State budget revenue in six months of 2021: many tax departments report impressive results
HCM City’s State budget revenue enjoys year-on-year rise of 22.8 percent | |
State budget revenue up in first two months | |
State budget revenue in 2020 is higher than forecast |
The Customs branch in Bac Giang guides enterprises procedures for tax payment extension. Photo: Dong Thuy/VNA |
Many key taxes soar
Tax revenue in the first months of the year grew well due to the repercussion of the budget revenue in 2020, but since the second quarter, the tax sector has given forecasts on difficulties in this work. However, a report on tax collection in the first half of the year shows some tax department recorded good results thanks to due to increase in key taxes.
Bac Giang is one of the provinces most affected by the pandemic, but budget revenue managed by Bac Giang Tax Department is estimated at VND6,470 billion, or 85% of the estimate, up 58% year-on-year due to good growth in some taxes. Of which revenue from land use right rose 65% year-on-year mainly due to the busy real estate market at the end of 2020 and early 2021; revenue from State enterprises also hit 59% of the estimate thanks to their timely response with difficulties and quick recovery of business and production; and revenue from FDI enterprises achieved 69% of the estimate as the tax agency enhanced inspection, especially inspection for firms engaged in related-party transactions.
Another unit reporting high revenue in the first six months of the year was Hung Yen Tax Department. The department collected VND7,570 billion, equal to 74% of the estimate and up 53% year-on-year. Of which, 13 of 15 revenues and taxes grew year-on-year. Revenue from non-State enterprises reached VND2,060 billion; revenue from foreign-invested firms reached VND1,028 billion; revenue from the central state-owned enterprises reached 57.22% of the estimate and increased by 15.56% over the same period.
In addition, revenue of Ninh Binh Tax Department in the first six months of 2021 hit 58.9% of the estimate, a year-on-year rise of 17%. 11 of 15 revenues reached 50% or more of the estimates. According to this unit, the Covid-19 pandemic has greatly affected the production and business activities of businesses and people. Many businesses face difficulties from input materials to production, sales, labour, services, suppliers, export and import activities, etc. Some businesses with large payment and commerce, service, and tourism were the most seriously affected, many restaurants and hotels had to close or suspend operations, greatly affecting State budget revenue in 2021.
Strengthening support for businesses and people to overcome difficulties
State budget collection of the tax sector in the last six months of the year will certainly be difficult when the Covid-19 pandemic is still complex. The tax sector has foreseen this and introduced measures to fulfill the task. In the immediate future, tax departments should concentrate highly at this time to realise Decree No. 52/2021 of the Government on extending the payment deadline for tax and land rent.
For Bac Giang Tax Department, budget collection in the coming time is very heavy. To do this end, Bac Giang Tax Department affirmed it will focus on synchronously implementing tasks and solutions in tax management, especially improving the quality of forecast analysis, review and developing budget revenue scenarios in the last months of 2021 in accordance with the pandemic situation.
To fulfill its assigned budget collection task, Ninh Binh Tax Department will also focus on reviewing and classifying debts, closely monitoring debts to promptly pay the State budget; enhance the fight against budget revenue losses and inspection for firms with high tax risks and enterprises engaged in related-party transaction with signs of transfer pricing; carry out projects on strengthening management and preventing tax loss in the fields of capital construction, mining of mineral resources, business of restaurants, hotels, and homestays in the province.
State budget revenue and expenditure structure has been adjusted towards a sustainable direction VCN - Talking to Customs News, Tran Quang Chieu, Standing Member of the Finance and Budget Committee ... |
Besides, Ninh Binh Tax Department will work with authorities to strengthen support for businesses and people to overcome difficulties and restore production and business. One of the specific tasks the Tax Department will focus on is to support businesses in effectively implementing Decree 52/2021 of the Government on extending the payment deadline for tax and land rent in 2021.
Related News
State-owned enterprises flourished
14:15 | 19/04/2024 Finance
It is expected that there are higher orders and revenue in the second quarter from European businesses
09:31 | 23/04/2024 Import-Export
Ho Chi Minh City Customs: Rapidly handling more than 1,600 billion VND in bad debts
16:24 | 17/04/2024 Customs
Lao Cai Customs’ revenue increases by 30.5% to over VND200 billion
10:04 | 08/04/2024 Customs
Latest News
Corporate bond maturity in 2024 remains high: MoF
13:51 | 23/04/2024 Finance
Support clearance procedures for imported gold for bidding
09:33 | 23/04/2024 Finance
The exchange rate will gradually cool down from the end of the second quarter of 2024, while interest rates will remain low
09:32 | 23/04/2024 Finance
Majority of credit institutions forecast profit growth in 2024
15:16 | 22/04/2024 Finance
More News
Central bank plans to auction gold bars on April 22
18:00 | 21/04/2024 Finance
Old loans must endure higher interest rates temporarily: central bank
15:44 | 19/04/2024 Finance
Forum discusses support for women-owned firms to join supply chains
17:41 | 18/04/2024 Finance
Ensure savings and prevent losses in disbursement of public investment
10:24 | 18/04/2024 Finance
Implementing unprecedented fiscal policies to actively support people and businesses
16:25 | 17/04/2024 Finance
Foreign investors net sell in Vietnamese market, banking sector attracts interest
16:13 | 17/04/2024 Finance
Banks record positive business indicators in Q1 2024
14:20 | 16/04/2024 Finance
The finance sector focuses on perfecting institutions, ensuring financial discipline, and budgetary rigor
10:00 | 16/04/2024 Finance
IASB recommends Vietnam prepare infrastructure to apply IFRS
09:57 | 16/04/2024 Finance
Your care
Corporate bond maturity in 2024 remains high: MoF
13:51 | 23/04/2024 Finance
Support clearance procedures for imported gold for bidding
09:33 | 23/04/2024 Finance
The exchange rate will gradually cool down from the end of the second quarter of 2024, while interest rates will remain low
09:32 | 23/04/2024 Finance
Majority of credit institutions forecast profit growth in 2024
15:16 | 22/04/2024 Finance
Central bank plans to auction gold bars on April 22
18:00 | 21/04/2024 Finance