Tax collection up 12.3 percent in 2018
Updated : Friday, January 11, 2019 2:51 PM (GMT+0700)

The taxation sectorcollected more than 1.14 quadrillion VND (49.46 billion USD) in tax for theState budget in 2018, equal to 107.2 percent of estimates and up 12.3 percentfrom 2017, as heard a conference of the Vietnam General Department of Taxation(GDT) on January 10. 

The taxation sector collects more than 1.14 quadrillion VND (49.46 billion USD) in tax for
the State budget - Photo: VNA

General Director of the GDT Bui Van Nam said 61 out of 63localities in the country fulfilled and overfulfilled their tax collectiontargets, with 48 localities surpassing their targets by more than 7.3percent. 

Deputy Prime Minister Vuong Dinh Hue highlighted that 2018marked the first time tax collection surpassed the mark of 1 quadrillion VND,adding that the growth in domestic revenue was higher than the GDP growth plusinflation, which demonstrated the strength of the economy. 

The Government official attributed the achievements to thesetting of high target, the strong leadership of the Government and the effortsof the tax sector. 

He said the National Assembly is scheduled to consider andapprove the revised law on tax management, which will create opportunities forthe sector. 

The Deputy PM added that the sector should makerecommendations on revising laws related to taxation policies following the taxreform orientation under the Party Politburo’s Resolution 07-NQ/TW and in linewith international practice. 

He also requested the tax sector, in collaboration with theFinance Ministry, to make reports on the situation of foreign directinvestment, helping the Government to submit to the Politburo a resolution onorientations for FDI attraction. 

The sector should study and propose to the Finance Ministryand Government taxation mechanisms and policies suitable with the digital economyand its new business models.

General Director Nam said the sector has assigned tax bureausnationwide to strive to surpass tax collection target by at least five percentin 2019.

Source: VNA

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