HCM City tops state budget revenue target

Update: January, 13/2018 - 09:00
Seafood produced at Sài Gòn Food Joint Stock Company in HCM City. The southern city will create favourable conditions for taxpayers through electronic tax payment. – VNA/VNS Photo An Hiếu
Viet Nam News

HCM CITY — Total state budget revenue in HCM City reached VNĐ347.98 trillion (US$15.32 billion) in 2017, slightly more than the year’s target, and up 13.5 per cent compared to 2016, according to the city’s State Treasury.

The city expects to collect VNĐ376.78 trillion ($16.59 billion) worth of state budget revenue in 2018, the agency said.  

Speaking at a meeting held on January 12 in HCM City, Vũ Hoài Nam, director of the State Treasury of HCM City, said the city had the largest state budget revenues in 2017 of all cities and provinces.  

Last year, the city was assigned to collect state budget revenue worth VNĐ347.882 trillion, up 27.5 per cent compared to 2016.

The city will continue to work with commercial banks to collect State budget by electronic tax collections and payments, through accounts and POS machines, as well as at transaction offices of commercial banks, he said.

With a total of 82 accounts of commercial banks in the city, the State Treasury of HCM City will create favorable conditions for taxpayers, both individuals and organisations, to reduce the rate of cash use.

In addition, the agency has tightened control over spending commitments and helped individuals and units to implement spending commitments according to current regulations, Nam noted.

To achieve the target this year, the State Treasury of HCM City will continue to work closely with agencies and commercial banks to promote the use of advanced technology in collecting state budget revenues.

The agency will improve management of investment expenditures, strictly abiding by the process and laws on control of expenditures of projects using state budget funds of projects using ODA capital and other loan capital.

2018 tax target

Speaking at another meeting held on January 12 in the city, Trần Ngọc Tâm, chief of the city’s Tax Department, said in 2018 the city expected budget revenue of VNĐ376.78 trillion, of which the revenue from the tax sector would be VNĐ268.78 trillion, a rise of 12.5 per cent ​​compared to 2017.

“This is a rather high target, requiring that everyone concentrate on implementing solutions,” Tâm said. 

According to the HCM City Tax Department, the department has reduced tax debt to 3.3 per cent of total revenue.

Trần Vĩnh Tuyến, vice chairman of HCM City People’s Committee, said the city should seek innovative solutions in tax collection and administration and create a favorable environment for businesses.

Tuyến urged the department to continue to reform administrative procedures to minimise the time needed to carry out tax procedures.

Last year, the city’s Tax Department collected VNĐ238.88 trillion in tax, gaining 100 per cent of the year’s target, up 16.8 per cent against 2016.

Total tax debt was VNĐ7.77 trillion as of the end of 2017, accounting for 3.3 per cent of total revenue collected, according to the department. — VNS