Which factors caused a reduction of Da Nang Customs’ revenues?

Professional activities of customs officers of Da Nang Customs Department. Photo: N.Linh

According to Import – Export Duty Division (Da Nang Customs Department), despite positive signs in trade activities, as evidenced by an increase in import-export value compared to the same period in 2023, reaching US$ 1,870.7 million (up 8.3%), Da Nang Customs Department has experienced a decline in state revenue.

The decrease in state budget revenue is attributed to the impact of reduced VAT and lower revenue from imported automobile parts and components. Specifically, Truong Hai Group, the main importer under the Da Nang Customs Department, accounts for 31.6% of the total state revenue collection. However, as of June 30, 2024, the company's tax payments to the Da Nang Customs Department have decreased by 34.6% compared to the same period in 2023.

Furthermore, VAT accounts for 67.2% of the total revenue collected by the Da Nang Customs Department. The continued implementation of the 2% VAT reduction policy has also contributed to the decline in state budget revenue at the Da Nang Customs Department. Specifically, VAT revenue decreased by VND 114.9 billion in the first half of 2024.

To fulfill the revenue collection task for the second half of the year, Da Nang Customs Department will continue to strengthen anti-revenue loss measures through customs inspection and supervision, review of customs valuation, classification of goods and tax rates; review and grasp the situation of tax debts, classify debt groups, and tax debt status of enterprises; proactively develop and implement inspection plans, post-clearance audit, specialized inspection, focusing on key themes, subjects, industries with high value, high tax rates that affect revenues from import-export duty.