Impressive growth in budget revenue

VCN - The Government's support policies have been working well; businesses have accelerated their production and business activities, so the tax revenue has achieved positive results.
State budget revenue in 2021 reaches the finish line a month early State budget revenue in 2021 reaches the finish line a month early
Budget collection while preventing of budget revenue loss Budget collection while preventing of budget revenue loss
Reform tax system, ensure a sustainable budget revenue structure Reform tax system, ensure a sustainable budget revenue structure
Impressive growth in budget revenue
Tax revenue achieved positive results

Budget revenue in the first quarter reached 33.1% of the estimate

In the first quarter, as the pandemic was controlled and the economy recovered, the tax revenue was positive.

According to a report by the General Department of Taxation, by the end of March, the total State budget revenue managed by the tax agency was estimated at VND389,320 billion, equaling 33.1% of the ordinance estimate and 105.3% over the same period last year.

Some tax revenues and taxes have achieved good progress, such as personal income tax collection reached 43.3%; the state-owned enterprise sector was estimated at 27.5%; foreign-invested enterprise sector was estimated at 30%; the industry, commerce and non-state service sector was estimated at 34%.

Compared with the same period last year, 11 out of 19 revenues and taxes saw growth. Specifically, personal income tax was estimated to increase by 20.6%; environmental protection tax was estimated to increase by 7.1%; registration fees estimated to increase by 5.1%; fees were estimated to increase by 4.2%; collection of land rent was estimated to increase by 26.9%; and land use levy was estimated to increase by 21%.

According to the General Department of Taxation, the number of newly established and enterprises returning to operation in the first quarter increased by 36.7% over the same period last year. Accordingly, on average, there were 20,000 enterprises that were newly established and returned to operation per month.

Notably, thanks to the control over the pandemic, the service sector in the first quarter prospered. Some service industries have contributed a large proportion of the total added value in the first quarter, including financial, banking, and insurance activities increased by 9.75% over the same period last year; transportation, warehousing increased by 7.06%; and wholesale and retail increased by 2.98%.

Focus on inspection and examination of the real estate sector

In addition to enterprises promoting production and business activities and making great contributions to the budget, the above revenue was also due to the tax sector's synchronous implementation of management solutions, especially in inspection and examination.

The latest statistics showed that, as of March 14, 2022, the whole Tax sector carried out 4,890 inspections at the taxpayer's headquarters and checked 90,503 tax declaration dossiers at the tax office, achieving 113.32% over the same period in 2021.

The total amount proposed to be handled through inspection and examination was VND4,255 billion, of which the increased tax collected through inspection and examination was VND1,050.2 billion; the deduction amount was VND237.8 billion; and loss reduction was VND2,967.1 billion.

It is worth mentioning that since the beginning of the year, the tax sector has increased tax inspection and examination activities in a number of key areas. For example, in the field of real estate, Ly Thi Hoai Huong, Deputy Director of Tax Administration Department for small and medium enterprises, business households and individuals, said that the management of real estate transfer was currently facing many difficulties because it involved many laws and agencies.

Along with that, the people's sense of self-discipline to fulfill their tax obligations has not been high. Tax authorities are also facing many difficulties. According to the tax law, if a taxpayer declares and pays tax not in accordance with the actual transfer price, the tax authority has the right to impose tax. Meanwhile, the tax office does not have an investigating function, so it is difficult to collect information as a basis for tax assessment.

Therefore, the General Department of Taxation has directed the local tax authorities to build thematic inspections of subjects and inspection of official duties in the field of notarization and tax administration for real estate transfer activities at tax offices.

Compare tax returns to check the accuracy and completeness of the information provided by taxpayers, identify cases of understatement of revenue, false declaration of the selling price or inappropriate selling price. On that basis, identify high-risk tax cases to request taxpayers to explain and supplement information according to the provisions of the Law on Tax Administration.

