SOEs contribute less to State budget in Jan-May

18-Jun-2016 Intellasia | TBKTSG | 6:00 AM Print This Post

Tax collections from State-owned enterprises (SOEs) in the first five months of this year slid 16 percent over the same period last year and met nearly 33 percent of the full-year target, according to the general Department of Taxation.

Pham Thi Tuyet Lan from the department unveiled the figures at a meeting with reporters in Hanoi on June 15. The drop was one of the reasons behind the budget revenue decline in the January-May period.

Particularly, tax collections from the Dung Quat Oil Refinery in the central province of Quang Ngai went down by nearly 60 percent, or nearly VND7.8 trillion (US$349.5 million), year-on-year and those from PetroVietnam Gas Corporation dipped by a hefty VND1.4 trillion (US$62.7 million).

In the year to May, tax revenue from crude oil exports neared VND16 trillion (US$719.9 million), 29 percent of the estimate.

The world crude oil price drop also affected revenues of SOEs in the period. The price dipped to the average of $29 per barrel, $22 per barrel lower than the estimate and over $21 per barrel lower than in the same period last year.

Total revenue from dividends and profits of the state corporate sector saw a year-a-year decrease of 20 percent and was equivalent to more than 25 percent of the full-year target.

Lan said budget collections by the tax authority from January to May met 42 percent of the full-year target. The reason was dissolved and suspended firms in the first five months edged up nearly 20 percent and 26 percent year-on-year respectively.

Cold spells in northern mountainous provinces, severe drought in the central and Central Highlands regions, saltwater intrusion in the Mekong Delta, mass fish deaths on the central coast placed significant impact on enterprises.


Category: Economy, Vietnam

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