The National Economic and Social Development Council (NESDC) has urged the Thai government to improve efficiency of government revenue collection and effectiveness of public spending as the country’s public debt is projected to reach 69.3% of gross domestic product (GDP) in 2029.
Vietnam has always proactively applied and responded to trade defence measures (TMFs) in international trade to prevent negative impacts of massive imports, unfair competition and protect domestic manufacturing industries.
More than 1.038 quadrillion VND (40.9 billion USD) was collected for the State budget in the first half of 2024, equivalent to 61% of this year’s target and up 17.7% from a year earlier, reported the Ministry of Finance (MoF).
The rapid development of e-commerce in recent times has posed significant challenges to the tax management in Vietnam. The tax sector is coordinating with relevant ministries and branches to seek suitable solutions to development requirements and practices serving tax management and preventing tax loss.
Revenue from e-commerce for domestic organisations and individuals reached 536.5 billion VND (over 22 million USD) this year, reported the General Department of Taxation (GDT).
The exemption and reduction of taxes, fees, charges, and land rent represent State assistance for enterprises to help ease expenses and mobilise financial resources to revilatise operations.
Vietnamese e-commerce is growing, creating many opportunities to generate jobs, develop the private sector economy and increase revenue for the State budget. However, preventing tax losses in this business requires improving mechanisms and policies.
The cashless payment system is prevalent worldwide. Going cashless has a lot of benefits for Vietnam, improving transaction safety and making it easier for the State to track transactions and facilitate tax collection.
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.
Total tax collection in 2020 is estimated at over 1.26 quadrillion VND (54.37 billion USD), equivalent to 100.6 percent of the estimate, Deputy Director of the General Department of Taxation Dang Ngoc Minh said on December 31.
The taxation sector has collected over 752.6 trillion VND (32.45 billion USD) for the State budget, equivalent to 60 percent of the yearly estimate and 91.9 percent of the figure of the same period last year, the General Department of Taxation reported.
Prime Minister Nguyen Xuan Phuc has commended the tax sector for doing a good job in reshuffling its apparatus, and urged the sector to continue with reform of tax procedures.
Vietnam's customs department contributed a record 348 trillion VND (15 billion USD) to the State budget from the collection of import and export taxes in 2019, according to the General Department of Customs.
HCM City authorities are seeking more effective measures in the fight against counterfeit products, smuggled goods and trade fraud as e-commerce grows at a fast pace, an official has said.
The Mekong Delta city of Can Tho collected about 5.13 trillion VND (220.3 million USD) of tax in the first half of 2018, up 9.9 percent year-on-year and meeting 51.08 percent of the projected target.
The Ministry of Transport has submitted the draft of a new circular that includes regulations for passenger transport (by car) through software such as Uber and Grab.
The Ministry of Finance has proposed amendments to the Law on Tax Management, aiming to enhance efficiency of tax collection from multinational companies, cross-border transactions and online businesses.
