A branch of Agribank in Hoa Binh province. (Photo: VNA)
- The budget revenue increased significantly in the first five
months of this year thanks to recovery from 2020 and some sectors seeing strong
growth, such as banking, securities, real estate and automobile
industries, according to the General Department of Taxation.
showed that tax collection was estimated to total 575.6 trillion VND (24.85
billion USD) in January – May, equivalent to 51.6 percent of the plan and 114.5
percent of the same period last year.
General Department of Taxation said that the budget revenue was quite good from
the beginning of this year thanks to the fact that some sectors
have benefited from the fiscal and monetary policies introduced in 2020 to
aid the economy to overcome the COVID19-pandemic.
good credit and deposit growth in 2020, which contributed significantly to
boost the profit of commercial banks, the corporate income tax which banks paid
to the State budget increased by 4.5 trillion VND.
tax collection from transferring property projects also increased by around 6
trillion VND as the property market was robust in many localities nationwide.
and acquisitions became more robust in the first months of this year after the
impacts of the virus in 2020, which pushed up tax revenue by 5-6 trillion VND.
Government’s policy of reducing 50 percent of registration fees for
domestically-produced and assembled automobiles till the end of 2020 also
promoted car sales and the automobile production industry.
development of the securities and real estate market from the beginning of this
year also helped increase revenue from real estate registration fees, personal
income tax from the transfer of securities and real estate assets.
to the Vietnam Securities Depository, the number of new accounts opened in the
first four months of this year totalled nearly 370,000, increasing by 90 percent
against the whole of 2020, bringing the total number of accounts of
individual investors to 3.12 million and organisational investors to
of the General Department of Taxation Cao Anh Tuan said the outbreak of the
fourth COVID-19 pandemic wave in Vietnam from late April might affect budget
collection in the second half of this year.
asked for a close watch to be placed on the virus development to work
out solutions for effective tax collection in the remaining months of
the same time, the department would study and propose measures to efficiently
implement the Government’s policies extending the deadline for payment of value
added tax, corporate income tax, individual income tax and land fees in 2021 to
support enterprises to overcome the difficult time./.