VND274 trillion should be collected, the tax industry "reviews" 561 big corporations and companies

VCN - The task of revenue collection of the tax sector in the last two months of the year isdifficult in the context of the Covid-19 pandemic, natural disasters, storms and floods causing great loss of life and property in the central provinces.
Tax sector intensively reduces land rent tax in 2020 Tax sector intensively reduces land rent tax in 2020
By the end of third quarter, tax sector revenue reaches more than 66% of estimate By the end of third quarter, tax sector revenue reaches more than 66% of estimate
Persistent difficulties in the collection of taxes of the tax industry Persistent difficulties in the collection of taxes of the tax industry
2859-2151-dsc-0212
By the end of ten months, the total budget revenue managed by the tax agency is VND979,724 billion. Photo by Thuy Linh.

Budget revenue has positive changes

According to the latest report of the General Department of Taxation, the total budget revenue in October managed by the tax agency is estimated at VND135,511 billion, or 10.8% of the estimates. By the end of October, the total budget revenue managed by the tax authority reaches VND979,724 billion (equal to 78.1% of the estimate, as much as 93.9% compared to the same period in 2019), of which, revenue from crude oil as 83.8% of the estimate; domestic tax revenue was estimated at 77.9% of the estimate and equal to 95.4% over the same period in 2019.

According to the General Department of Taxation, the budget revenue in recent months has been changing positively because Vietnam has controlled the Covid-19 pandemic, while sectors of the economy are entering a state of operation under new normal conditions.

In addition to the positive signs of the economy, to achieve the above results, the tax agency has also deployed synchronous collection solutions. Specifically, as of October 15, the taxation branch has carried out more than 56,800 inspections and checks at the corporate’s headquarters and checked 494,400 tax declaration dossiers at tax offices. The total amount proposed to be handled through inspection and examination is VND49.4 trillion (equal to 118.97% compared to the same period in 2019). The total tax paid to the budget is VND7.6 trillion.

Particularly, for enterprises with associated transaction activities, the whole taxation branch has examined and verified 263 enterprises with associated transaction activities; retrospective collection, reimbursement and fines of VND525 billion; reduced losses VND9,042 billion; deducting VND4.74 billion dong and increasing taxable income of VND4,190 billion.

Along with promoting inspection of enterprises showing signs of risk, in the first months of the year, tax authorities at all levels have stepped up the implementation of measures to urge debt collection. It is estimated that in ten months, it has recovered VND22,713 billion, up 6.6% over the same period in 2019, of which, the collection by debt management measures was VND15,615 billion; revenue by debt enforcement is VND7,098 billion.

Speeding ​​up inspection and examination

According to the General Department of Taxation, in the last two months of the year, the taxation branch has to collect VND274,576 billion, or 21.9% of the estimate. This is a very difficult task in the context of of the Covid-19 pandemic, natural disasters, storms and floods which are causing great damage to people and property in the central provinces.

In order to strive to fulfill the budget collection task, the General Department of Taxation is asking provincial tax departments to review each revenue, tax, and estimated total budget revenue in 2020 to find suitable solutions to direct and administer collection.

The General Department of Taxation assigns the Tax Administration Department of large enterprises to collect information and data on the assessment of the state budget collection in November 2020 of 561 groups, corporations, companies and units; organize the urging of State budget revenues, especially a number of central budget revenues, to ensure the completion of assigned tasks.

Reducing tax arrears, the General Department of Taxation also requested the Debt Management and Tax Enforcement Department to continue to deploy missions to urge debt collection from localities with large debts; inspect the implementation of debt freezing and write-off according to the Resolution No. 94/2019/QH14 of the National Assembly; urgingthe value-added tax and special consumption tax amount of the tax period of May 2020 to be extended according to Decree 41/2020 / ND-CP, Decree 109/2020 / ND-CP, to be paid promptly to the budget.

