HCM City’s domestic tax collections beat target

31-Dec-2016 Intellasia | The Saigon Times | 6:00 AM Print This Post

Domestic tax revenue in HCM City had reached VND196.36 trillion (US$8.62 billion) by late last week, 0.28 percent higher than the target set by the city government and 7.84 percent above last year’s result, according to the city’s tax department.

With tax collections from crude oil excluded, the total figure was VND182.78 trillion, still above the target and last year’s number.

The objective for this year’s domestic tax collections in HCM City has been revised up several times from the original level, which was VND177.6 trillion, aside from VND18.2 trillion from crude oil.

After that the city decided to adjust up the forecast to VND186.47 trillion, with tax revenue from crude oil kept unchanged.

However, the finance ministry in June requested the city’s tax department to collect an extra VND23 trillion in domestic taxes to make up for the State budget’s shortfalls, sending the total to VND200.6 trillion, excluding crude oil.

The general Department of Taxation in September asked the city collect VND43.76 trillion in taxes from domestic sources and VND3.5 trillion from crude oil export activities in the fourth quarter.

The good domestic tax collections resulted from high collections of special consumption tax, corporate income tax and value added tax.

Meanwhile, revenues from other sources such as personal income tax, land and water surface rent, sales of state-owned houses, environmental protection tax, and vehicle registration fees also grew.

http://english.thesaigontimes.vn/51691/HCM City percente2 percent80 percent99s-domestic-tax-collections-beat-target.html


Category: Economy, Vietnam

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