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New City revenue target downgraded from 2013

Update: January, 04/2014 - 11:17
HCM City.— File Photo
HCM CITY  (VNS) — HCM City has a revenue target of VND226 trillion (US$10.76 billion) this year, marginally less than last year's, an official said.

Speaking at a seminar in the city on Thursday, Dao Thi Huong Lan, director of the Department of Finance, said it is for the first time that the Government has reduced the target, but it would not be easy to meet since several new policies are set to reduce inflows.

Corporate tax has been reduced from 25 per cent to 22 per cent and the car registration fee has come down from 15 per cent to 10 per cent.

Besides, for the first time the city has to share 70 per cent of revenues from traffic fines with the Government.

Every year the city collects nearly VND1 trillion in fines and keeps it all.

Last year the city's revenues were worth VND237.8 trillion, a 12.4 per cent rise from 2012.

Other targets for the year include economic growth of 9.5-10 per cent and export growth of 10 per cent.

The city also hopes to reduce the poverty rate to 6.8 per cent. People with an annual income of less than VND16 million year are considered poor.

Le Hoang Quan, chairman of the People's Committee, said the city would try to achieve the targets though it might be difficult.

He ordered all departments and districts to draft comprehensive measures to hit the targets.

He also urged district administrations to focus on efforts to revive the economy, resolve difficulties, and boost production and trade.

He ordered the Department of Industry and Trade to create and implement policies to support production and improve businesses' competitiveness.

It should promote trade effectively at home and abroad, he added. — VNS

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