70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Banking & Finance
Hanoi’s tax revenue hits nearly US$13 billion
Hai Yen 12:53, 2022/12/16
Vietnam’s total tax revenue was estimated at VND1,460 trillion ($61.86 billion), exceeding the estimate by 24.3%.

Hanoi, along with Ho Chi Minh City, is the two cities that collect the most taxes, each above VND300 trillion (US$12.7 billion) in 2022, according to the General Department of Taxation (GDT).

 Taxpayers at a tax office in Hanoi. File photo

"The strong economic results have resulted in 63 out of 64 provinces/cities having completed or even exceeded their respective tax collection targets," GDT deputy director-general Vu Chi Hung said at a meeting on the nation's 2022 fiscal performance and 2023 targets on December 15.

According to Hung, there have been eight provinces/cities posting tax revenue of over VND30 trillion ($1.27 billion), including Ba Ria – Vung Tau, Hung Yen, Binh Duong, Dong Nai, Quang Ninh, Haiphong, Thanh Hoa, Vinh Phuc; four with over VND20 trillion ($847 million); and 18 with over VND10 trillion ($423.7 million).

This year, Vietnam’s total tax revenue was estimated at VND1,460 trillion ($61.86 billion), exceeding the estimate by 24.3% and up 8.5% year on year. Of which, domestic revenue made up the lion’s share of VND1,400 trillion ($59.3 billion), 21% higher than the year’s target and up 6.6% against last year.

Apart from focusing on tax collection, Hung said tax agencies have been working on support measures for people and businesses under the economic recovery program, including waiving and extending the due date for payment of taxes and land rental fees worth more than VND174 trillion (US$7.4 billion).

The GDT proposed the Government cut value-added tax at VND20 trillion ($848 million), environmental protection tax on jet fuels at VND1.9 trillion ($80.57 million), and petroleum products at VND26.3 trillion ($1.11 billion).

"Taxpayers have also benefited from the extension of the due date for tax payments worth VND96.3 trillion ($4 billion) in 2022," he added.

Hanoi tightens tax management in e-commerce platforms

Director of Hanoi’s Department of Taxation Mai Son attributed the city’s positive tax collection to effective measures preventing tax losses and arrears collection, especially in e-commerce transactions.

According to Son, the total amount of tax arrears and penalties in the city stood at VND3.05 trillion ($129.4 million), up 15% year on year.

“The local tax department has been finalizing the database on taxpayers, business performance, and the capital inflow to assess their tax compliance and risks management,” Son said.

Regarding e-commerce activities, Son said the tax authorities continue to maintain close relations with commercial banks, delivery firms, and intermediary payment service providers to prevent tax losses.

“In 2023, the agency is committed to modernizing the tax management process to create further convenience for customers and transparency in tax payment,” he added.

Data from the GDT revealed 42 foreign online service providers, including major tech firms of Meta, Google, TikTok, Microsoft, and eBay, have declared and paid taxes worth VND3.44 trillion ($146 million) in Vietnam in 2022.

In March, the GDT launched the information portal for foreign service providers. The portal, located at the web address etaxvn.gdt.gov.vn, is designed to help foreign entities with no representative office in Vietnam and mainly provide services in the cyber environment, making it difficult for them to file and pay taxes conventionally.

According to GDT, the website helps foreign parties in electronic tax transactions and access information on Vietnam's tax policies and regulations related to e-commerce activities in the country.

RELATED NEWS
TAG: Hanoi tax revenue hanoi tax collection hanoi finance
Other news
15:07, 2024/06/08
Number of securities accounts in Vietnam reaches new high
On average, about 4,265 new retail and institutional accounts were added to the market each day.
21:52, 2024/05/27
C.bank not considering dropping credit growth quota for fear of rising bad debts
Given the unique economic conditions of Vietnam, if banks increase credit growth without control measures, the system could return to the hot credit growth period seen before 2011.
18:20, 2024/05/09
Vietnam's non-cash payments reach US$9.8 trillion, 23 times GDP
Many of the banking industry's digital transformation goals for 2025 are on track to be met or exceeded.
21:53, 2024/05/04
PM urges Central bank to ensure positive growth in 2024
Local lenders are encouraged to provide incentives and attract individuals to take out consumer loans.
17:07, 2024/05/03
Vietnamese Gov't to continue VAT cut for second half of 2024
If the VAT reduction policy is continued for the last six months of the year, the total revenue loss for 2024 is projected to be approximately VND47.5 trillion (US$1.87 billion).
21:54, 2024/04/23
3,400 taels of gold purchased at the first-in-11-year auction
Gold trading firm SJC and lender ACB are the two successful bidders at the auction held today.