2020 tax revenue surpasses annual target

Hanoi (VNA) - Nearly 1.279 quadrillion VND (55.3 billion USD) in taxes was collected for the State budget in 2020, almost 24.35 trillion VND, or 1.9 percent, higher than the annual target and 175.85 trillion VND more than the estimate reported to the National Assembly (NA).

Revenue included more than 562 trillion VND collected for the central budget, equivalent to 94.7 percent of the figure targeted, General Director of the General Department of Taxation Cao Anh Tuan told a conference in Hanoi on January 5.

Meanwhile, tax revenue from crude oil was some 34.58 trillion VND and from domestic sources 1.24 quadrillion VND, equal to 98.2 percent and 102 percent of the targets, respectively.

Tuan said that, in 2020, 55 of Vietnam’s 63 cities and provinces reached or exceeded tax collection targets, with the provinces of Ninh Binh, Yen Bai, Phu Tho, Ha Tinh, Thua Thien-Hue, and Lao Cai among those posting revenue increases of more than 10 percent.

Forty-one localities recorded growth in tax revenue.

He noted that in facing the COVID-19 pandemic, the general department took proactive measures to assess the impact of the pandemic and natural disasters on budget revenue and suggest to the Government and the Finance Ministry ways to balance the State budget.

All-level tax agencies carried out synchronous measures to manage budget collections, prevent tax losses, step up administrative reform, and create favourable conditions for taxpayers, the official added.

For 2021, the NA has assigned the taxation sector to collect nearly 1.117 quadrillion VND for the State budget, including 23.2 trillion VND from crude oil and over 1.09 quadrillion VND from domestic sources./.