HCM City Customs’ revenue declines

	HCM City Customs’ revenue increases over VND600 billion from price rulings
	HCM City Customs’ revenue increases by about VND300 billion from price consultation and post clearance audit

Only the Excise Tax increased by 18.60% year-on-year due to the surge in the turnover of imported automobiles. Photo: T.H

The revenue still falls

According to HCM City Customs Department, the volume of imports and exports across HCM city Customs Department in July still dropped compared with the previous month. According to statistics, the total import-export turnover of goods go through customs procedures across HCM City Customs Department fell 2.75% compared with June to US$10.38 billion.

The taxable import and export turnover in July decreased by 4.1% compared with the previous month to US$ 3.04 billion. Due to the decrease in the volume of imports and exports, the department’s revenue in July went down 3.52% compared with June to US$ 9,684.5 billion.

4,414 CBU cars were imported with taxable turnover of US$103.2 trillion, up 3.4% in volume and 8.2% in value. The tax payable declined by 17.35% to VND2,033.8 billion compared with the previous month.

411,816 tons of Petroleum products were imported with taxable turnover of US$326.6 million, down 29% in volume and 23.8% in value. The tax payable dropped 20.39% to VND1,440.2 billion.

The taxable import turnover of machinery, equipment, tools and spare parts increased 1.1% in value to US$ 389 million but the tax payable fell 4.89% to VND936.3 billion month-on-month.

The revenue in seven months drops over VND9,500 billion

According to the report of HCM City Customs Department, the decrease in imports and exports is the main reason for reducing the department’s revenue.

According to HCM City Department, as of July 31, the total import and export turnover fell 17.52% year-on-year to US$68.07 billion.

The export turnover dropped 15.8% to US$32.08 billion compared with the same period in 2022. The import turnover decreased by 19% to US$ 35.99 billion year-on-year.

The taxable import and export turnover in the first seven months declined by 19.11% to US$21.19 billion year-on-year.

As of July 31, the revenue recorded VND73,314.1 billion, meeting 50.28% of the estimate, down 11.50% year-on-year.

According to the analysis of the Import-Export Tax Division- HCM City Customs Department, only the Excise Tax increased compared with the same period in 2022 due to the soar in the turnover of imported automobiles, and other taxes also saw the reduction such as the export turnover down 51.29% and import turnover down 178.33%.

The revenue in seven months of the year declined VND9,524.5 billion year-on-year due to the decrease in turnover in the year. Specifically, the turnover reached US$68.07 billion, of which the taxable turnover dropped 19.11% to US$21.19 billion.

The revenue from major products reduced such as petroleum products down 3,085,473 tons with taxable turnover of US$2.48 billion, up 23% in volume and 8.3% in value with tax payable of VND10,843.5 billion, down 13.51%.

The revenue from computers, electronic products and components, and revenue from iron and steel products decreased by 37.36% and by 35.84%, respectively year-on-year.

HCM City Customs Department said that the budget revenue in August 2023 is estimated at VND9,005.9 billion. As of August 31, it is estimated at VND82,320 billion, reaching 56.46% of the target, down 12.98% compared to the same period last year.