Ho Chi Minh City: Many State revenue has a low growth rate

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Tax operation at Ho Chi Minh City Tax Department. Photo: T.H

According to Ho Chi Minh Tax Department, in the first five months of 2019, revenue collected from from the Corporate Income Tax increased by 8.58% compared to 2018 and it was the highest revenue in three major revenue earners. However, this is the lowest growth rate in the recent three years because some key enterprises have low payment or no payment.

According to statistics of enterprises with large payment, revenue from the corporate income tax of these enterprises was low. Specifically, according to statistics of 30 major enterprises in each economic sector, there are eight central state-owned enterprises with increased corporate income tax payment compared to 2018. There are five local state-owned enterprises have corporate income tax payment increase compared to 2018; there are 9 FDI enterprises that have paid corporate income tax increase compared to 2019.

Revenue from value added tax increased 7.36% over the same period. This revenue is the lowest growth rate among the three main revenues and the lowest in the recent three years (the first five months of 2018 rose by 15.57% compared to the same period in 2017; the first five months of 2017 increased by 8, 91% compared to the same period in 2016).

Revenue from personal income tax increased 12.89% over the same period, mainly from wages with an increase of 19.94% over the same period, revenue accounted for highest proportion of total personal income tax revenue, accounting for 81.87%.

Although personal income tax has had a growth over the same period, this is the lowest growth rate in the recent three years, if excluding the reduction from real estate, personal income tax increased by 16.68% over the same period.

Total domestic revenue in the first five months of 2019 was VND 116,594 billion, accounting for 40.16% of the estimate for 2019.