Tax revenue in five months hits almost 21.73 billion USD

June 06, 2020 | 08:06

(0) user say

The tax sector’s state budget revenue was estimated at nearly 500 trillion VND (21.73 billion USD) in the first five months of this year, equal to 97.6 percent of the figure of the same period last year.

tax revenue in five months hits almost 2173 billion usd

The COVID-19 pandemic has a significant impact on tax collection. (Photo: baochinhphu.vn)

Data published on June 4 by the General Department of Taxation showed that the tax sector’s estimated State budget revenue last month was 58 trillion VND, equal to only 63.1 percent of the same month last year.

Of which, revenue from crude oil gained only 25.1 percent of the same period last year. Domestic revenue is estimated at 65.8 percent of the same period last year.

The COVID-19 pandemic has had a significant impact on tax collection. The General Department of Taxation has supported businesses to overcome difficulties and have solutions to ensure the revenue target.

The General Department of Taxation said the reason was the Government's nationwide social distancing decision, requiring non-essential businesses to close and others to limit activities, which has affected businesses and State budget revenue in April and May.

In addition, the implementation of the Government’s Decree 41/NĐ-CP on the extension of deadlines for tax and land use fee payments to support businesses suffering from the COVID-19 pandemic also caused a sharp decline in budget revenues.

The decrease in five-month revenue is also partly attributed to the implementation of Decree 100/2019/NĐ-CP with severe sanctions for drivers who consumed alcohol.

This has led to a sharp decrease in alcohol consumption in many localities.

VNA

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional