A branch of Agribank in Hoa Binh province. (Photo: VNA) Hanoi (VNS/VNA) - The budget revenue increased significantly in the first fivemonths of this year thanks to recovery from 2020 and some sectors seeing stronggrowth, such as banking, securities, real estate and automobileindustries, according to the General Department of Taxation.
Statisticsshowed that tax collection was estimated to total 575.6 trillion VND (24.85billion USD) in January – May, equivalent to 51.6 percent of the plan and 114.5percent of the same period last year.
TheGeneral Department of Taxation said that the budget revenue was quite good fromthe beginning of this year thanks to the fact that some sectorshave benefited from the fiscal and monetary policies introduced in 2020 toaid the economy to overcome the COVID19-pandemic.
Withgood credit and deposit growth in 2020, which contributed significantly toboost the profit of commercial banks, the corporate income tax which banks paidto the State budget increased by 4.5 trillion VND.
Thetax collection from transferring property projects also increased by around 6trillion VND as the property market was robust in many localities nationwide.
Mergersand acquisitions became more robust in the first months of this year after theimpacts of the virus in 2020, which pushed up tax revenue by 5-6 trillion VND.
TheGovernment’s policy of reducing 50 percent of registration fees fordomestically-produced and assembled automobiles till the end of 2020 alsopromoted car sales and the automobile production industry.
Thedevelopment of the securities and real estate market from the beginning of thisyear also helped increase revenue from real estate registration fees, personalincome tax from the transfer of securities and real estate assets.
Accordingto the Vietnam Securities Depository, the number of new accounts opened in thefirst four months of this year totalled nearly 370,000, increasing by 90 percentagainst the whole of 2020, bringing the total number of accounts ofindividual investors to 3.12 million and organisational investors to15,800.
Directorof the General Department of Taxation Cao Anh Tuan said the outbreak of thefourth COVID-19 pandemic wave in Vietnam from late April might affect budgetcollection in the second half of this year.
Tuanasked for a close watch to be placed on the virus development to workout solutions for effective tax collection in the remaining months ofthis year.
Atthe same time, the department would study and propose measures to efficientlyimplement the Government’s policies extending the deadline for payment of valueadded tax, corporate income tax, individual income tax and land fees in 2021 tosupport enterprises to overcome the difficult time./.
VNA
