Production, business sectors pay more tax

Production, business sectors pay more tax

The production and business sectors paid VND235.5 trillion (US$11 billion) in tax in the first eight months this year, jumping 14.6 per cent from last year's figure, according to the Taxation Department.

During the first eight months, state-owned enterprises paid VND95.1 trillion ($4.5 billion) in tax, up 0.6 per cent year-on-year. However, some key sectors saw a reduction in tax revenue due to the economic downturn - including state-owned banks which fell 85.7 per cent.

Corporate tax revenue from the four state-owned banks; VietcomBank, VietinBank, Agribank and BIDV, plunged 15.1 per cent to VND3.46 trillion ($165 million) while Viet Nam Coal and Mineral Industries Group (Vinacomin) measured a year-on-year decrease in tax collections by 12 per cent to VND3.85 trillion.

Private sector tax revenue also came in at a low VND69.2 trillion , the department said, while other key enterprises saw a reduction of between 31.6 per cent and 69.7 per cent in taxes paid.

The department said implementation of Decree 02/NQ-CP had reduced tax revenues by VND3.34 trillion ($159 million) against last year's figures, by extending tax payments and reducing the tax burden for enterprises.

Meanwhile, initial figures had forecasted Viet Nam to collect up to VND814 trillion ($38 billion) in tax revenue this year.

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