Ho Chi Minh City: Domestic revenue highly increased thanks to good production and business

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Enterprises make tax finalization at Ho Chi Minh Tax department. Photo: T.H

Many enterprises have big tax payable

According to Ho Chi Minh City Tax Department, the revenue from production and business in Ho Chi Minh City in the first 8 months of 2018 was VND 98,079 billion, reaching 59.55% of the estimate, a year- on- year increase of 14.80%, accounting for 60.96% of the domestic revenue from crude oil.

The analysis from Ho Chi Minh City Tax department has shown that the revenue from the production and business sector achieved good growth. In the first 3 months the revenue from this sector only increased by 9.12%, in the first 6 months the revenue increased by 12%. In the first 8 months increased by 14.8%.

Revenue from the State sector in the first 8 months was VND 16,285 billion, a year-on-year increase of 14.33%. Of which, revenue from the central State-owned enterprises was VND 11,387 billion, a year-on-year increase of 12.49%.

The revenue from Corporate Income Tax is the highest increase in this sector, a year-on year increase of 42.29%. This was because the revenue from the Corporate Income Tax of Saigon Beer-Alcohol-Beverage Joint Stock Corporation in the first 8 months was VND 564 billion (accounting for 22.69% of total CIT revenue of the central State-owned enterprises).

Revenue from local State-owned enterprises was VND 4,898 billion, reaching 64.45% compared to the estimate, a year-on-year increase of 18.83%.

In which, revenue from the Special Consumption Tax highly increased by 64.94%, due to the redetermination of the chapter of the State budget catalog, so that the Vina-Bat Joint Venture Co, Ltd., transferred from a foreign invested enterprise to a local State-owned enterprise (revenue from Special Consumption Tax of this company accounted for 51.06% of total SCT revenue of local State-owned enterprises).

In addition, the revenue from Value Added Tax has the highest increase from the foreign invested enterprise sector, and also the highest increase compared to the same period in 2107 among 4 economic sectors. Typically, Heineken Vietnam Brewery Limited Company contributed VND 1,828 billion (increasing by 44.39%); Cuu Long Joint Operating Company contributed VND 1,356 billion (increasing by 129.35%); Hoang Long Company contributed VND 538 billion (increasing by 42.43%); Mercedes-Benz Vietnam Limited Company contributed VND 398 billion (increasing by 76.74%) and branch of Vietnam Oil and Gas Group contributed VND 394 billion (increasing by 33.43%).

Domestic revenue increased over 16%

According to Ho Chi Minh City, until the end of August, total domestic revenue was VND 176,644 billion, reaching 65.72% of the estimate for 2018, a year-on-year increase of 16.06%.

Besides, the revenue from crude oil was significant. Until August of 2018, revenue from crude oil exceeded 25% of the plan, reaching VND 15,744 billion, a year-on-year increase of 43.39%.

Some revenues increased over the same period: from personal income tax up 21.31%; from non-agricultural land use tax up by 70.87%; from rental fee of land and water surface up by 3.51%; from State-owned sales up 18.18%; from environmental protection tax up by 11.12%; from fees and charges up by 16.26% and other revenues up 96.90%.

Corporate income tax increased by 15.84% over the same period last year, mainly due to the increase of centrally state-owned enterprises, and the non-state industry and trade sector increased 42.29% and 37.26% respectively.

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Revenues from these two sectors accounted for 59.21% of the total corporate income tax revenue, of which the growth of financial-banking enterprises was the majority. Typically, such as: Vietnam Thinh Vuong Financial Limited Company increased 36.13%; Asia Commercial Joint Stock Bank increased 153.99%; HCMC Development Bank increased 128.05%; Ho Chi Minh City Securities Corporation increased 154.53%; Sai Gon Securities Incorporation increased 206.81% ...

According to the Director of HCM City Tax Department Tran Ngoc Tam, in order to complete the budget revenue target in 2018 of VND 265.210 billion, in the last months of the year, the unit is continuing to deploy solutions to support and facilitate taxpayers, at the same time, stepping up the inspection and examination and collection of tax debts.