Lao Cai Customs expects to exceed revenue target

	Lao Cai Customs collects VND 502 billion
	Lao Cai: about 500 vehicles are cleared through customs everyday

Import and export activities across Kim Thanh No. II International Land Border Gate, Lao Cai.

Remains the revenue of VND100 billion/month

On August 8, speaking to Customs News, the leader of Technical Division of Lao Cai Customs Department said that the department’s revenue in July remained at more than VND100 billion.

Specifically, in July, Lao Cai Customs Department collected VND110 billion. Although the revenue slightly decreased by 1.4% month-on-month, it was still higher than the average revenue in the first seven months of the year.

The revenue from export tax reached VND36.6 billion, down 11.4% month-on-month to; from import tax at VND14.7 billion, up 10.6% month-on-month and 69.2% year-on-year; from VAT at VND 58.2 billion, up 3.1% month-on-month and 31.2% year-on-year; from other revenues at VND434 million, down 14.6% month-on-month and 41.9% year-om-year.

The figure showed that most of major taxes collected by Lao Cai Customs Department maintained positive growth compared to the same period in 2023.

In the first seven months of the year, Lao Cai Customs Department earned VND713 billion, increasing by 39.2% year-on-year, meeting 69.6% compared to the revenue target assigned by the central Government.

According to Lao Cai Customs Department, determining the revenue collection as a key task, right from the beginning of the year, the department has implemented solutions to complete political task, especially promoting solutions to facilitate trade, and attracting more businesses to carry out procedures in the area.

The import-export turnover of goods processed at Lao Cai Customs Department has seen impressive growth. By the end of July, the department has processed 50,294 declarations, including 21,424 export declarations and 28,870 import declarations.

Total import-export turnover increased by 99.1% to US$1.56 billion compared to the same period in 2023, including the export turnover at US$1.13 billion, up 116.6%; the import turnover at US$424.8 million, up 63.9%.

Exported products mainly are yellow phosphorus, peeled wood, durian, dragon fruit, cassava, banana, lychee, coffee, footwear.... Imported products mainly are vegetables, coke, chemicals, fertilizers, confectionery, machinery and equipment, iron and steel...

The revenue expects to reach over VND1,200 billion

Motivated by 7-month revenue of about 70% of annual target, the department may exceed the assigned revenue target of VND1,050 billion in 2024. This required the department to make great effort to create sustainable revenues associated with effective measures to prevent revenue loss.

If the average revenue of about VND104 billion is maintained as in the first seven months of 2024, Lao Cai Customs Department may earn VND1,248 billion, exceeding the target by about VND198 billion.

In order to complete the revenue target, Lao Cai Customs Department will focuse on implementing well key solution groups such as reviewing businesses implementing import and export activities in Lao Cai to encourage and maintain import and export activities in the area.

To resolve in a timely fashion problems related to customs procedures, tax policies, tax management, tax refund, tax exemption; continue to reform customs procedures and tax procedures, creating maximum conditions for import and export activities.

The department will strengthen monitoring, inspection, and control of declaration of import and export goods in terms of product names, codes, quantity, value, tax rates, etc., ensuring full collection of taxes and fees and other revenues into the state budget.

Regarding solutions to prevent revenue loss, the department will promote post-clearance audit, fighting against smuggling and trade fraud, and inspect and review quantity, value, code, origin... for items with high taxes, large import turnover, and high import frequency.

The department will strengthen risk management through analysis and identification for import and export enterprises in the area, instruct the enterprises to comply with the implementation of regulations on commodity policies and tax policies for import and export goods.