Updated  
October, 12 2012 10:08:29

Tax collection below target makes balancing the budget a challenge

HA NOI (VNS)— Overdue taxes in the first nine months of the year reached a level of 6.8 per cent of total tax collections, with amounts owed by State-owned enterprises accounting for over 13 per cent of the total.

General Department of Taxation deputy director Tran Van Thu released the figures at a meeting held in Ha Noi yesterday to review State budget utilisation so far this year .

"The ministry has strived to bring the debt ratio to less than 5 per cent to ensure a balance between State budget collections and spending," Thu said.

Total tax collections in the nine-month period were at 67 per cent of set targets, while total State spending amounted to VND643 trillion (US$30 billion), or 4.5 per cent increase over the same period of last year.

Value-added tax payments have also been extended for over 190,000 businesses, representing uncollected taxes totalling VND11 trillion ($523.8 million), while corporate income taxes have been delayed for 71,000 companies, for an additional total of VND2.9 trillion ($138 million).

Uncollected land use fees were also estimated to have totalled VND250 billion ($11.9 million) by the end of September.

Deputy Minister of Finance Vu Thi Mai also told the meeting that the Ministry of Finance had established a unit to review corporate income taxation, proposing a rate less than the current 25 per cent.

"The specific figure would have to be carefully considered to ensure competitiveness in the region," Mai said.

She also told the meeting that the ministry had submitted to the Government a draft circular to provide guidelines on the revised Law on Securities. The ministry was also co-operating with the State Bank of Viet Nam to develop the stock market. — VNS

Send Us Your Comments:
Name:
Your E-mail address:
Title:
 

VietNamNews may edit your comments and not all emails will be published.

Highlight

Woman steps up in fight to tackle drugs 2    Woman steps up in fight to tackle drugs

Since for Le Thi Nga "to live is to give," she thought nothing about joining the neighbourhood watch in her fourth quarter in District 1's Cau Kho Ward in 2009.

Tan Son Nhat Airport on verge of overloading 1    Tan Son Nhat Airport on verge of overloading

HCM City's Tan Son Nhat Airport will be stretched beyond capacity in the next two years, making construction of the new Long Thanh airport in Dong Nai Province more urgent than ever, experts warn.

BIDV teams up with Japanese banks to facilitate investment BIDV teams up with Japanese banks to facilitate investment

The Bank for Investment and Development of Viet Nam (BIDV) has signed a memorandum of understanding (MoU) with two Japanese banks, namely Minato Bank and the Bank of Yokohama (BOY).

My Lai survivor writes book 1    My Lai survivor writes book

Pham Thanh Cong, 57, was one of only a dozen survivors of 1968's infamous My Lai massacre. More than four decades later, he has written a book about the mass murder, in which American soldiers killed 504 unarmed civilians.

Imported brews, grub at Ha Noi's Oktoberfest 1    Imported brews, grub at Ha Noi's Oktoberfest

A celebration of Germany's Oktoberfest will be held in Ha Noi on Thursday and Friday.