According to the municipal People’s Committee, the city’s State budget collection during January-March was valued at VND 90.8 trillion (USD 3.98 billion), equal to 24.11 percent of the yearly forecast and up 2.47 percent against the same period last year. Of the total, domestic collection reached VND 62.1 trillion (USD 2.7 billion), up 5.02 percent, while revenues from import-export activities were VND 23.6 trillion (USD 1.03 billion), down 6 percent year-on-year.
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Ho Chi Minh City's State budget collection during January-March valued at VND 90.8 trillion |
On the contrary, local budget collection in the first quarter was VND 21.7 trillion (USD 952.3 million), down 13.6 percent year-on-year.
Director of the municipal Finance Department Phan Thi Thang said that the city has supported tax payers, and sped up the collection of excise and remaining corporate income tax from the fourth quarter of last year.
Ho Chi Minh City will also continue intensifying measures to collect tax debts by publicizing those who deliberately drag out their debts or have big debts, Thang added.
However, the city will face challenges in collecting taxes in the rest of this year.
According to the municipal Customs Office, revenues from import-export activities are forecast to reduce by VND 700 billion-1 trillion (USD 30.7-43.9 million) each month, as import tax on 90 percent of tax lines fell to zero thanks to free trade agreements.
The finance department said that the city’s tax collection from goods imported from members of free trade deals will fall by VND 11 trillion (USD 482.9 million) per year.
Its revenues from oil and petrol, iron and steel, fertilizers and automobile will also drop gradually. For example, the volume of oil and petrol imported through Ho Chi Minh City port is predicted to fall as importers are moving to Van Phong Port of Central Khanh Hoa province and Nghi Son port of Central Thanh Hoa province.
Ho Chi Minh City’s 2018 State budget collection estimates are VND 376.7 trillion (USD 16.5 billion), of which VND 256.2 trillion will come from domestic revenues and VND 108 trillion from import export activities. Meanwhile, local budget collection is estimated at nearly VND 82 trillion (USD 3.6 billion) in 2018.
Source: VNA