Particularly for enterprises with large tax debts, the General Department of Taxation requires the tax department to assign specific tasks to each officer, and at the same time disclose information on mass media for enterprises intentionally avoiding tax debt. The Tax Department strives to reduce total tax debt by the end of 2020 compared to December 31, 2019.

As for inspection and examination, the General Department of Taxation is asking tax authorities to speed up inspection and examination, especially at enterprises that are in the process of inspection. The tax departments are directed to continue implementing the conclusions and recommendations of the Government Inspector and the State Audit, the Central Inspection Committee, the Inspector of the Ministry of Finance; urging these revenues to the budgetpromptly.

Along with strengthening budget collection measures, the General Department of Taxation continues to implement measures to reform tax procedures, thereby improving the business environment and national competitiveness; continuing to instruct tax departments to deploy electronic payments for income from property leasing.

Tax authorities at all levels will continue to deploy information technology in response to the Prime Minister's direction on tax reforms and building an e-government to ensure and support the stable and smooth operation of the system, thereby simplifying administrative procedures and reducing the number of tax compliance hours.

By ThuyLinh/ Quynh Lan

Related News

Ensure harmony of interests of “3 parties” when applying 5% VAT on fertilizers

Ensure harmony of interests of “3 parties” when applying 5% VAT on fertilizers

VCN - In the short term, applying 5% VAT on fertilizers may increase selling prices, but in the long term, farmers will benefit from this policy. When the fertilizer manufacture is deducted input tax, it will help reduce investment cost and production cost.
Khanh Hoa Customs reaches revenue target 1 quarter early

Khanh Hoa Customs reaches revenue target 1 quarter early

VCN - Many key import items increased sharply, along with efforts in trade facilitation, tax debt collection, so in just 9 months of 2024, Khanh Hoa Customs Department completed the state budget revenue target.
3 items have a big impact on the budget revenue of Ho Chi Minh City Customs

3 items have a big impact on the budget revenue of Ho Chi Minh City Customs

VCN - Automobiles, petroleum, and steel are three items that account for nearly 35% of the total state budget revenue of Ho Chi Minh City Customs Department. Therefore, fluctuations in these revenue sources will greatly impact the state budget revenue of the entire Department.
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

M&A activities show signs of recovery

M&A activities show signs of recovery

Mergers and acquisitions (M&A) activities in Vietnam have been showing signs of recovery in recent months as several large companies announced finished deals, which may create a ripple effect in the M&A market.
Fiscal policy needs to return to normal state in new period

Fiscal policy needs to return to normal state in new period

VCN - To recover the economy during and after the Covid-19 pandemic, fiscal policy has been flexibly and promptly managed, becoming a solid foundation to help businesses and the economy gradually overcome difficulties. After nearly 5 years, although there are still difficulties, the economy is gradually returning to a high growth trajectory. In that context, it is necessary to let fiscal policy return to normal state.
Ensuring national public debt safety in 2024

Ensuring national public debt safety in 2024

VCN - Since the beginning of the year, public debt management has been conducted proactively and effectively, meeting the need of raising capital for development investment. At the same time, debt indicators by the end of 2024 are guaranteed within the ceiling and safety threshold approved by the National Assembly, ensuring national financial security, increasing proactive response to risks arising from external and internal causes of the economy.
Removing many bottlenecks in regular spending to purchase assets and equipment

Removing many bottlenecks in regular spending to purchase assets and equipment

VCN - Decree No. 138/2024/ND-CP, which has just been issued, is expected to contribute to resolving bottlenecks in allocating funds for purchasing assets and equipment; renovating, upgrading, expanding, and constructing new construction items in projects that have been invested in and constructed in the past.

