Tax sector targets higher revenue in 2018

The Hanoitimes – The tax sector will strive to increase its collection in 2018 by at least 3 percent against the amount assigned by the National Assembly, Bui Van Nam, head of the General Department of Taxation, said. In 2018, the National Assembly tasked the tax sector with the collection of VND1,070 trillion (US$41.13 billion) for the State budget. According to Nam, the target is set in the context that the country’s macro economy is stable and inflation is under control.   Domestic tax collection last year, for the first time, hit VND1,300 trillion However, he said, the tax collection this year will also face challenges as the local economy does not have many supports from fiscal and monetary policies while the business and production of firms still face difficulties. The General Department of Taxation has so far required its branches nation-wide to better manage the tax collection right at early days of the year to meet the target, Nam said. Besides, the sector will also focus on reforms of administrative procedures, aimed to encourage investment, business, production to boost up the economic growth. It will continuously consult relevant ministries and agencies on the revision and supplement of tax laws and regulations.  According to statistics of the General Department of Taxation, domestic tax collection last year, for the first time, hit VND1,300 trillion. The total collection surpassed the target set by the Government by some 5 per cent. Do Hoang Anh Tuan, Deputy Minister of Finance, said the private economic… [Read full story]

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