CIT revenue in first two months records good result

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Central budget revenue in the first two month of 2020 was estimated at VND 115,900 billion. Photo: TL

According to the General Department of Taxation, the revenue in the first two month saw a good result in progress and collection rate compared to a few recent years.As reported by the General Department of Taxation, budget revenue until the end of February 2020 of the Tax sector was VND248,229 billion or 19.8% of the estimate, equivalent to 113.9% compared to the same period last year.

The General Department of Taxation said that the increase in revenue was mainly due to good growth rate of 2019’s economic situation and increase in corporate income tax (CIT) revenue of the four quarter of 2019 in January (up 14.5% compared to same period last year).

In addition, localities also remitted revenue from land use fees and land rental fees in January; revenue from lotteries significantly increased because some lottery companies remitted 2019 after-tax profit in January (up 86.4% compared to the same period last year).

According to statistics by the General Department of Taxation, by the end of February, nine out of 19 revenues and taxes were good (more than 17%) of which there were some big revenues such as: FDI sector reached 20.8%, industry and trade and non-State sector reached 18.4%; personal income tax 18.8%; lotteries 33.6% and land use fees 22.5%.

In addition, eight out of 18 revenues reached less than 17% such as: State-owned enterprise sector was estimated at 16%; environmental protection tax 14.4%; registration fee 13.3%; fees and charges 15.3%; fees for granting mining right 9.5%.

If compared with the same period last year, there were 10 out of 18 revenues and taxes seeing good revenue growth, such as: FDI sector increased by 13.4%; non-State sector increased by 3.8%; personal income tax increased by 4%; environment protection tax increased by 20.8%; land rentalfees increased by 58%, and land use fee increased by 28.7%.

In particular, there were eight out of 18 revenues and taxes reaching results lower than the same period last year: State-owned enterprises sector was 96.5%; registration fee 90.5%; fees and charges 94.1%; and fees for granting mining rights 61.2%.

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According to the General Department of Taxation, with such state budget revenue results, the central budget revenue in the first two months of 2020 was estimated at VND115,900 billion (equal to 19.5% of the estimate, equal to 117.5% compared to the same period last year). Along with that, local budget revenue was estimated at VND128,571 billion (or 19.5% of the estimate, 110.8% over the same period last year).