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Vietnam tax revenue in five months reached US$ 21.5 million

15:32 | 06/06/2020

State budget revenue was estimated at nearly VND500 trillion (US$21.5 million) in the first five months of this year, equal to 97.6 per cent of the figure of the same period last year.

vietnam tax revenue in five months reached us 215 million Vietnam's custom revenue reaches US$ 5.3 million within 5 months
vietnam tax revenue in five months reached us 215 million Vietnam companies achieved lower earnings in April
vietnam tax revenue in five months reached us 215 million State budget revenue reaches over VND427 trillion (US$18.17 billion) in Q1 2020
vietnam tax revenue in five months reached us 215 million
The COVID-19 pandemic has a significant impact on tax collection. (Photo baochinhphu.vn)

Data published on Thursday by the General Department of Taxation showed that the estimated State budget revenue last month was VND58 trillion (US4 2,485 billion), equal to only 63.1 per cent of the same month last year.

Of which, revenue from crude oil gained only 25.1 per cent of the same period last year. Domestic revenue is estimated at 65.8 per cent of the same period last year, according to VNA.

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.

vietnam tax revenue in five months reached us 215 million
The State budget revenue last month was VND58 trillion (Photo: VnEconomy)

In addition, the implementation of the Government’s Decree 41/ND-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/ND-CP with severe sanctions for drivers who consumed alcohol. This has led to a sharp decrease in alcohol consumption in many localities.

vietnam tax revenue in five months reached us 215 million
The General Department of Taxation has supported businesses to overcome difficulties (Photo: Bao dau thau)

In the context of many adverse effects that reduce revenue, the General Department of Taxation said that it has instructed the Department of Taxation to deploy revenue estimates right from the first day and the first month, striving to increase revenue by 7% compared to the estimates approved by the National Assembly. Also, it assigned tasks of inspection and examination of enterprises in 2020 to the Tax Department; checked and reviewed all businesses registered for business management and taxation.

In 5 months, the whole country had 48,341 newly established enterprises, down 5,419 enterprises compared to the same period in 2019; 30,607 enterprises terminated their business, reduced by 90 enterprises.

As of June 1, the General Department of Taxation has received 128,684 applications for extension of tax payment and land rent (including 101,974 businesses and 26,710 business households and individuals) with an amount of VND 36,963 billion (US$ 1.6 billion).

The inspection and examination work is also focused by the tax office. By this time, the tax authorities at all levels have carried out 15,195 inspections and checks; 163,726 tax records were checked at the tax office. The total amount of money handled by inspection and examination was VND 20,737 billion (US$ 888 million). State budget revenue increased more than VND 8,686 billion (US$ 372 million), reported by VGP News.

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Candy Lee