Tax revenue up 4.4 per cent year-on-year in January

February 01, 2023 | 10:42

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Tax revenue in January was estimated at 165.7 trillion VND (7.06 billion USD), or 12.1 per cent of the ordinance estimate, up 4.4 per cent year-on-year, the General Department of Taxation reported on January 31.

Tax revenue up 4.4 per cent year-on-year in January

Illustrative image (Photo: VNA)

Hanoi – Tax revenue in January was estimated at 165.7 trillion VND (7.06 billion USD), or 12.1 per cent of the ordinance estimate, up 4.4 per cent year-on-year, the General Department of Taxation reported on January 31.

Accordingly, revenue from crude oil hit 5.3 trillion VND, equal to 12.6 per cent of the estimate and 167.7 per cent of the figure in the same period last year. Domestic revenue was estimated at 160.4 trillion VND, equivalent to 12 per cent of the ordinance estimate and 103.1 per cent of the figure a year ago.

Revenue from State-owned enterprises accounted for 13.2 per cent while that from foreign-invested sector 14.1 per cent, individual income tax 8.1 per cent, fees and bills 10.2 per cent, land use tax 6 per cent, and environment protection tax 3.1 per cent.

The State, non-State and foreign-invested sectors recorded respective growth of 15.3 per cent, 21.1 per cent and 18.3 per cent in revenues to the State budget.

This year, the tax sector was assigned to collect over 1.37 quadrillion VND in taxes, 42 trillion VND of which will be from crude oil and the remainder from domestic collection.

Tax revenue in five months hits almost 21.73 billion USD

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 policies must support firms to boost revenue: official

The General Department of Taxation must hasten reforms to create a favourable environment for enterprises to recover their business from the ravages of the COVID-19 pandemic, which was critical to increase tax revenue, Deputy Minister Tran Xuan Ha has said.