Wednesday,  Dec 12, 2018,22:01 (GMT+7) 0 0
HCMC on hook for VND53t this month for State budget
By Minh Tam
Tuesday,  Dec 4, 2018,19:10 (GMT+7)

HCMC on hook for VND53t this month for State budget

By Minh Tam

A store sells tea drinks in this file photo. The city is expected to collect additional revenues from consumer goods traders this month thanks to a rising demand for this group of product - PHOTO: MINH TAM

HCMC – The HCMC departments of tax and customs this month have to collect VND53 trillion from individuals, organizations, and companies for their business and import-export activities to meet the assigned target for budget collections.

Of this, the municipal Tax Department has to collect revenue from domestic sources amounting to nearly VND41.6 trillion (excluding crude oil), while the other department is responsible for the remainder.

In the year to November, the city’s domestic collections hit an estimated VND200 trillion, which accounts for 83% of the target, according to a report on the city’s budget expenses and receipts in the January-November period and the budget revenue target.

Similarly, the customs department’s collection of import-export taxes was an estimated VND96.7 trillion for the given period, while its assigned target for the whole year amounted to VND108 trillion.

Accordingly, the total budget collections of the two departments in January-November reached some VND300 trillion, accounting for approximately 88% of the target, placing increasing pressure on them to hit the target within the final month.

A representative of the customs department told the Saigon Times that it would be hard to hit the year’s target as the amount needed for budget collection this month surpasses the figures of previous months, at VND11.3 trillion.

Meanwhile, in the last two months, the collections amounted to some VND10.5 trillion monthly despite the increasing export turnover, while the revenues collected in August and September only averaged out at VND8.7 trillion per month.

However, the customs department is adopting all possible solutions to hit this year’s target, confirmed the representative.

The departments have to collect revenue from staple products, tax arrears and anti-trade fraud activities.

As for staple goods, which are considered the main source of revenue, automobiles with nine seats or fewer are an outstanding product. The automobiles will be delivered to local buyers this month and will contribute some VND4 trillion in taxes to the State budget, according to the customs department.

Also, the city is expected to collect additional revenue from consumer products that generated high import turnover during the 11-month period and are forecast to continue surging this month, meeting the rising demand of local residents for the upcoming Tet holiday, the representative added.

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