HCM City’s budget collection continues growing, but faces challenges

Created 02 April 2018
  • PDF
Editor Choice
(0 votes, average 0 out of 5)

Ho Chi Minh City continued enjoying growth in State budget collection in the first quarter of 2018, however, revenues from several sectors, especially import-export activities are forecast to fall, affecting the city’s budget collection this year.

According to the municipal People’s Committee, the city’s State budget collection during January-March was valued at VND90.8 trillion (US$3.98 billion), equal to 24.11% of the yearly forecast and up 2.47% against the same period last year. Of the total, domestic collection reached VND62.1 trillion (US$2.7 billion), up 5.02%, while revenues from import-export activities were VND23.6 trillion (US$1.03 billion), down 6% year-on-year.
hcm city’s budget collection continues growing, but faces challenges hinh 0
On the contrary, local budget collection in the first quarter was VND21.7 trillion (US$952.3 million), down 13.6% year-on-year.

Director of the municipal Finance Department Phan Thi Thang said that the city has supported tax payers, and sped up the collection of excise and remaining corporate income tax from the fourth quarter of last year.

Ho Chi Minh City will also continue intensifying measures to collect tax debts by publicising those who deliberately drag out their debts or have big debts, Thang added.

However, the city will face challenges in collecting taxes in the rest of this year.

According to the municipal Customs Office, revenues from import-export activities are forecast to reduce by VND700 billion-VND1 trillion (US$30.7-US$43.9 million) each month, as import tax on 90% of tax lines fell to zero thanks to free trade agreements.

The finance department said that the city’s tax collection from goods imported from members of free trade deals will fall by VND11 trillion (US$482.9 million) per year.

Its revenues from oil and petrol, iron and steel, fertilisers and automobile will also drop gradually. For example, the volume of oil and petrol imported through Ho Chi Minh City port is predicted to fall as importers are moving to Van Phong port of central Khanh Hoa province and Nghi Son port of central Thanh Hoa province.

Ho Chi Minh City’s 2018 State budget collection estimates are VND376.7 trillion (US$16.5 billion), of which VND256.2 trillion will come from domestic revenues and VND108 trillion from import export activities. Meanwhile, local budget collection is estimated at nearly VND82 trillion (US$3.6 billion) in 2018.
Source: VOV
Maybe You Also Interesting :

» A look back at H’Hen Nie’s journey throughout Miss Universe 2018

H’Hen Nie, the Vietnamese representative at Miss Universe 2018, has left a fantastic impression on viewers during the beauty pageant in Thailand.

» Exploring serene Lan Ha Bay – the “second” Ha Long bay of Vietnam

With around 400 islands covered with diversified species of plants, Lan Ha Bay in Cat Ba island district, in the northern port city of Hai Phong, has risen to...

» Events in Hanoi & HCMC on December 17-23

A selection of noteworthy artistic and cultural events to take place in Hanoi and Ho Chi Minh City.

Popular News Categories:

- Asia & Asean  |  EU & Russia  |  America

- Facts  |  Urban  |  Faculty  |  Environment

- Business  |  Finance  |  Market Health

- Destination  |  Cuisine  |  Arts Music

- Cinema  |  Soccer  |  Sports  |  IT & Internet