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HCMC authorities promise to meet budget revenue target

Minh Tam
Wednesday,  Jan 11,2017,22:37 (GMT+7)
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HCMC authorities promise to meet budget revenue target

Minh Tam

HCMC – Finance authorities of HCMC will make concerted efforts to meet the higher budget revenue target for this year set by the central Government.

Le Ngoc Thuy Trang, deputy director of the HCMC Department of Finance, told a meeting in the city on January 10 that the city would have to collect VND347.8 trillion (US$15.3 billion) for the State budget this year.

The department, she noted, will worker closely with the departments of tax and customs, and the State Treasury to make sure budget collections will go as planned. In addition, the department will carry out rigorous tax inspections, take drastic measures for collecting tax debt, and prevent transfer pricing and tax evasion.

The department will work towards creating favorable conditions for enterprises to do business so that budget collections can be sustainable.

The budget collection burden is heavier for the city this year as the VND347.8 trillion target is 15.6% higher than the 2016 estimate. However, the city can keep a mere 18% of annual shared revenue in the 2017-2020 period.

The city’s budget collections totaled VND307.1 trillion (US$13.6 billion) last year, 2.9% higher than the estimate and a 12.3% year-on-year increase. If crude oil was excluded, the figure would be VND292.9 trillion (US$12.9 billion), 4.6% above the estimate.

In particular, revenues from domestic sources amounted to VND191.8 trillion (US$8.4 billion), surpassing the estimate by 8% and jumping 22.5% year-on-year, while those from crude oil exports and import-export activities met 98.6% of the target at VND101.1 trillion (US$4.4 billion).

A report of the Finance Department showed the tax department stepped up tax payment inspections and collections of tax arrears at over 19,600 firms last year.

As a result, it collected tax arrears and fines of VND3.03 trillion (US$134.5 million) and over VND10.82 trillion (US$479.4 million) in tax debts owed in 2015. Meanwhile, the customs department collected around VND380 billion (US$16.8 million).

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