In the future, tax authorities will coordinate with relevant agencies in tax administration for business activities and real estate transfer; propose the People's Committees of provinces and cities to develop a project to prevent loss of revenue for real estate transfer activities; and actively coordinate with relevant State management agencies to advise and report to the People's Committees of provinces and cities to build a land price list that is close to the common land price in the market.

In particular, tax offices at all levels will actively coordinate with the Department of Justice to direct notarial practice organizations in the area to propagate and guide people to correctly declare the actual purchase and sale prices in real estate transfer transactions; collect information, review the database to determine revenue, and urge tax declaration and payment according to regulations; and strictly handle organizations and individuals that commit violations, thereby gradually improving the efficiency of tax administration for real estate sales and transfers.

By Thuy Linh/ Ha Thanh

Related News

Striving for revenue to rise by over 15% compared to assigned estimate

Striving for revenue to rise by over 15% compared to assigned estimate

VCN – At meeting on summarizing in financial budget October and deploying work program in November held by the Ministry of Finance on November 11, Deputy Minister of Finance Cao Anh Tuan requested to speed ​​up review budget work and quickly remove financial institutional bottlenecks.
Budget revenue is about to be completed for the whole year estimate

Budget revenue is about to be completed for the whole year estimate

VCN - After 10 months of 2024, the budget collection progress has almost completed the assigned estimate for the whole year. From now until the end of the year, the entire Finance sector is striving to achieve the revenue exceeding the set target.
Revising policies to adapt to two-way impact of FTAs

Revising policies to adapt to two-way impact of FTAs

VCN - One of the most obvious positive impacts of Free Trade Agreements (FTAs) is to promote export growth, thereby contributing to increasing state budget revenue. However, the implementation of FTAs ​​also has a negative impact on state budget revenue under commitments on tariff reduction and elimination.
Budget revenue in 2024 is estimated to exceed the estimate by 10.1%

Budget revenue in 2024 is estimated to exceed the estimate by 10.1%

VCN -The Government estimates that state budget revenue in 2024 will exceed VND 172.3 trillion, up 10.1% over the estimate, of which tax and fee revenue will reach 13.1% of GDP.

Latest News

Fed’s foreseen rate cuts affect foreign exchange rate

Fed’s foreseen rate cuts affect foreign exchange rate

After the Fed’s move, the US dollar index (DXY) on December 19 hit nearly 108, the highest level in the past year.
Untying the knot for green finance

Untying the knot for green finance

VCN - Green finance is a crucial resource for greening businesses. Completing the policy framework for green finance is urgently needed to unlock this capital flow.
Ensuring efficiency and transparency in use and management of houses and land at State enterprises

Ensuring efficiency and transparency in use and management of houses and land at State enterprises

VCN - According to the Ministry of Finance, the issuance of Directive on strengthening management, improving the efficiency of use and handling of houses and land at State-owned enterprises to ensure the effective management, use and handling of houses and land for the right purposes, and to avoid loss and waste.
Vietnam

Vietnam's stock market to develop strongly and sustainably

VCN - This was emphasized by Minister of Finance Nguyen Van Thang at the Conference to review the work of 2024 and deploy the work of 2025 of the State Securities Commission (SSC) held on the afternoon of December 18.

More News

Tax sector achieves revenue target of about VND1.7 million billion

Tax sector achieves revenue target of about VND1.7 million billion

VCN – Motivated by the revenue collection by the end of December 2024, the General Department of Taxation has accomplished the revenue collection.
General inventory of public assets raises efficiency of use and management of country

General inventory of public assets raises efficiency of use and management of country's resources

VCN – The implementation of the General Inventory Project by the Ministry of Finance, ministries, central and local agencies has ensured progress according to Project 213 and the plan issued by the Ministry of Finance. This is the information provided by a representative of the Department of Public Asset Management (Ministry of Finance) at the press conference on the implementation of the General Inventory Project of public assets organized by the Ministry of Finance on the afternoon of December 18.
Publicizes progress of public investment disbursement for important national projects

