Customs sector targets collecting $14.6 billion in 2020

06-Feb-2020 Intellasia | VNS | 6:02 AM Print This Post

The general Department of Customs hopes to collect VND338 trillion (US$14.6 billion) for the State budget this year, a year-on-year increase of 12.5 per cent.

The target is built on the basis of 6.8 per cent GDP growth, crude oil price at $60 per barrel, total export turnover increasing by 7 per cent and import turnover increasing by 9 per cent.

The goal would be difficult to achieve as new free trade agreements (FTAs) would come into effect this year with many products having import tax rates cut to zero per cent, according to the general Department of Customs.

To complete the State budget collection for the year, the customs sector would have to effectively carry out proposed budget collection solutions.

The general Department of Customs was assigned a target of over VND300 trillion for State budget revenue last year. The department claimed State budget revenue of the sector reached VND348.7 trillion by the end of 2019, 116.05 per cent of the set target and up 11 per cent compared to the same period in 2018.

This result was attributed to efforts to facilitate businesses and fight revenue loss.

The customs department also issued detailed guidance documents in fields such as classification, origin and tax debt management.

Last year, it strengthened measures to combat loss of revenue such as inspection and examination of enterprises, as well as examination of cases of tax exemption and reduction. It also boosted controls over the price of imports and exports.

These efforts resulted in saving some VND4.6 trillion of lost revenue.

http://bizhub.vn/news/customs-sector-targets-collecting-146 billion-in-2020_312939.html

 

Category: Economy, Vietnam

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