Ho Chi Minh City: Revenue from real estate decreased by nearly 80%

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

According to Ho Chi Minh City Tax Department, the total domestic revenue in the first 2 months of the year was VND 50,360 billion, reaching 17.35% of the estimate 2019, increasing by 5.15% compared to the same period in 2018.

In particular, many tax revenues have increased, such as: Value Added Tax increased by 11.09% over the same period, this is the highest growth rate in the last 2 years (the first 2 months of 2018 increased by 9.02% compared to 2017, the first 2 months of 2017 increased by 7.41% compared to the same period in 2016). The growth mainly stems from the high increase in revenue of central state-owned enterprises, local state-owned enterprises and the non-state industrial and service sectors (increased over 13% over the same period).

Revenue from Corporate Income Tax increased by 12.61% over the same period in 2018. Mainly due to the revenue from local state-owned enterprises, the Foreign direct investment sector and the non-state industrial and service sectors increased over the same period (respectively increased by 54.57%, 20.25% and 14.81%).

Revenues are mainly from the growth of finance and banking sector, such as HSBC Bank (in Vietnam) increased by 66.72%, Asia Commercial Joint Stock Bank increased by VND 152 billion, Orient Commercial Bank increased by 19.71%, Saigon Thuong Tin Commercial Bank increased by VND 30 billion (contributed VND 55 million in the first 2 months of 2018), An Binh Commercial Joint Stock Bank payment increased by 39.60%.

Revenue from Special Consumption Tax in the first 2 months of 2019 increased by 31.72% over the same period. In which, revenues from local state-owned enterprises, FDI enterprises and non-state industrial and service sectors all increased by 33% over the same period.

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Revenue from Personal Income Tax increased by 30.96% over the same period, of which most Personal Income Tax revenue from different sources increased significantly, particularly revenue from salary increased by 40.98% over the same period.

Some sectors that have sharp increases in Personal Income Tax revenue from salary, such as the banking sector increased by 144.4%, real estate sector increased by 92.53%, telecommunication increased 257.5%, education increased by 34.8%, health increased 55.12%. Particularly, Personal Income Tax revenue from salary of officials in the State management and administrative sector also increased by nearly 20% due to the pilot implementation of Resolution 54/2017/QH14.

Besides, some revenues decreased over the same period, such as: from land use fees reduced by 76.06%; from land rent and water surface rent reduced by 75.83%.