Tax revenue boost by Q3
As reported by the general Department of Taxation, domestic revenue (exclusive of crude oil) in the January-September period reached 65.518 trillion dong, or 78.9% of total year’s estimate, and up by 22.5% against last year. This is the highest growth within three recent years.
Foreign invested enterprises (exclusive of crude oil) posted the highest tax payment growth of 36.6% to 9.9 trillion dong. Followed were non-state industrial-commercial and service sector which paid 9.292 trillion dong in taxes, a year-on-year increase of 20.2%.
State sector although reaching an increase of 11.3%, was assessed to record the lowest revenue ratio in recent years. This was mainly attributed to that industrial production value of state sector attained only 12.2%. Moreover, business operations since the beginning of this year encountered many difficulties because of high increase in petroleum price. Moreover, that tax of some key goods of steel, petroleum, cement, fertilisers fell by 5–10% greatly impacted earnings from state sector. Additionally, because corporate income tax reduced to 28% from 32%, revenue from state sector dropped accordingly.
Most tax revenue posted a high increase, reaching more than 74% compared with total estimate.
