Income tax flows in from mineral, petroleum firms

Income tax flows in from mineral, petroleum firms

The minerals and petroleum sectors remain the largest tax contributors in the 2014 list of 1,000 largest corporate income taxpayers in Viet Nam (V1000).

The Viet Nam Report Company (VNRC) and the Taxation Department released the V1000 list yesterday.

According to the list, the minerals and petroleum sectors made up 36.4 per cent of total tax contributions in 2014 while the telecommunications and information sector ranked second with 15 per cent and the financial sector ranked third with 10.5 per cent.

The list also showed that total tax contributions from the V1000 this year reached VND80.46 trillion (US$3.8 billion), a 0.54-per cent year-on-year decline. But the amount accounted for 10.2 per cent of the entire State budget.

The list also revealed that the100 biggest businesses contributed more than 57 per cent of total tax contributions.

Phung Hoang Co, VNRC management board vice chairman, said State-owned enterprises (SOEs) accounted for 29 per cent of the list and made up 65.6 per cent of total tax contributions.

In addition, SOEs contributions to the State budget this year are expected to reach VND184.5 trillion while foreign direct investment is expected to chip in VND111.6 trillion and the non-government sector, VND107.2 trillion.

Co cited the figures as proof that SOEs were making efforts to improve their effectiveness and investment in the State budget, as well as obey tax laws.

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