Five-month tax revenue ups 16.5 percent

Illustrative image. (Photo: VNA)

Hanoi (VNA) – The total tax collection in the first five months of this year is estimated at nearly 673 trillion VND (28.8 million USD), equivalent to 57.3 percent of the projection for the whole year and a year-on-year increase of 16.5 percent, according to the General Department of Taxation.

Notably, the collection from the manufacturing and business sector, the biggest contributor to the domestic revenue, represents 54.7 percent of the estimate for the year, up 11.5 percent from the figure of the last year’s corresponding period.

The positive results were attributed to the fact that the economy in the first months of the year maintained a good growth rate, the COVID-19 pandemic was kept under control, while production and business activities were on the recovery. The strengthening of examination and inspection to prevent tax loss and evasion as well as efforts to reduce the tax debt rate also contributed to increasing the revenue for the State.

The general department has ordered oganisations under its wings to implement tax support solutions in line with a resolution of the National Assembly which aims to help enterprises and residents quickly resume their production and business.

They were also requested to continue administrative procedure reforms relating to tax and e-invoice nationwide to facilitate taxpayers. The implementation the second phase of e-invoice will be promoted across the country, along with the sharing of its information and data in the provision of online public services, it said/.