Publicizes progress of public investment disbursement for important national projects

VCN – Important national projects, inter-regional transport projects, riverbank and coastal erosion treatment projects all have disbursement rates lower than the estimated average disbursement rate of the whole country, the Ministry of Finance said.
Six SOEs to be transferred back to industry ministry

Six SOEs to be transferred back to industry ministry

Six State–owned enterprises (SOEs) with a total State stake of 800 trillion VND (31.5 billion USD) will be transferred back to the Ministry of Industry and Trade (MoIT) after six years under the management of the Commission for the Management of State Capital at Enterprises (CMSC).
PM urges stronger measures to manage interest rates

PM urges stronger measures to manage interest rates

Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam (SBV) to proactively, flexibly, promptly, and effectively manage the monetary policy in combination with the expansionary fiscal policy and others.
Six SOEs to be transferred back to industry ministry

Six SOEs to be transferred back to industry ministry

Six State–owned enterprises (SOEs) with a total State stake of 800 trillion VND (31.5 billion USD) will be transferred back to the Ministry of Industry and Trade (MoIT) after six years under the management of the Commission for the Management of State Capital at Enterprises (CMSC).
Vietnamese products: Conquering foreign customers in supermarket systems

Vietnamese products: Conquering foreign customers in supermarket systems

VCN - According to the Ministry of Industry and Trade, the proportion of Vietnamese goods in distribution channels currently reaches more than 80% in supermarkets and 60% or more in traditional retail channels. For many retailers, Vietnamese goods have become a growth driver as they not only do business successfully in the domestic market but also export.
Answering many questions from businesses at dialogue conference on tax and customs policies

Answering many questions from businesses at dialogue conference on tax and customs policies

VCN - Many opinions and recommendations related to tax and customs issues were raised by the business community at the dialogue on tax and customs policies and administrative procedures in 2024, organized by the Ministry of Finance.Representatives of the Ministry of Finance, the General Department of Taxation, and the General Department of Customs provided specific responses, and affirmed that they will continue to research and advise on the assessment, review, and amendment and supplementation of appropriate regulations.
Enterprises face difficulties in tax refunds due to partners closing

Enterprises face difficulties in tax refunds due to partners closing

VCN - On December 13, at a dialogue conference on tax and customs policies and administrative procedures organized by the Ministry of Finance in coordination with the Vietnam Chamber of Commerce and Industry (VCCI), enterprises proposed solutions to many problems related to tax policies such as VAT refunds, tax declaration procedures, electronic invoices, etc.
Read More

Your care

Latest Most read
Fed’s foreseen rate cuts affect foreign exchange rate

Fed’s foreseen rate cuts affect foreign exchange rate

After the Fed’s move, the US dollar index (DXY) on December 19 hit nearly 108, the highest level in the past year.
Untying the knot for green finance

Untying the knot for green finance

VCN - Green finance is a crucial resource for greening businesses. Completing the policy framework for green finance is urgently needed to unlock this capital flow.
Ensuring efficiency and transparency in use and management of houses and land at State enterprises

Ensuring efficiency and transparency in use and management of houses and land at State enterprises

VCN - According to the Ministry of Finance, the issuance of Directive on strengthening management, improving the efficiency of use and handling of houses and land at State-owned enterprises to ensure the effective management, use and handling of houses an
Vietnam

Vietnam's stock market to develop strongly and sustainably

VCN - This was emphasized by Minister of Finance Nguyen Van Thang at the Conference to review the work of 2024 and deploy the work of 2025 of the State Securities Commission (SSC) held on the afternoon of December 18.
Tax sector achieves revenue target of about VND1.7 million billion

Tax sector achieves revenue target of about VND1.7 million billion

VCN - With the determination to accomplish the revenue collection to create resources for economic development under the Prime Minister's direction, the entire Tax sector has made efforts to perform the revenue collection in the last days of 2024.
Mobile Version