Tax collection up 12.3 percent in 2018

Thursday, 2019-01-10 22:09:29
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Deputy PM Vuong Dinh Hue speaking at the conference (Photo: VGP)
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NDO/VNA - The taxation sector collected more than VND1.14 quadrillion (US$49.46 billion) in tax for the State budget in 2018, equal to 107.2 percent of estimates and up 12.3 percent from 2017, as heard a conference of the Vietnam General Department of Taxation (GDT) on January 10.

General Director of the GDT Bui Van Nam said 61 out of 63 localities in the country fulfilled and overfulfilled their tax collection targets, with 48 localities surpassing their targets by more than 7.3 percent.

Deputy Prime Minister Vuong Dinh Hue highlighted that 2018 marked the first time tax collection surpassed the mark of 1 quadrillion VND, adding that the growth in domestic revenue was higher than the GDP growth plus inflation, which demonstrated the strength of the economy.

The Government official attributed the achievements to the setting of high target, the strong leadership of the Government and the efforts of the tax sector.

He said the National Assembly is scheduled to consider and approve the revised law on tax management, which will create opportunities for the sector.

The Deputy PM added that the sector should make recommendations on revising laws related to taxation policies following the tax reform orientation under the Party Politburo’s Resolution 07-NQ/TW and in line with international practice.

He also requested the tax sector, in collaboration with the Finance Ministry, to make reports on the situation of foreign direct investment, helping the Government to submit to the Politburo a resolution on orientations for FDI attraction.

The sector should study and propose to the Finance Ministry and Government taxation mechanisms and policies suitable with the digital economy and its new business models.

General Director Nam said the sector has assigned tax bureaus nationwide to strive to surpass tax collection target by at least five percent in 2019.