HCM Customs strives to achieve high revenue target in 2024

VCN – The volume of imports and exports cleared across HCM City Port in the first month of the year has improved, helping state revenue increase. HCM City Customs Department expects to achieve high revenue in 2024.
HCM Customs controls imports and exports across seaports HCM Customs controls imports and exports across seaports
HCM Customs Department implements action plans to combat fraud for transit goods HCM Customs Department implements action plans to combat fraud for transit goods
HCM Customs strives to achieve high revenue target in 2024
Officers of Zone 1st Sai Gon Seaport Customs Branch process procedures for imports and exports. Photo: T.H

Revenues from many import and export items surge

As recorded by Customs News, the volume of imports and exports across major seaports in HCM City in the first month of 2024 has improved compared to previous times, especially export goods.

According to HCM City Customs Department, total import and export turnover in January gained US$11.15 billion. Ofwhich, the taxable import-export turnover increased by 1.45% compared with December 2023 to US$ 3.25 billion. Notably, the taxable export turnover rose 31.32% to US$26.25; and taxable import turnover grew 1.24% to US$ 3.22 billion month-on-month.

According to the leader of Import and Export Duty Department, because the previous year’s Lunar New Year fell in January, so the value of imports and exports surged compared to the same period in 2023. The import and export turnover increased by 41.5% (or VND US$ 3.27 billion). Ofwhich, export turnover grow 56% to US$ 5.43 billion, and import turnover rose 30.1% to US$5.72 billion.

HCM City Customs Department estimates the revenue in February to reach VND5,535.8 billion. As of February 29, cumulative state revenue from the begining of the year is estiamted at VND15,500 billion, meeting 11.85% of the target. However, the revenue still decreases by 25.43% or VND5,286.9 billion.

According to HCM City Customs Department, the department’s revenue reached VND9,964.2 billion, an increase of VND 1,090.4 billion year-on-year due to the impact of increased turnover.

The major items that increased revenue include imported plastic materials of 157,568 tons, taxable turnover of US$188.8 million, up 119.5% in volume, down 89.1% in value, and the amount of tax receivable of VND472.9 billion, up 93.15% year-on-year;Imported computers, electronic products and components of US$ 168.4 million, up 47.2% in value, with the amount of tax receivable of VND430.8 billion, up 50.14%; imported irons and steels of 383,713 tons, taxable turnover of US$231.4 million, up 216.4% in volume and up 189.7% in value, the amount of tax receivable of VND566.2 billion, an increase of 194% compared to the same period in 2023.

According to HCM City Customs Department, the revenue in January rose 8.84% compared to Decemeber 2023. Deputy Head of Import and Export Duty Division, Truong Thanh Xuan said that the increase in state revenue in January was mainly due to the surge in turnover of taxable items compared to the previous month, equivalent to an absolute increase of US$0.05 billion. Notably, the volume of imported CBU cars reached 4,530 cars, with a taxable turnover of US$82.3 million, down 39.9% in volume, down 52.4% in value; and the revenue increased by 22.4% to VND1,388.4 compared to the previous month.

The revenue of some other import items that have an impact on reducing the department’s revenue such as: imported petroleum products at 349,611 tons, taxable turnover of US$278.5 million, down 10% in volume and 9. 5% in value, the amount of tax receivable at VND1,154 billion, down 6.48% (or VND80 billion); machinery, equipment, tools, and spare parts with a taxable turnover of US$405.4 million, down 12.4% in value; the amount of tax receivable at VND949.6 billion, down 13.18% (or VND144.1 million) compared to the previous month.

Focus on solutions for revenue collection

The increase in the state revenue in the first month of the year is the basis for Ho Chi Minh City Customs Department to strive to achieve high revenue target in 2024.

Although import and export turnover prospered in the first month of 2024, there are still many factors affecting import-export activities of businesses and the department’s revenue.

To gain the revenue target of VND130,800 billion, HCM City Customs Department focues on implementing solutions as follows:

The department will strengthen supevision, synthesis, analysis, evaluation and forecast of revenue collection.

The department will regularly analyze data and evaluate factors affecting state revenue, such as: the impact of the world economy, tax policies on items that account for a large proportion of revenue, and results of implementing guiding documents of the Government, Ministry of Finance, and General Department of Vietnam Customs to develop the State revenue estimates for 2024.

The department will strengthen the handling of tax debt, well implement the motto “reducing VND1 in tax debt is increasing VND1 in the state revenue for economic recovery and development”; strive to achieve high results in tax debt management in 2024, prevent bad debt in 2024 to be higher than those in 2023 without a legitimate reason.

In implementing tax policy, the department will promote inspection, review, and implement comprehensively tax policies for exported and imported goods, especially tax exemption, tax reduction, tax refund, and no tax collection, handling taxes, late payment interest, and overpayment fines at tax branches. It will promptly research and propose to handle arising problems, ensuring the implementation of tax policies in accordance with regulations and consistency throughout the Department.

The Department proactively prevents revenue loss through advance rulings. In the first month of 2024, the Department conducted advance rulings for 2,008 declarations, of which accepted the declared value for 1,239 declarations, rejected the declared value for 769 declarations, reaching 38. 30% of the total declaration undergone advance rulings, contributing to increasing state revenue by over VND10.3 billion.

The entire department regularly inspects codes, names, tax rates of goods on VNACCS/VCIS, V5, MHS, GTT... systems to promptly detect and handle fraud and incorrect declaration of goods code, name, origin ...to enjoy lower tax rate or special preferential tax rates. The department will focus on checking items on the list of imports and exports that have risks in terms of classification and application of tax rates, and check HS codes to rectify and collect tax arrears.

By Le Thu/Ngoc Loan

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