Tax sector’s revenue estimated at over VND 1.2 million billion

	Pressure increases, the tax sector tries to make up for the shortfall in budget revenue
	Digital transformation in the tax sector

Illustrative photo:

Revenue reached 87.5% of the estimate

The revenue from crude oil is estimated at VND 5,600 billion, meeting 13.3% of the estimate and 118.1% year-on-year. The domestic revenue is estimated at VND145,400 billion, meeting 10.9% of the estimate and 80.1% year-on-year.

In the first ten months, the total revenue is estimated at VND1,201,575 billion, meeting 87.5% of the estimate, meeting 93.1% year-on-year.

The revenue from crude oil is estimated at VND51,366 billion, meeting 122.3% of the estimate and 80.2% year-on-year. The domestic revenue is estimated at VND1,150,209 billion, equal to 86.4% of the estimate and 93.8% year-on-year. The domestic taxes and fees is estimated at VND916,247 billion, equal to 85.7% of the estimate and 96.1% year-on-year.

To support people and businesses to overcome difficulties and expedite economic recovery in 2023, in the first 10 months of the year, the National Assembly and the Government have issued tax exemption, reduction and extension polices with the total amount of exempted or reduced tax and land rent of VND158,145 billion VND.

The General Department of Taxation has requested tax authorities at all levels to expedite the progress of tax refund and promote VAT refund in line with the law.

By the end of October 31, the Tax agency issued 15,025 decisions with the refunded tax amount of VND112,873 billion, meeting 70.5% of the estimate and 91% year-on-year.

As of October 27, the Tax sector conducted 52,596 inspections and audits at taxpayers’ premises, and checked 492,641 tax declarations at the Tax office, equal to 86.9% compared to the same period in 2022.

Accordingly, the total revenue collected through inspection and audit reached VND48,704.97 billion or 95.09% compared with the previous year.

In October 2023, the Tax sector collected about VND4,202 billion of tax debts. In the first ten months is estimated at VND38,812 billion.

By the end of October, the Tax sector collected VND159,452 billion, up 4.1% compared to the end of September 2023, and up 7.9% compared to December 31.

According to the General Department of Taxation, as of October, the proportion of the recoverable tax debt on the total revenue estimate of 2023 is 8.1%.

Closely grasp situation, identify risks and promptly provide solutions

In November as well as in the last two months of the year, the country’s top regulator continues to closely monitor and evaluate the domestic and world economic situation; Analyze and assess the impacts of fiscal and monetary policies implemented by countries on production and business activities of domestic enterprises to properly identify risks and promptly report to the Ministry of Finance and the Government to provide solutions and scenarios for the revenue collection in November and the fourth quarter of 2023; assess the estimated implementation in 2023 and expected revenue collection in 2024 for each locality, area, revenue, and tax.

Effectively implement tax management for foreign suppliers. Accordingly, review and request foreign suppliers that have not yet conducted tax registration, tax declaration, and tax payment on the portal of the General Department of Taxation; coordinate with relevant agencies to complete procedures to upgrade the portal for foreign suppliers to ensure smooth performance.

The Tax sector accelerates the implementation of the 2023 inspection and examination plan, the thematic inspection plan of the General Department of Taxation; closely follow the reporting progress to the Ministry on proposals to adjust the 2023 specialized inspection plan; continue to run the electronic invoice system, speed up the progress of upgrading and perfecting the infrastructure, ensuring smooth operation nationwide.

The Tax sector will review and recognize obstacles in legal policies related to VAT refund in legal documents and report to the Ministry of Finance to submit to competent authorities for review, amendment and supplementation, ensuring the smooth performance and clearly defining the responsibilities of taxpayers and tax officials.