Tax sector fulfils nearly 52% of State budget collection projection

The General Department of Taxation on June 5 reported that the total State budget collection of the tax sector in the first five months of this year was estimated at 767.41 trillion VND (30.19 billion USD), equivalent to 51.6% of the yearly projection and representing a year-on-year rise of 14.9%.

Accordingly, collections from 13 out of the 20 sources topped 50% of the State budget projection for this year, it said.

Particularly, revenue from State-owned enterprises was estimated to complete the projection by 50.3%, while the proportion of foreign-invested firms was 52.9% and non-state economic sector 57.1%. Meanwhile, personal income tax collection was equivalent to 55% of the projection, the department added.

It said that 23 out of the 63 localities completed over 50% of the State budget projection for this year, while 11 others suffered lower revenue compared to the same period last year.

Meanwhile, the total amount of tax and land rent exempted or reduced in the first five months of this year was about 31.84 trillion VND.

According to the department, as of May 17, 59,674 businesses had registered to use electronic invoices created from cash registers, an increase of 47.9% compared to the end of 2023, with the number of electronic invoices created from cash registers reaching more than 415.3 million.

Alongside, 96 foreign suppliers registered and were granted tax codes through the tax sector’s online portal, two more than the previous month. As of May 15, the total tax amount paid directly by foreign suppliers through the portal was 4.02 trillion VND.

For the rest of the year, the department will continue to keep a close watch on the collection progress, reviewing potential collection sources, and advising the Ministry of Finance and the Government in regulating State budget collection, thus striving to complete tasks for 2024.