HANOI: Tax collection to the State budget was estimated at VNĐ99.5 trillion (US$4.4 billion) in January, according to a report by the General Department of Taxation. This was equivalent to 9.3 per cent of the estimated budget collection for the full year.
Budget collection from crude oil reached VNĐ4.1 trillion, rising by nearly 50 per cent over the same period last year, as a result of the increase in the average oil price to $66 per barrel, which was $16 higher than the price in the estimate and $7.4 higher than the same period last year. Bùi Văn Nam, director of General Department of Taxation, said that to enhance tax collection, the department would carry out tax inspection of more than 89,200 enterprises, or 18.5 per cent of the existing firms, in 2018Tax inspection helped collect VNĐ506.9 billion in January. The General Department of Taxation has also asked local tax departments to hasten the collection of tax arrears this year. According to statistics provided by the Ministry of Finance, the total budget collection was estimated at VNĐ114.2 trillion in January, representing a rise of 5.2 per cent over the same period last year, in which domestic tax collection accounted for some 84 per cent.
