Thursday, January 23 2020

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HCM City tax department seeks to go past revenue target

Update: January, 16/2020 - 09:37

 

The HCM City Department of Taxation wants to exceed the tax collection target by 5 per cent this year. — VNS Photo Văn Châu

HCM CITY — The HCM City Department of Taxation hopes to surpass its revenue target by at least 5 per cent this year.

Speaking at a review meeting on January 15, Lê Duy Minh, its deputy director, said revenues last year had been VNĐ291 trillion (US$12.81 billion), 8.3 per cent up from 2018, and this year the department has been given the same amount as the target.

Tax revenues excluding from oil were VNĐ269 trillion, up 10 per cent. Revenues from oil were up 22 per cent to VNĐ22 trillion.

With several free trade agreements (FTAs) coming into effect, many tariff lines have fallen to zero, and so the target is not higher than last year, and more FTAs are set to come into being.

But the department seeks to go past the target through innovations in tax collection and administration, creating a favourable environment for businesses and reforming administrative procedures to minimise the time needed for tax procedures.

The department would increase inspection to prevent transfer-pricing fraud and tax evasion by large businesses, households, e-commerce businesses, restaurants and catering services, and other new business lines in the sharing economy, Cao Tuấn Anh, director of the General Department of Taxation, said.

More than 96,240 inspections were carried out during the year, which helped collect an additional VNĐ13.8 trillion ($595 million).

The department revealed there had been violations by a number of companies, including some big foreign ones.

Nationally, tax collection totalled more than VNĐ1.276 quadrillion in 2019, 9.3 per cent higher than the plan and 11.2 per cent higher than in 2018. — VNS

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