Total State revenue managed by Tax sector is estimated at VND767,415 billion

VCN – The total state revenue in the first five months of 2024 managed by the Tax authority is estimated at VND 767,415 billion, meeting 51.6% of the target and 114.9% year-on-year.
The Tax sector’s revenue collection reached 33% of current appropriation The Tax sector’s revenue collection reached 33% of current appropriation
Tax sector cooperate with Police agency to prevent fraud of tax invoice Tax sector cooperate with Police agency to prevent fraud of tax invoice
Total State revenue managed by Tax sector is estimated at VND767,415 billion
13 of 20 taxes and revenues reach over 50%. Illustrative photo.

On June 5, the General Department of Taxation held a meeting to evaluate task performance and deploying work plans in June chaired by Director General Mai Xuan Thanh.

According to the Director General of Taxation, in the first five years of 2024, in addition to well implementing support packages for businesses, promptly removing difficulties for businesses, creating momentum for businesses and people to quickly restore production and business activities, stable development, promoting economic growth, the Tax sector promotes revenue management, tax inspection and audit, and anti-revenue loss, especially real estate business, financial services and banking activities.

The Tax sector strengthens the anti-revenue loss for cross-border e-commerce, and prevention of illegal trading and using invoices.

In the first five months of 2024, the total state revenue of the Tax sector is estimated at VND122,700 billion, reaching 8.3% of the estimate or 137.2% compared with the same period in 2023.

The revenue from crude oil is estimated at VND5,000 billion, or 10.9% of the estimate, equal to 99.7% compared to the same period in 2023. Domestic revenue is estimated to reach VND117,700 billion, meeting 8.2% of the estimate and 139.4% compared to the same period in the previous year.

The total accumulated state revenue is estimated at VN767,415 billion, meeting 51.6% of the estimate, equal to 114.9% over the same period of the previous year.

Of which, revenue from crude oil is estimated at 24,678 billion VND, equal to 53.6% of the estimate, equal to 94.5% over the same period.

The revenue from crude oil is estimated at VND24,678 billion, equal to 53.6% of the estimate, and 94.5% year-on-year.

According to the country’s top regulator, in the first five months of the year, 13 of 20 revenues and taxes reached over 50%, including some major revenues. The representative of the Tax man said that the domestic revenue in the first five months reached 65.2% of the estimate because 3 of 5 of Corporate Income Tax assessments had been paid by taxpayers, so this revenue reaches 65.2% of the estimate.

Revenue from the State owned enterprises (SOE) is estimated at 50.3%; from FDI enterprises at 57.1%; from the non-state economic sector at 57.1%; from Personal Income Tax at 55%; from lottery activities at 59.3%; from other revenue at 54.6%; from fees for granting rights to exploit mineral resources at 61.5%; ...

23 of 63 localities reach the revenue target over 50%; 40 of 63 localities reach the revenue target less than 50%; 52 of 63 localities see the revenue growth; 11 of 63 localities has lower revenue than the same period last year.

Deploying tax policies to support people and businesses to recover and develop production and business in the first five months of the year, the total amount of tax and land rent which is exempted and reduced is about VND31,840 billion.

The reduced VAT rate under Decree 44/2023 and Decree 94/2023 is estimated at about VND13,600 billion; the reduced environmental protection tax rate under the National Assembly's Resolution is estimated at VND16,454 billion; reduced land rent under Decision No. 25/2023/QD-TTg is about VND1,762 billion.

From the beginning of the year until now, the General Department of Taxation has deployed many solutions to manage budget collection and payment. Accordingly, in the first five months of the year, tax authorities at all levels implemented 11,406 inspections at business headquarters and checked 231,276 tax declaration dossiers at tax authorities, meeting 144% year-on-year. The total amount proposed to be collected through inspection and examination is VND11,608 billion, including the total amount of tax collected through inspection and examination at VND3,504.84 billion; deducted amount at VND504 billion; loss reduction at VND 7,599.8 billion. The total amount of tax paid into the budget reaches VND2,072.93 billion.

Director General of the General Department of Taxation Mai Xuan Thanh requested the entire Tax sector to closely monitor and evaluate the domestic and world economic situation in 2024; analyze and identify the impacts of fiscal and monetary policies implemented by countries on the health of businesses and production and business activities of domestic businesses to identify risks and promptly advise the Ministry of Finance, the Government to provide scenarios and solutions in managing state revenues in 2024.

Closely monitor collection progress, evaluate and analyze the collection situation in each area, revenue and tax; monthly and quarterly forecast revenue in line with actual situation to provide effective solutions.

Review and accurately identify potential revenue sources, areas and types of taxes with revenue loss to promptly propose effective policy and revenue management solutions; recommend to the People's Committee to maintain and strengthen the activities of the Steering Committee on preventing revenue loss and collecting tax arrears, closely coordinate with tax authorities in revenue management, anti-revenue loss, and tax debt collection; timely advise the Ministry of Finance and the Government on revenue collection management, and strive to complete the revenue target in 2024.

By Hoai Anh/Ngoc Loan

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