In a first, domestic tax collection hits VND1 quadrillion

According to theNhan Dan (People) online newspaper, enhanced administrative reforms areconsidered key for the tax sector to implement its task of State budgetcollection in a sustainable manner.Tax agencies at all levelshave resolved to take drastic measures to manage and tightly controlrevenue, reduce losses, enhance recovery of arrears, and seek ways toincrease revenue. The sector has also addressed difficulties andobstacles promptly to support businesses in developing production andtrade and expanding markets.In addition, measures to manage therevenue and prevent loses were implemented effectively over the period.Nearly 21,000 businesses have been examined and checked in terms oftaxation, a 64.3 percent year-on-year increase, adding…... [read more]

According to the Ministry of Planning and Investment, the total receipt of the state budget may reach VND612 trillion (USD29.12 billion) in 2011, or 16.7 percent higher than the 2010’s estimates. The figure has surprised the public, because the tax collection increases in the time which is considered the most difficult period for businesses. Why does the receipt from the tax collection still increase in 2011, a very difficult period for businesses?The state budget receipt is higher than the plan this year, while the increases mostly come from domestic collection, especially from land, the tax collection from non-state owned enterprises…... [read more]

HCM City's corporate income tax collection showed an increase in Q1 compared to the same period last year, deputy director of the city's Taxation Department, Le Xuan Duong, told Tuoi Tre (Youth) newspaper.What are the reasons for the increase in the city's corporate income tax collection this year? Is it because the economy has been better, or the anti-transfer pricing in foreign direct investment (FDI) enterprises has worked? Corporate income tax collection from FDI enterprises in the first quarter of this year was reported to have increased 49 per cent over the same period last year. The tax collection from…... [read more]

Overdue taxes in the customs sector amounted VND6,173 billion as of May 31, 2013, an increase of VND361 billion over December 31, 2012. Despite great efforts, the customs sector only managed to collect VND843 billion in past-due taxes in the first five months. In an analytical report on unpaid taxes, the Export and Import Tax Bureau under the General Department of Customs said the amount of above taxes included uncollectible taxes before 2005. These long-dated debts occurred because the old Law on Export and Import, effective before January 1, 2006, allowed enterprises to owe taxes without binding conditions that they were…... [read more]

The proposed regulations and pilot tax collection and refunds, and other payments for exports and imports (hereinafter referred to as tax collection and refund) in specialized collection accounts of customs opened at commercial banks will be allowed by the Ministry of Finance to implement from January 1, 2014 until December 31, 2014, at customs departments in Hanoi, Ho Chi Minh City, Hai Phong, Quang Ninh, Ba Ria - Vung Tau, Binh Duong, Dong Nai, and Lang Son. Where taxpayers directly pay taxes at customs offices, the State Treasury or credit institutions, they shall comply with the provisions of Circular 128/2008/TT-BTC…... [read more]

Illustrative image ( Ministry of Finance would speed up the collection of tax arrears in September as a part of the efforts to fulfil the budget collection goal amid plunging oil prices.The ministry said that this month tax departments planned to collect more than 50 percent of the total tax arrears from 600 companies whose names had been publicised under Document 9901/BTC-TCT on July 20.Checks would be conducted to continue to make public the names of companies with tax arrears, but this must be implemented with accuracy, the ministry said. Publicising the names of firms was considered a solution to…... [read more]

NDO/VNA – The customs sector collected VND261.49 trillion (US$12 billion) for the State budget this year to December 25, equal to 96.82% of the annual target, according to the General Department of Vietnam Customs.The department said the falling crude oil price was one reason behind the reduced tax revenues, as the yearly plan was based on the assumption of oil at US$60 per barrel. The enforcement of several free trade agreements also brought down the tax rates on petrol imports from ASEAN and the Republic of Korea, cutting into tax collection.Lower-than-expected economic and export growth rates were other causes.As more…... [read more]

According to the blue print of Environment Tax Law drafted by the Ministry of Finance (MoF) and the National Assembly Committee for Finance and Budget; the Environment Tax Law will be applied such products as petrol, fuel for planes, diesel oil, petroleum, mazut, coal (except peat), HCFC liquid, plastic bags (except biodegradable plastic bags), flora protection drugs belonging to the restricted group used for agriculture, mosquito pesticide, and forest product preservatives. The Environment Tax Law is considered to be an economic tool in environment management, polluters fundamentally must pay for their waste, and it is applied for two main reasons:…... [read more]

Illustrative image (Source: VNA)Hanoi (VNA) – The customs sector collected 261.49 trillion VND (12 billion USD) forthe State budget this year to December 25, equal to 96.82 percent of the yeartarget, according to the General Department of Vietnam Customs.The departmentsaid the falling crude oil price is one of reasons behind the reduced taxrevenues, as the yearly plan was based on the assumption that oil price was 60USD per barrel.Besides, theenforcement of several free trade agreements brought down the tax rates onpetrol imports from ASEAN and the Republic of Korea, cutting into taxcollection.Lower-than-expectedeconomic and export growth rates are other causes.As more…... [read more]

The MoF reported that the amount of State budget collection surged 16.9% against the same period last year.Domestic budget collection was estimated at over VND 66.8 trillion in May and over VND 388 trillion in the first five months, representing 39.2% of the yearly forecast and up 15.6% against the same period last year.In May, budget collected from crude oil reached VND 3.84 trillion, up nearly VND 4 billion against April. In the January-May period, the figure hit VND 18.9 trillion, equivalent to 49.3% of the year forecast, up 16% against the same period last year.In May, export revenue was estimated at…... [read more]