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Full-year tax revenue target seen unattainable

The Saigon Times

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HCMC – State budget revenue has reached 87.5% of the 2023 target but the tax collection goal for the entire year is hard to obtain, said Mai Xuan Thanh, director general of the General Department of Taxation.

As of November 5, State budget revenue had amounted to VND1.41 quadrillion, Thanh said at a meeting on November 8.

The National Assembly has set an ambitious target for the General Department of Taxation this year, requiring an additional VND39.6 trillion compared to the original estimate. This means that VND211 trillion needs to be collected over the final two months, which poses a significant challenge, said Thanh.

Meanwhile, Nguyen Van Can, head of the General Department of Vietnam Customs, said that revenue from import and export duties in the first 10 months amounted to VND300 trillion. To meet the set target, Vietnam Customs will have to collect an additional VND70 trillion in the final two months of the year.

While signs of economic recovery and improved business health have been observed, Deputy Minister of Finance Vo Thanh Hung said that there have not been significant improvements in state budget collections. He called for efforts on effective financial management to achieve the highest possible revenue.

Hung stressed the importance of building institutional capacity as a top priority in the Ministry of Finance.

To address the challenges in tax collection, the General Department of Taxation has formed a dedicated team to monitor tax collection and debt recovery to maximize revenue.

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