Monday,  Aug 20, 2018,23:22 (GMT+7) 0 0
VND34 trillion in tax debts irrecoverable
The Saigon Times Daily
Saturday,  Jul 21, 2018,17:53 (GMT+7)

VND34 trillion in tax debts irrecoverable

The Saigon Times Daily

A person checks Vietnamese banknotes. The General Department of Taxation says roughly VND34 trillion in tax debts could be irrecoverable as of late June this year - PHOTO: TL

HCMC – Roughly VND34 trillion (US$1.47 billion) in tax debts could be irrecoverable as of late June this year, up 8% against late last year, said Dang Ngoc Minh, deputy head of the General Department of Taxation, speaking at a July 20 preliminary tax conference reviewing the first half of the year.

Minh was quoted by the VnEconomy news website as saying that tax departments collected more than VND17.9 trillion (US$778.4 million) in tax arrears during the six-month period. This figure was equal to 43.1% of debts up to 90 days and over 90 days, compared with late last year.

He noted that recoverable tax debts were estimated at some VND46.1 trillion (US$2 billion), a 10.7% rise against end-2017, while the irrecoverable debt figure rose 8% to nearly VND34 trillion.

He added that this amount of irrecoverable tax debt includes amounts from taxpayers who died, went missing, or lost civil act capacity, or those amounts relevant to penal liability.

Overall, the total tax debt amounted to over VND80 trillion (US$3.4 billion) as of late June, up VND6,990 billion, or 9.6% compared with end-2017.

The General Department of Taxation collected an estimated VND531.5 trillion (US$23 billion) for the State budget in the first half, equal to 49.7% of the estimate and up 13.9% from one year earlier, according to Minh.

Of this, revenue from crude oil reached VND29.5 trillion, up 25.3%, while revenue from domestic sources totaled VND496.7 trillion.

The general department said that each barrel of crude oil was sold at an average US$71, which was US$21 higher than the estimate. Meanwhile, respective revenue from land use fees and land rents grew by 19% and 22.6%, compared with the same period last year.

Furthermore, the economic recovery boosted budget revenues, with 14 out of 17 collection items growing from the same period one year ago. As many as 44 out of 63 localities achieved positive results in collecting domestic-source revenue.

Minh said tax authorities have worked closely with enterprises to solve their difficulties and overcome obstacles in a timely fashion, as well as create favorable conditions for them to develop their production and business activities, thereby stimulating the nation’s economic growth.

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