Revenue from non state enterprises surges


revenue from non state enterprises surges
By the end of the first four months of 2021, the total tax revenue reached VND468,088 billion. Photo: T.L

Domestic revenue accounts for 41.9% of the estimate

By the end of the first four months of 2021, the total tax revenue was VND468,088 billion. The revenue accounts for 41.9% of the estimate or surpassing 5.9% compared to the same period in 2020, according to the General Department of Taxation.

The revenue from crude oil was estimated at VND11,993 billion; the domestic revenue was expected to reach VND456,095 billion. The revenue excluding land use fees, dividends and remaining profits and revenue from lottery and the difference between the State Bank’s revenues and expenditures was VND361,270 billion, accounting for 41% of the estimate, surpassing 13% compared to the same period in 2020.

Notably, revenue from three economic sectors grew over the same period and reached good progress compared to the estimate.

Specifically, revenue from the state-owned enterprise sector in the first four months reached VND53,191 billion; revenue from foreign-invested enterprises reached VND85,167 billion; revenue from non-state industry and trade was about VND109,541 billion.

The results stem from the economic situation in the first quarter that continues to maintain a revenue growth rate of 4.48%, equivalent to that of the fourth quarter of 2020. In addition, the high demand for domestic consumption in the last months of 2020 and the beginning of 2021 before the Lunar New Year has created momentum for the country’s economy to continue to maintain the growth rate in the first months of 2021.

A number of policies to support businesses and people were issued by the end of 2020 such as Resolution No. 954/2020/UBTVQH14 on amending deduction levels based on family circumstances of personal income tax (PIT) applied PIT declarations for 2020; Resolution No. 116/2020/QH14 on 30% reduction of corporate income tax payable in 2020 for enterprises, cooperatives, public service delivery units and organizations with a turnover of less than VND200 billion/year, has a positive impact in supporting businesses and people to restore production and business activities, stimulate demand and create momentum for economic growth, creating a premise for increasing state budget revenues.

Since the beginning of the year, the local tax departments have also promptly and effectively deployed solution groups for tax management.

Focus on inspecting and auditing for high-tax risk sectors

According to the General Department of Taxation, although the state budget revenue in the first four months of the year was quite good compared to the estimate and grew compared to the same period of 2020, the complicated development of the Covid-19 pandemic poses high risks for domestic economic activities, affecting the state budget revenue in the following months.

The implementation of Decree No. 52/2021/ ND-CP dated April 19, 2021 of the Government on the extension of payment deadlines of taxes and land rental fee, and Circular No. 03/2021/ TT-NHNN amending a number of articles of Circular 01/2020 / TT-NHNN guiding risk provisions of credit institutions, banks will have an impact on the results of budget revenue.

The General Department of Taxation has requested tax authorities at all levels to drastically implement solutions for State revenue collection in 2021 to strive to exceed the target assigned by the National Assembly and the Government at the highest level.

Focusing on reviewing, studying and submitting to competent authorities for amendment, supplementation and completion of tax legal documents and guiding documents of the Law on Tax Administration towards covering revenue sources, improving tax administration capacity for tax collection agencies, preventing tax fraud, tax evasion, tax loss and outstanding tax debt, and implementing electronic tax administration; promoting the application of information technology in management, creating a favorable and transparent environment for taxpayers to fulfill their obligations to the State budget.

The Tax Department will continue to process and evaluate the dossiers of debt cancellation and late payment fines; instruct and handle problems related to debt freezing, debt cancellation, extension, exemption of late payment interest and enforcement of tax debts in accordance with the Law on Tax Administration No. 38 and Resolution No. 94 of the National Assembly; take measures to urge and collect environmental protection tax debts for units that owe environmental protection tax.

Tax authorities at all levels will focus on inspecting and auditing at the taxpayer’ premise for high-risk sectors and conducting inspections of suspicious transactions.

To create favorable conditions for businesses, tax authorities will continue to disseminate and support taxpayers to comply with Decree No. 52/2021/ ND-CP and effectively support taxpayers who are subject to applicable of the decree, contribute to updating the State’s support policies to taxpayers affected by Covid-19.

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