HCM City’s tax collections in the year’s first half are estimated torise to 46.5 trillion VND, with completely built-up auto importscontributing a major part, reported The Saigon Times Daily.
TheHCM City Customs Department put imports of under-nine-seat CBU autos inJanuary-June at 330 million USD, up a staggering 200 percent against ayear ago. This strong increase contributes an additional 5 trillion VNDto the city’s tax revenue in the period.
HCM City is one of thelocalities with high CBU auto imports. Imported autos are currentlysubject to import duty, special consumption tax, value-added tax (VAT)and registration fee.
Besides, the higher tax revenue in the cityin the period is credited to more tax collections from steel, apparel,footwear, computers and components. For example, steel imports have goneup by around 60 million USD year-on-year, resulting in a tax increaseof some 300 billion VND.
Fuel imports have seen a decline of 20percent as the world oil price has dropped significantly. However, taxand fee collections from fuels remain stable as their environmentalprotection fees have tripled for certain products since May 1.
Thedepartment said of the 46.5 trillion VND, export and import taxcollections account for 19 trillion VND and VAT 27.5 trillion VND. Thetotal figure represents nearly 52 percent of the whole year’s target.
However,the city has seen tax collections in some areas shrinking. The VATexemption of imported fertilizers, animal feed and materials,agricultural machines and tools, and offshore fishing boats since thebeginning of this year has led to a loss of some 1.6 trillion VND.
Inaddition, budget collections will lose approximately 1 trillion VND asVietnam is lowering import tariffs to fulfill its commitments to thefree trade agreements with other countries.
This year, theCustoms Law allows enterprises to conduct export and import proceduresat any customs offices. Therefore, HCM City cannot collect taxes for thegoods which are imported via ports in HCM City but importers registerfor customs clearance in other localities.-VNA
TheHCM City Customs Department put imports of under-nine-seat CBU autos inJanuary-June at 330 million USD, up a staggering 200 percent against ayear ago. This strong increase contributes an additional 5 trillion VNDto the city’s tax revenue in the period.
HCM City is one of thelocalities with high CBU auto imports. Imported autos are currentlysubject to import duty, special consumption tax, value-added tax (VAT)and registration fee.
Besides, the higher tax revenue in the cityin the period is credited to more tax collections from steel, apparel,footwear, computers and components. For example, steel imports have goneup by around 60 million USD year-on-year, resulting in a tax increaseof some 300 billion VND.
Fuel imports have seen a decline of 20percent as the world oil price has dropped significantly. However, taxand fee collections from fuels remain stable as their environmentalprotection fees have tripled for certain products since May 1.
Thedepartment said of the 46.5 trillion VND, export and import taxcollections account for 19 trillion VND and VAT 27.5 trillion VND. Thetotal figure represents nearly 52 percent of the whole year’s target.
However,the city has seen tax collections in some areas shrinking. The VATexemption of imported fertilizers, animal feed and materials,agricultural machines and tools, and offshore fishing boats since thebeginning of this year has led to a loss of some 1.6 trillion VND.
Inaddition, budget collections will lose approximately 1 trillion VND asVietnam is lowering import tariffs to fulfill its commitments to thefree trade agreements with other countries.
This year, theCustoms Law allows enterprises to conduct export and import proceduresat any customs offices. Therefore, HCM City cannot collect taxes for thegoods which are imported via ports in HCM City but importers registerfor customs clearance in other localities.-VNA
