the year slowed down compared with previous years due to the impact of the Covid-19 pandemic. However, thanks to the drastic implementation of policies to support businesses and people affected by the pandemic, the revenue has surged in recent months.

As of the end of October, thanks to the extension of payment deadlines under Decree 34/2022/ND-CP, the total tax and land rent of taxpayers eligible for extension is estimated at VND94,662 billion.

According to the General Department of Taxation, the amount of tax and land rent paid to the state budget is estimated at VND58,417 billion. The amount of tax and land rent that will continue to be extended is estimated at VND36,245 billion.

The General Department of Taxation said that about VND58,417 billion of tax and land rent was paid to the State budget. The extended amount of tax and land rent is estimated at VND36,245 billion.

Many experts said that preferential policies to support people and businesses to overcome difficulties of the pandemic have helped restore production and business, becoming "leverage" to boost economic development.

As a result, in the first 10 months of the year, more than 24,200 businesses across the country have resumed business, up 18.7% over the same period in 2021. As of October 19, 881,047 enterprises have operated nationwide, an increase of 26,852 enterprises compared to a year ago.

Removing difficulties for taxpayers

Although the revenue has gained positive achievement, the domestic revenues in recent months have tended to plunge. The statistics show that if the revenue in July 2022 reached VND133,015 billion, it reduced to VND105,557 billion in August and VND79,400 billion in September.

The revenue in October is estimated at VND115,800 billion, reaching 9.9% of the estimate, equaling 74.1% over the same period, inching up compared to the previous three months. However, the revenue collection in the remaining months of the year is forecast to suffer from difficulties and revenue reduction in some localities.

The General Department of Taxation estimates the total revenue collected by Tax sector in November reached about VND74,000 billion.

The top regulator also said currently only two localities are facing difficulties. Therefore, in order for all provinces and cities to complete the estimate set by the National Assembly and the Government, the regulator has directed tax authorities at all levels to closely follow the direction of the Government, the Prime Minister, and the Ministry of Finance on the performance of key tasks and solutions for the implementation of the plan for socio-economic development and the State budget estimate in 2022.

The Tax sector continues to review, analyze and properly assess the actual operation of enterprises. On that basis, it will research and advise the competent authorities to promptly solve difficulties, provide appropriate support for each sector, help businesses overcome current difficulties, mobilize resources to promote production and business, promote economic growth, maintain a sustainable revenue, and meet financial resources for the Government, ministries, sectors and localities to perform socio-economic development tasks.

The General Department of Taxation will also review and submit to the competent authorities for consideration, amendment, supplementation and completion of tax legal documents and tax administration towards covering all revenues; enhance tax management capacity for the collectors; prevent fraud, tax evasion, revenue loss and tax arrears; implement e-tax management, promote the application of information technology, digital transformation in tax administration, create a favorable and transparent environment for taxpayers to fulfill their obligations to the state budget; provide solutions on revenue management, anti-revenue loss and tax debt collection; expedite inspections and handle bad debts.

By Thuy Linh/Ngoc Loan

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