Tuesday, April 7 2020


HCM City surpasses revenue targets

Update: January, 13/2015 - 08:46
Ho Chi Minh City. — File Photo
HCM CITY (VNS) — Budget revenue for HCM City last year reached VND164.23 trillion (US$7.7 billion), 8 per cent higher than the year's target and a year-on-year increase of 4.73 per cent.

The figures were released during a conference held last Friday to review tax operations in HCM City.

Le Xuan Duong, deputy head of the HCM City's Tax Department, said last year domestic revenue (excluding budget collections from crude oil) exceeded the target to reach VND129.5 trillion ($6.07 billion), an increase of nearly 9 per cent over the previous year and four per cent higher than the year's target.

The budget collection from the economic sector in the city, for the first time, surpassed the city's target last year to top $92.5 trillion ($4.3 billion), accounting for more than 70 per cent of total domestic revenue.

Le Thanh Hai, secretary of the Party Committee of HCM City, said tax collection from the city's four key industrial sectors had increased significantly over the past years and contributed up to 59 per cent of total domestic revenue last year.

This proved that the city's economic sector was heading in the right development direction, he said, adding that there were 16 businesses in the city with tax payments of up to VND1 trillion ($46.9 million) each.

Nguyen Dinh Tan, head of the city Tax Department, attributed the high budget collection results to the city's policies to help businesses untie difficulties in production, trading and consumption, and programmes to enable them to improve competitiveness and promote trade both within and outside the country.

The department made efforts to strengthen administrative reform last year, he said, noting that there were 9,000 enterprises paying tax online in 2014. In addition, nearly 98 per cent of businesses registered for online tax payments.

Nguyen Thi Hong, deputy chairwoman of the HCM City People's Committee, ordered tax agencies to continue simplifying administrative procedures and hold dialogues with businesses to solve difficulties faced by them and help them understand new policies.

She also ordered the department to improve the reclaimation of tax arrears from businesses in order to reduce total tax arrears to less than five per cent of the total budget revenue by the end of this year.

Do Hoang Anh Tuan, deputy minister of Finance, said the department should strengthen online tax registration and tax payments online to enable every business in the city to register for online tax payment.

He also urged the tax department to promote the use of e-invoices among businesses.

The Ministry of Finance has assigned the city to collect VND265.77 trillion ($12.46 billion) in budget revenue this year, of which VND143.77 trillion ($6.74 billion) would be in domestic revenue, excluding income from crude oil. — VNS

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