For the first time, domestic tax collection hit the VNĐ1 quadrillion (US$43.9 billion) milestone this year, according to statistics of the General Department of Taxation.

 

The total collection surpassed the target set by the Government by some 5 per cent.

 

According to Deputy Minister of Finance Đỗ Hoàng Anh Tuấn, the total State budget collection was estimated to reach some VNĐ1.3 quadrillion, exceeding the target by nearly VNĐ70,000 trillion, or more than 5 per cent.

 

Tuấn said the private economic sector and foreign direct investment sector contribute significantly to the State budget collection. Tax collection from the non-state sector rose by 23 per cent, FDI sector increased by 20 per cent over the previous year and collection of personal income tax went up by 22 per cent.

 

Besides this, enhanced tax management also helped increase revenue by more than VNĐ17 trillion.

 

Tuấn said the development of businesses and higher-than-target economic growth of 6.81 per cent together with hastened reform of the tax authorities boosted tax collection.

 

Hà Nội and HCM City both fulfilled the target of tax collection in 2017. Budget collection estimate of Hà Nội in 2018 was VNĐ218.2 trillion and that of HCM City was VNĐ376,78 trillion, rising 10 per cent and 8.3 per cent over 2017, respectively. — VNS