Free trade agreements increase tax collection

The signing and implementation of free trade agreements has increased Vietnam tax collection this year said Luu Manh Tuong director of Import Export Tax Department under Vietnam Customs
free trade agreements increase tax collection

Cars is a main import product of Vietnam in 2019 (Photo: VNA)

According to Vietnam Customs, total tax collection of the sector has so far reached 335.6 trillion VND (14.5 billion USD), an 11.6 percent year-on-year increase and exceeding the target of the finance ministry.

At a Vietnam Customs press conference on December 18, Tuong said free trade agreements between Vietnam and the Republic of Korea (RoK), ASEAN and RoK, and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership have helped improve Vietnam’s business climate and created better conditions for trade.

“The free trade agreements have also expanded investment and trade activities of Vietnamese enterprises, having positive impacts on the country’s export and import,” he said.

Tax collection from export-import activities in the first 11 months of this year reached 105.16 billion USD, up 7.97 percent compared to the same period last year.

Cars and crude oil are key import products.

Since early this year, more than 135,200 cars worth 2.91 billion USD have been imported, double the number in the same period last year.

More than seven million tonnes of crude oil were imported in 11 months, costing 3.33 billion VND (144,800 USD).

Tax collection from these two products during the period hit 46.08 trillion VND (2.03 billion USD), a year-on-year increase of more than 21.6 trillion VND (939 million USD).

Vietnam Customs has cracked down on trade fraud, smuggling and inspected tax-free and tax reduction cases, said Tuong.

About 992 billion VND (43.1 million USD) of tax arrears have been paid as of November 30.

To facilitate citizens and businesses to pay tax anytime and anywhere, the customs authority has signed tax collection agreements with 42 commercials banks.

A total 30 banks offer 24/7 online tax payment and others collect direct payment.

Thanks to the system, 96 percent of import-export enterprises have paid tax online.

Source: VNA

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