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Home / Economy / Banking & Finance
Vietnam’s tax collection up 14.5% in Jan – Nov
Hai Yen 16:37, 2018/12/14
This year’s overall revenue witnessed significant improvement compared to the last few years, mainly thanks to a hike in crude oil prices in the global market at US$74 per barrel (the estimated price was US$50).
Vietnam’s tax collection in the first 11 months of 2018 reached VND997.39 trillion (US$42.75 billion), equivalent to 93.2% of the year’s estimate and up 14.5% year-on-year, according to the General Department of Taxation. 
 
Illustrative photo.
Illustrative photo.
Upon breaking down, revenue from crude oil stood at VND57.93 trillion (US$2.48 billion), equivalent to 161% of the estimate, and up 41% year-on-year; domestic revenue has reached VND939.46 trillion (US$40.28 billion) or 90.8% of the estimate and up 113%. 

The government aims the revenue in 2018 at VND1,070 trillion (US$45.88 billion), 5% higher than the estimate in 2017, including VND35.9 trillion (US$1.53 billion) from crude oil and domestic revenue of VND1,034 trillion (US$44.34 billion). 

The tax department said the overall revenue witnessed significant improvement compared to the last few years, mainly thanks to a hike in globals crude oil prices at US$74 per barrel (the estimated price was US$50).

As of November 30, a total of 99.92% of enterprises have declared tax online, taking the number of applications to over 56.4 million. 

Meanwhile, 98.41% of enterprise paid tax via online transaction of VND551.62 trillion (US$23.65 billion) during the period. 

Tax agencies received 19,153 applications for online value added tax refund, reaching the rate of 93.14% as of November 20, 2018. Of the total, 14,509 requests have been handled with an amount of VND81.26 trillion (US$3.48 billion). 

It is estimated that 253 companies used e-invoices in their operation in the first 11 months of 2018 with over 7.25 million bills verified, taking the total revenue of VND82.59 trillion (US$3.54 billion). 
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