HCM City tops State budget revenue target hinh anh 1Seafood produced at Sai Gon Food Joint Stock Company in HCM City (Photo: VNA)
HCM City (VNA) - Total State budget revenue in HCM City reached 347.98 trillion VND (15.32 billion USD) in 2017, slightly more than the year’s target, and up 13.5 percent  compared to 2016, according to the city’s State Treasury.

The city expects to collect 376.78 trillion VND (16.59 billion USD) worth of State budget revenue in 2018, the agency said.  

Speaking at a meeting held on January 12 in HCM City, Vu Hoai Nam, Director of the State Treasury of HCM City, said the city had the largest State budget revenue in 2017 of all cities and provinces.  

Last year, the city was assigned to collect State budget revenue worth 347.882 trillion VND, up 27.5 percent compared to 2016.

The city will continue to work with commercial banks to collect State budget by electronic tax collections and payments, through accounts and POS machines, as well as at transaction offices of commercial banks, he said.

With a total of 82 accounts of commercial banks in the city, the State Treasury of HCM City will create favorable conditions for taxpayers, both individuals and organisations, to reduce the rate of cash use.

In addition, the agency has tightened control over spending commitments and helped individuals and units to implement spending commitments according to current regulations, Nam noted.

To achieve the target this year, the State Treasury of HCM City will continue to work closely with agencies and commercial banks to promote the use of advanced technology in collecting State budget revenues.

The agency will improve management of investment expenditures, strictly abiding by the process and laws on control of expenditures of projects using state budget funds of projects using ODA capital and other loan capital.

Speaking at another meeting held on January 12 in the city, Tran Ngoc Tam, Chief of the city’s Tax Department, said in 2018 the city expected budget revenue of 376.78 trillion VND, of which the revenue from the tax sector would be 268.78 trillion VND, a rise of 12.5 percent compared to 2017.

“This is a rather high target, requiring that everyone concentrate on implementing solutions,” Tam said. 

According to the HCM City Tax Department, the department has reduced tax debt to 3.3 percent of total revenue.

Tran Vinh Tuyen, Vice Chairman of the HCM City People’s Committee, said the city should seek innovative solutions in tax collection and management and create a favorable environment for businesses.

Tuyen urged the department to continue to reform administrative procedures to minimise the time needed to carry out tax procedures.

Last year, the city’s Tax Department collected 238.88 trillion VND in tax, gaining 100 percent of the year’s target, up 16.8 percent against 2016.

Total tax debt was 7.77 trillion VND as of the end of 2017, accounting for 3.3 percent of total revenue collected, according to the department.-VNA