Domestic tax revenue exceeds $40 million in the first seven months of 2024

Officials of Thái Nguyên Province Department of Taxation provide advice to taxpayers. — VNA/VNS Photo

HÀ NỘI — Budget revenue from taxes reached about VNĐ1.02 quadrillion (US$42.1 million) in the first seven months of this year, equal to 68.6 per cent of the ordinance estimate and 114.9 per cent over the same period last year.

Statistics from the General Department of Taxation under the Ministry of Finance show that among domestic budget revenues, revenue from foreign-invested enterprises (FDI) is estimated at 66.7 per cent.

Revenue from the non-state economic sector is estimated at 72.7 per cent, personal income tax is estimated at 72.7 per cent; fee – charge collection is estimated at 70.6 per cent, land and water surface rental revenue is estimated at 83.7 per cent and lottery revenue is estimated at 76.1 per cent.

Notably, land use revenue increased sharply by 90.6 per cent by the end of July compared to the same period last year, reaching VNĐ106.3 trillion.

The reason is that some localities have held well-organised land auctions and land allocation for projects since the end of last year, generating land use fees early this year.

The General Department of Taxation said that the budget collection results in the seven months of the year showed that the economy was gradually recovering and the production and business situation had improved.

However, the current budget collection activities were not uniform and sustainable, said GDT. Main revenues are mainly from the corporate income tax, profit margin of production and business enterprises and lottery companies, as well as revenue and expenditure difference of the State Bank.

If those are excluded, domestic revenue managed by the tax authority has only reached 62.3 per cent of the estimate.

GDT has also implemented a policy of reducing environmental protection tax on petrol, oil and jet fuel since the beginning of the year, which caused the budget revenue to decrease by about VNĐ19.8 trillion in the seven months.

In addition, reducing land rent last year also depleted the budget revenue by about VNĐ2.37 trillion, reducing taxes by VNĐ87.1 trillion. — VNS