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Sunday, June 16, 2024

Jan-May tax collections reach 51.6% of full-year target

By T.Dao

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HCMC – The budget revenue collected by tax offices nationwide in the first five months of this year totaled more than VND767.4 trillion, reaching 51.6% of the year’s target and increasing 14.9% against the same period last year.

Out of the 20 major revenue categories, 13 exceeded 50% of their annual targets. Notable examples include tax collection from state-run enterprises hitting 52.9% of the target, tax revenue from the non-state economic sector achieving 57.1%, personal income tax at 55%, and lottery tax revenue at 59.3%.

Twenty-three of the country’s 63 centrally-governed provinces and cities recorded revenue collections exceeding 50% of their estimates. A total of 52 localities saw their budget revenue increasing while 11 others declined.

The total amount of tax and land rental exemptions and reductions in the first five months of the year reached about VND31,840 billion.

The tax sector is currently prioritizing the supervision of revenue management, tax inspections, and the review of revenue sources to prevent tax evasion. This focus extends to overseeing real estate transactions, financial services, and banking operations, while also tackling tax evasion in e-commerce and cross-border digital platforms.

As of May 17, almost 59,700 businesses across the country had enrolled in using electronic invoices, up 47.9% compared to the end of 2023. More than 415.3 million electronic invoices were initiated, according to the Vietnam News Agency.

Ninety-six foreign suppliers have registered and received tax identification numbers via the electronic portal. As of May 15, the cumulative tax amount paid directly through the electronic portal by these foreign vendors exceeded VND4,000 billion.

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