Vietnam's customs sector aims to raise revenues in 2018

Friday, 2018-01-12 11:40:55
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Last year the customs sector collected over VND297.08 trillion (US$13.08 billion) for the State budget.
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NDO/VNA – Minister of Finance Dinh Tien Dung has asked the customs sector to raise its state budget collection by 3-5% higher than the amount assigned by the National Assembly.

The official made the requirement during an online conference held on January 11 to review the sector’s work and launch the new tasks in 2018.

To realise the target, Dung asked the General Department of Vietnam Customs (GDC) to tighten post-clearance inspections and intensify the fight against trafficking and trade fraud, along with accelerating the collection of overdue tax.

The minister stressed the role of a legal framework for the single national window and information exchanges with trade partners. He also instructed the efficient implementation of the project on monitoring seaports and infrastructure improvement for customs management.

In 2018, the NA tasked the customs sector with the collection of VND283 trillion (US$12.46 billion) for the State budget in the context of import tax reductions for many commodities under free trade agreements that Vietnam has signed with its partners.

GDC Director General Nguyen Van Can said the GDC will take measures to prevent tax losses and evaluate the impacts of Vietnam’s commitments to international integration on budget collection.

Besides, it will devise appropriate solutions to recover overdue tax, while intensifying the fight against smuggling and trade fraud.

GDC statistics show that the customs sector collected over VND297.08 trillion (US$13.08 billion) for the State budget as of the end of 2017, an annual increase of 9.47% and 4.24% higher than the estimated figure adopted by the NA.