Ho Chi Minh City’s domestic tax collection highest in decade

HCM City (VNA) – The southern metropolis Ho Chi Minh City collected 35 trillion VND (1.52 billion USD) for its coffer during January 2017, departments and agencies reported the municipal authorities during a working session on February 6.

Of the figure, nearly 24.6 trillion VND (1.06 billion USD) was from domestic taxes, a record in the past decade and up 13 percent annually.

It was attributable to the increasing number of well-performing enterprises and local support for them, including preferential credit, bank-businesses connectivity and dialogues with municipal authorities.

This year, the city targets budget collection of more than 347 trillion VND (15 billion USD).

Tran Vinh Tuyen, Vice Chairman of the municipal People’s Committee, called for encouraging business households to upgrade themselves into enterprises and cracking down on trade fraud and transfer pricing.-VNA