Revenues from auto, crude oil imports up

24-Jul-2019 Intellasia | The Saigon Times | 6:02 AM Print This Post

Tax revenues from importers of auto and crude oil in the first half of the year increased by over VND21 trillion (US$903 million) year-on-year, accounting for 73.5 percent of the customs sector’s additional revenue for the period, according to the general Department of Vietnam Customs.

In the six-month period, the customs agency collected more than VND175.5 trillion in tax revenue, up VND28.6 trillion, or 19.4 percent, from the same period last year. Of the total, the combined tax revenue from crude oil and auto importers reached some VND26.5 trillion.

Specifically, in the first six months of the year, Vietnam spent $1.63 billion importing 75,310 autos. The tax revenue from the imports was VND21.5 trillion, an increase of 424.77 percent over the same period last year.

Meanwhile, 4.38 million tonnes of crude oil worth $2.07 billion was imported in the period. Crude oil importers paid nearly VND5 trillion in taxes, an increase of 271.5 percent year-on-year.

The tax revenue from other goods totalled VND149 trillion, up VND7.5 trillion against the first half of last year.

The general Department of Vietnam Customs had set a tax collection target of VND300.5 trillion. However, the minister of finance had asked it to increase the target by 5 percent to VND315.5 trillion.

The customs agency found it hard to achieve the target due to tax reduction commitments in free trade agreements, such as the Asean Trade in Goods Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

Therefore, the general Department has issued solutions to facilitate trade and prevent losses, set targets for each unit, and help enterprises remove obstacles in customs clearance procedures.


Category: Economy, Vietnam

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