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HCM City smashes tax targets

Update: June, 13/2016 - 11:19
HCM City has asked the Government for a bonus of VNĐ10 trillion (US$450 million) for exceeding its tax revenue target last year.— Photo thesaigontimes.vn

HCM City — HCM City has asked the Government for a bonus of VNĐ10 trillion (US$450 million) for exceeding its tax revenue target last year.

The target was VNĐ234 trillion ($10.5 billion) and the city achieved VNĐ255 trillion ($11.4 billion).

The target for this year is set at VNĐ298 trillion ($13.4 billion).

“HCM City will achieve the target though it is 9 per cent higher than last year’s collection,” Politburo member and city Party Secretary Đinh La Thăng told Việt Nam News Agency.

“To achieve stronger growth, HCM City will need a special mechanism with more powers vis-a-vis finance and human resources. [Then], human resources and production capability will significantly improve and help the city grow in double digits.”

The city is collaborating with central agencies and leading experts to create a comprehensive mechanism to improve the business environment.

People’s Committee Chairman Nguyễn Thành Phong said economic growth in the first five months has been strong and would ensure the Government’s goals are achieved.

“The Government should give back to the city a part of the import and export tax revenues for 10 years and allow the city to collect taxes from certain industries,” he said.

Lê Thanh Vân, a member of the National Assembly’s Finance and Budget Committee, said: “HCM City has already sent many petitions related to the special mechanism. Some can be approved but others do not comply with current laws.

“HCM City should submit a comprehensive mechanism to the Politburo and National Assembly to consider and approve.”

Trần Du Lịch, a member of the National Monetary policy Consultancy Council, said, “HCM City is asking for a normal mechanism like other cities around the world: more independence and more responsibility for its activities.

“We should not treat HCM City like other provinces around the country. The city must be treated like other developed cities in the neighbourhood.”

Nguyễn Đức Hải, chairman of the Finance and Budget Committee, said, “We support the city’s requirement but we need to find a sustainable and proper mechanism.” — VNS

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