Domestic revenue increases 13% in the first four months

Revenue collection of the Tax sector achieved good results

Revenue collection reaches 47% of the current appropriation

According to the General Department of Taxation, in the first four months of 2022, the total revenue collection of the Tax sector achieved 47% compared to the current appropriation, equalling 113% over the same period last year.

Revenue from dividends of banks and revenue from crude oil increased by 82.6% over the same period (due to the sharp increase in the price of crude oil); and revenue from land use. Notably, revenue from taxes and fees of business production reached VND421,652 billion, an increase of 109.8% over the same period.

In addition, the General Department of Tax stated that the amount of money spent for implementing valid support policies for people and enterprises from 2021 and some new support policies in 2022 is estimated at about VND14,674 billion.

It is included the total amount of tax implementing Resolution No.406/NQ-UBTVQH15 reducing 30% of VAT rate in December 2021 (paid in January 2022) for enterprises and organizations; reducing 30% of corporate income tax paid in 2021 for enterprises generating revenue not exceed VND200 billion in 2021; exempting tax in the fourth quarter of 2021 (paid in January 2022) for households, businesses and individuals which is estimated to decrease by about VND5,174 billion in the first four months of 2022.

Regarding the reduction of 50% of registration fees following Decree No.103/2021/NĐ-CP (from December 1, 2021 till the end of May 31, 2022), the total amount of registration fees is estimated to reduce by about VND4,500 billion in the first four months of 2022; decreasing of VAT rate from 10% to 8% under the Decree No.15/2022/NĐ-CP dated January 28, 2022 of the Government (from February 1, 2022 to December 31, 2022), the total amount of tax is estimated to reduce about VND4,200 billion.

Also, the reduction of 50% of the environmental protection tax rate on jet fuel according to Resolution No. 13 (from January 1, 2022 to December 31, 2022) is estimated to reduce state revenue in the first four months of 2022 by about VND480 billion.

For the reduction of some fees and charges following the provisions of Circular No. 120 (from January 1, 2022 to June 30, 2022), the total amount of tax is estimated to reduce by about VND320 billion in the first four months of 2022.

Deploying e-invoices

The General Department of Taxation said that to achieve the above results, the tax sector has implemented many management solutions. Besides objective factors, in the first four months of the year, the whole tax sector has carried out 11,087 cases of inspections and audits. In particular, 173,169 tax declaration dossiers were checked by the tax authorities, equal to 123.16% compared to the same period in 2021. The total amount proposed to be handled through inspection and examination is VND8,168 billion.

Along with that, the whole tax sector has collected VND2,900 billion in debt. Accumulated by the end of April 2022, the revenue was VND10,150 billion.

Notably, right after the ceremony of activating the nationwide e-invoice system which was held on April 21 with the participation of the Prime Minister, tax authorities at all levels actively implemented tasks according to the plan and schedule. Until now, there are 681,263 taxpayers registered to use e-invoices, including 643,596 enterprises and 37,667 business households.

Moreover, among 57 provinces and cities implementing phase 2, many provinces and cities have achieved over 50% of units switching to using electronic invoices. Some provinces have achieved good progress such as Bac Ninh is over 80%, Thai Nguyen is over 90%, Quang Binh, Thua Thien Hue, Ninh Binh, Long An have all achieved over 70% of businesses switching to electronic invoices.

Currently, the General Department of Taxation is continuing to closely follow and direct tax authorities at all levels to drastically deploy e-invoices in the area, ensuring the progress of completing 90% of enterprises, organizations and business households that are using invoices must switch to using electronic invoices by May 31, 2022 and reaching 100% by June 30, 2022.