Business

Tax sector fulfils nearly 95% of state budget collection target

The General Department of Taxation on November 7 reported that the total state budget collection of the sector in January – October was estimated at over 1.4 quadrillion VND (55.18 billion USD), or 94.8% of the annual projection and up 16.3% against the same time last year.

For the remainder of the year, the tax authority will harmoniously and drastically implement measures to strengthen tax collection. (Photo: VNA)
For the remainder of the year, the tax authority will harmoniously and drastically implement measures to strengthen tax collection. (Photo: VNA)

Hanoi (VNA) – The General Department of Taxation on November 7 reported that the total state budget collection of the sector in January – October was estimated at over 1.4 quadrillion VND (55.18 billion USD), or 94.8% of the annual projection and up 16.3% against the same time last year.

The tax collection performance showed robust results across domains, with 17 out of 20 categories exceeding 88% of the annual targets. Particularly, revenue from non-state economic sector completed the projection by 94.3%, while the proportion of personal income tax collection was 98.7%, fees and charges 98.5%, land and water surface rental fees 154.3%, and lottery revenue 99.3%, the department said.

It added that 38 out of 63 localities achieved over 88% of their collection target. Fifty-five documented year-on-year growth and only eight showed lower collection as compared to the same time of 2023.

With a view to accelerating economic recovery this year, the tax authority has carried out various tax relief measures totalling nearly 134 trillion VND over the ten-month span, with tax and land rent deferral worth over 70.8 trillion VND and tax and land rent exemption and reduction of some 63.15 trillion VND.

The collection from the e-commerce sector reached 94.6 trillion VND in the first ten months, marking a year-on-year increase of 17%.

The e-commerce tax portal registered 412 trading platforms, with over 191,000 businesses and individuals reporting transactions worth nearly 72 trillion VND.

Additionally, 116 foreign suppliers registered for tax payments through the tax sector’s online portal. As of the end of October, the total tax amount paid by the foreign suppliers through the portal was 8.2 trillion VND, rising 18.9% against the same period last year.

For the remainder of the year, the tax authority will harmoniously and drastically implement measures to strengthen tax collection, prevent revenue loss, promote administrative procedure reform, and enhance tax inspection and debt recovery./.

VNA
#General Department of Taxation #state budget collection #e-commerce tax portal #foreign suppliers
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