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Sunday, June 16, 2024

Full-year budget revenue 24% higher than targeted

The Saigon Times

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HCMC – Budget revenue is estimated to exceed the full-year target by 24.3%, topping VND1,460 trillion, the General Department of Taxation reported during an online conference held yesterday, December 15.

Compared to the revenue recorded in 2021, the figure this year improved by 8.5%.

Of the amount, domestic collection surpassed the target by 21%, equivalent to an additional VND240.5 trillion, accounting for over VND1,390 trillion. The tax from fee collection neared VND150 trillion, up 5.3% over 2021.

This year saw an overall increase in budget revenue of almost all the localities and types of taxes, with collections from state-owned companies up 15.7%, foreign-invested companies up 8.1% and non-state industrial and commercial sectors up 16.3%.

Personal income tax revenue soared 24.6%, registration fees rose 21.3% and tax collection from land use rights edged up 13.2%.

HCMC and Hanoi were the biggest collectors with over VND300 trillion. Meanwhile, the Ba Ria-Vung Tau, Hung Yen, Binh Duong, Dong Nai, Quang Ninh, Haiphong, Thanh Hoa and Vinh Phuc provinces contributed over VND30 trillion to the state budget.

Other provinces such as Quang Nam, Bac Ninh, Nghe An and Quang Ngai collected over VND20 trillion.

To date, 42 foreign service providers have registered with tax authorities to use digital tax services via the General Department of Taxation’s portal for foreign enterprises, collecting over VND3,400 billion.

Multinational conglomerates such as Meta Platforms, Inc. (Facebook), Google, Microsoft, TikTok, and eBay were among the foreign taxpayers.

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