Auto imports contribute much to City’s tax revenue
HCM City’s tax collections in the year’s first half are estimated to
rise to 46.5 trillion VND, with completely built-up auto imports
contributing a major part, reported The Saigon Times Daily.
HCM City’s tax collections in the year’s first half are estimated to
rise to 46.5 trillion VND, with completely built-up auto imports
contributing a major part, reported The Saigon Times Daily.
The HCM City Customs Department put imports of under-nine-seat CBU autos in January-June at 330 million USD, up a staggering 200 percent against a year ago. This strong increase contributes an additional 5 trillion VND to the city’s tax revenue in the period.
HCM City is one of the localities with high CBU auto imports. Imported autos are currently subject to import duty, special consumption tax, value-added tax (VAT) and registration fee.
Besides, the higher tax revenue in the city in the period is credited to more tax collections from steel, apparel, footwear, computers and components. For example, steel imports have gone up by around 60 million USD year-on-year, resulting in a tax increase of some 300 billion VND.
Fuel imports have seen a decline of 20 percent as the world oil price has dropped significantly. However, tax and fee collections from fuels remain stable as their environmental protection fees have tripled for certain products since May 1.
The department said of the 46.5 trillion VND, export and import tax collections account for 19 trillion VND and VAT 27.5 trillion VND. The total figure represents nearly 52 percent of the whole year’s target.
However, the city has seen tax collections in some areas shrinking. The VAT exemption of imported fertilizers, animal feed and materials, agricultural machines and tools, and offshore fishing boats since the beginning of this year has led to a loss of some 1.6 trillion VND.
In addition, budget collections will lose approximately 1 trillion VND as Vietnam is lowering import tariffs to fulfill its commitments to the free trade agreements with other countries.
This year, the Customs Law allows enterprises to conduct export and import procedures at any customs offices. Therefore, HCM City cannot collect taxes for the goods which are imported via ports in HCM City but importers register for customs clearance in other localities.-VNA
The HCM City Customs Department put imports of under-nine-seat CBU autos in January-June at 330 million USD, up a staggering 200 percent against a year ago. This strong increase contributes an additional 5 trillion VND to the city’s tax revenue in the period.
HCM City is one of the localities with high CBU auto imports. Imported autos are currently subject to import duty, special consumption tax, value-added tax (VAT) and registration fee.
Besides, the higher tax revenue in the city in the period is credited to more tax collections from steel, apparel, footwear, computers and components. For example, steel imports have gone up by around 60 million USD year-on-year, resulting in a tax increase of some 300 billion VND.
Fuel imports have seen a decline of 20 percent as the world oil price has dropped significantly. However, tax and fee collections from fuels remain stable as their environmental protection fees have tripled for certain products since May 1.
The department said of the 46.5 trillion VND, export and import tax collections account for 19 trillion VND and VAT 27.5 trillion VND. The total figure represents nearly 52 percent of the whole year’s target.
However, the city has seen tax collections in some areas shrinking. The VAT exemption of imported fertilizers, animal feed and materials, agricultural machines and tools, and offshore fishing boats since the beginning of this year has led to a loss of some 1.6 trillion VND.
In addition, budget collections will lose approximately 1 trillion VND as Vietnam is lowering import tariffs to fulfill its commitments to the free trade agreements with other countries.
This year, the Customs Law allows enterprises to conduct export and import procedures at any customs offices. Therefore, HCM City cannot collect taxes for the goods which are imported via ports in HCM City but importers register for customs clearance in other localities.-VNA
You should also see
Dien Bien Phu Victory remains source of encouragement for national construction, development
Chief of the General Staff of the Vietnam People’s Army and Deputy Minister of National Defence Senior Lieutenant General Nguyen Tan Cuong has granted an interview to the Vietnam News Agency on the occasion of the 70th anniversary of Dien Bien Phu Victory (May 7, 1954-2024).
See more
Business
Banks record positive business indicators in Q1 2024
Many banks have reported positive business indicators, especially credit growth, in the first quarter of this year.
Business
InfographicFour commodities post Q1 export value of over 5 billion USD
The total export turnover of agricultural, forestry, and fisheries products in the first three months of 2024 is estimated to reach 13.53 billion USD, an increase of 21.8% compared to the same period of 2023.
Business
Binh Duong sees vibrant investment cooperation at Horasis China Meeting
The Horasis China Meeting 2024, held in Binh Duong on April 15, witnessed a flurry of investment activities as the southern province granted in-principle approvals and investment certificates to multiple infrastructure, manufacturing, and real estate projects worth hundreds of millions of USD.
Business
PM demands stable power supply during peak period
Prime Minister Pham Minh Chinh has recently signed an official dispatch requesting drastic, synchronous and effective measures to ensure stable power supply during this year's peak period and beyond.
Business
Bach Hoa Xanh sells 5% stake to Chinese partner
Bach Hoa Xanh, a subsidiary of Mobile World Investment Corporation (MWG), recently announced that it has successfully completed a private placement deal to sell a 5% stake to CDH Investment.