More News

Continue to handle cross-ownership in banks

Continue to handle cross-ownership in banks

VCN - The situation of excess share ownership, cross-ownership between credit institutions (CIs), CIs and enterprises, although has decreased significantly compared to previous periods, is still complicated and requires continued inspection and control.
Striving for average CPI not to exceed 4%

Striving for average CPI not to exceed 4%

VCN - According to the report of the Ministry of Finance, there are still some factors that put pressure on price levels in the remaining months of 2024, so the Ministry has updated 2 scenarios of average inflation in 2024 increasing in the range of 3.7-3.92%.
Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

VCN - Discussing in groups about the project "1 law amending 7 laws" in the financial sector according to the program of the 8th Session on October 29, 2024, National Assembly delegates proposed that the Government should be assigned to make specific regulations on decentralization, granting the right to exempt and reduce taxes, and handling penalties for late payment of taxes...
Removing difficulties in public investment disbursement

Removing difficulties in public investment disbursement

VCN - According to the report of the Investment Department (Ministry of Finance), the estimated disbursement from the beginning of the year to October 31, 2024 is VND 355,616.1 billion, reaching 47.43% of the 2024 plan, reaching 52.29% of the plan assigned by the Prime Minister.
State-owned commercial banking sector performs optimistic growth, but more capital in need

State-owned commercial banking sector performs optimistic growth, but more capital in need

VCN - According to the report sent to the National Assembly before the 8th Session of the Government on investment, management and use of state capital in enterprises nationwide in 2023, the business performance of the state-owned commercial banking sector achieved positive growth.
Stipulate implementation of centralized bilateral payments of the State Treasury at banks

Stipulate implementation of centralized bilateral payments of the State Treasury at banks

VCN - The Ministry of Finance (MOF) gathers feedback on the draft Circular regulating the management and use of accounts of the State Treasury opened at the State Bank of Vietnam (SBV) and commercial banks.
Rush to finalize draft decree on public asset restructuring

Rush to finalize draft decree on public asset restructuring

VCN - According to the Ministry of Finance, the draft Decree regulating the rearrangement and handling of public assets is being urgently completed by the Ministry of Finance to submit to the Government for promulgation.
Inspection report on gold trading activities being complied: SBV

Inspection report on gold trading activities being complied: SBV

The State Bank of Vietnam (SBV) has announced that inspections on compliance with legal policies in gold trading activities of credit institutions and gold trading businesses have been completed and an inspection report is being compiled.
Ensure timely and effective management and use of public asset

Ensure timely and effective management and use of public asset

VCN – In order to promptly and effectively implement public asset management and use, ensuring compliance with legal regulations, the Ministry of Finance has just issued an official dispatch requesting ministries, branches and localities to comply with regulations in the Government’s Decree No. 114/2024/ND-CP dated September 15, 2024.
Read More

Your care

Latest Most read
M&A activities show signs of recovery

M&A activities show signs of recovery

Mergers and acquisitions (M&A) activities in Vietnam have been showing signs of recovery in recent months as several large companies announced finished deals, which may create a ripple effect in the M&A market.
Fiscal policy needs to return to normal state in new period

Fiscal policy needs to return to normal state in new period

VCN - To recover the economy during and after the Covid-19 pandemic, fiscal policy has been flexibly and promptly managed, becoming a solid foundation to help businesses and the economy gradually overcome difficulties. After nearly 5 years, although there
Ensuring national public debt safety in 2024

Ensuring national public debt safety in 2024

VCN - Since the beginning of the year, public debt management has been conducted proactively and effectively, meeting the need of raising capital for development investment. At the same time, debt indicators by the end of 2024 are guaranteed within the ce
Removing many bottlenecks in regular spending to purchase assets and equipment

Removing many bottlenecks in regular spending to purchase assets and equipment

Decree No. 138/2024/ND-CP, which has just been issued, is expected to contribute to resolving bottlenecks in allocating funds for purchasing assets and equipment
Continue to handle cross-ownership in banks

Continue to handle cross-ownership in banks

VCN - The situation of excess share ownership, cross-ownership between credit institutions (CIs), CIs and enterprises, although has decreased significantly compared to previous periods, is still complicated and requires continued inspection and control.
Mobile Version