Phu Yen province has managed to achieve its budgetary revenue targets despite a challenging year.
|Phu Yen can make full use of its long coastline to reach economic targets. Photo: Shutterstock |
In the first 10 months of 2021, Phu Yen collected $287 million for the domestic budget, exceeding the projection by the Ministry of Finance by 125 per cent, the province’s estimate by 76 per cent, and its performance last year by 156 per cent.
According to Phu Yen Tax Department, land-use levies brought in $174.8 million, surpassing the projection by 191.5 per cent and provincial leaders’ estimate by 81 per cent. The figure is up 268 per cent or $127.4 million on-year. Excluding land-use levies, the tax department collected $109.13 million, fulfilling 80 per cent of the estimate, 70 per cent of the province’s estimate, and 82 per cent of collections last year.
The report by the provincial tax department shows that three tax authorities in the locality have submitted a sufficient amount of tax revenue assigned by the province. Among them, the tax department office achieved 86.5 per cent of their tax revenue target while Dong Xuan and Son Hoa districts reached 89 and 145 per cent, respectively.
Units that failed to achieve the target include Tuy Hoa City with only 38 per cent, Song Cau town (55 per cent), Tuy An district (54 per cent), Dong Hoa town (26 per cent), Tay Hoa district (70.8 per cent), Song Hinh district (69 per cent) and Phu Hoa district (73 per cent).
Despite the good results, Cong Van Lanh, deputy director of Phu Yen Tax Department, stated the growth rate of budgetary revenue has decreased since the outbreak of the COVID-19 pandemic in Phu Yen. In return, the province has successfully auctioned land plots as directed by the Steering Committee against budget loss as well as provincial leaders.
The tax sector also closely followed the collection plan and coordinated with other sectors. As a result, the budget revenue was collected on the schedule set by the province. In particular, land-use levies have reached over 80 per cent of the estimate, contributing a significant part to the completion of the revenue estimate assigned.
The local tax authority has actively applied IT in communications activities to help taxpayers access the government’s relief measures in full and in time. Therefore, businesses not only reduce costs in operation but also have more resources to invest in production and business.
“The department will try to speed up the collection of land use fees for the successfully auctioned land lots. After the pandemic is under control, tax bodies will also deploy solutions to support and remove difficulties for businesses while increasing budgetary revenue,” Lanh said.
Ho Thi Nguyen Thao, Deputy Chairwoman of Phu Yen People’s Committee said, “Phu Yen will continue to fulfil the goals of both pandemic prevention and economic recovery. As a result, officials at all levels, as well as related ministries and agencies, must work closely with the local tax department to monitor budget collection to collect the highest tax revenues.”
Song Ba Ha Hydropower earned $11.5 million in revenues
Song Ba Ha Hydropower JSC reported that since the COVID-19 outbreaks, the company has implemented a stay-at-work model to ensure business continuity and pandemic prevention. “In 2021, due to hot weather and little rainfall, Song Ba Ha Hydropower generated only 180.5 million kWh of electricity by the end of August, reaching 32 per cent of its target. The company generated a revenue of $11.5 million and profit of $2.7 million, reaching 39 and 26.4 per cent, respectively,” said Tran Ly, the company’s general director.
Masan Brewery Phu Yen pays $1.6 million in tax
According to Ngo Da Tho, director of Masan Brewery Phu Yen One Member Co., Ltd., the company has faced enormous challenges since 2020 but was able to maintain somewhat stable operations with backing from parent firm Masan. In 2020, the company produced 5 million litres of beer and paid $2.17 million to the budget. The company produced 4 million litres of beer and paid $1.6 million in taxes in the first eight months of 2021 alone.