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Sunday, June 16, 2024

Q1 tax revenue grows 11% y-o-y

By Nguyen Tan

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HCMC – Vietnam’s tax revenue for the first quarter of this year picked up by almost 11% compared to the same period last year, according to data from the General Department of Taxation.

January-March tax revenue surpassed the estimate for this quarter by 16.9%, reaching nearly VND490.2 trillion, with over VND2 trillion collected from foreign service suppliers through electronic payment gateways.

Domestic revenue expanded by 11.5% over the first quarter of 2023 to VND474.4 trillion.

However, out of the 20 tax categories, six experienced lower collections than in the previous year.

Value-added tax refunds were 8% higher than the year-ago figures, totaling VND31.9 trillion. There were 15,931 retail fuel stations nationwide launching electronic invoicing for all transactions, reaching 99.97% of all retail fuel stations by March 31.

Statistics from the General Department of Taxation showed that 39 out of 63 local tax offices met or exceeded their first-quarter revenue targets.

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