Domestic revenues are low
Tax operations in Hanoi. Photo: Thuy Linh. |
The State budget revenue in May 2017 was estimated at 66,965 billion vnd, equivalent to 6.9% of the whole year estimate, an increase of 14.9% over the same period last year. Specifically, revenues from crude oil were estimated at 3,840 billion vnd, equivalent to 10% of the whole year estimate, 100.8% over the same period, on the basis of payment amount is estimated at 1,210 thousand tons, oil price paid in May 2017 was estimated at $US 52.5 per barrel, $US 2.5 per barrel higher than the estimated price, $US 7.8 per barrel higher than the same period. Domestic revenues were estimated at 63,125 billion vnd, equivalent to 6.8% of the whole year estimate, equivalent to 115.9% compared to the same period in 2016. Revenues excluding land use fees, dividends, and profit from lotteries were estimated at 49,225 billion vnd, equivalent to 6.3% of the whole year estimate, an increase of 10.4% compared to the same period last year.
Thus, in the first 5 months of 2017, the State budget tax revenues reached 398,400 billion vnd, equivalent to 41.1% of the estimate, 113% over the same period last year (excluding revenues from the sale of State shares in enterprises). Revenues from crude oil were estimated at 18,900 billion vnd, equivalent to 49.3% of the estimate, an increase of 16% over the same period. Revenues from crude oil were mainly due to the fact that the oil price in 5 months was estimated at $US 54.9 per barrel, $US 4.9 higher than the estimated price and an increase os 39.7% against the same period last year. Payment volume in 5 months was estimated at 5,320 thousand tons, equivalent to 43.3% of the estimate, 82.3% over the same period. Domestic revenues were estimated at 379,500 billion vnd, equivalent to 40.8% of the estimate, 112.9% compared to the same period. The revenues, excluding land use fees, dividends and profit remaining and income from lottery were estimated at 303,440 billion vnd, equivalent to 38.8% of the estimate, an increase of 9.4% compared to the same period last year.
In general, the results of domestic revenues in first 5 months of 2017, excluding revenues related to land, fees and charges, are low in terms of revenue progress and growth rate over the same period in recent years (revenues in the first 5 months of 2016 reached 41.6% of the whole year's revenues, 2015: 41.3%, 2014: 44%).
Compared to the estimate, there were 8 in 17 revenues with a high tax rate (over 43%), including personal income tax of 48%; Land use fee of 66%; Rent of land, water surface of 79%; Foreclosed house of 125.2%; Charge and Fee collection of 51.3%; Acquisition of mining rights of 55.4%; Lottery proceeds of 61.5%. 8 in 17 revenues did not ensure budget implementation progress, of which some amounts below 40%, including SOEs of 33.3%; Foreign-invested sector of 36.1%; Industrial and non-state sector of 39.8%; Earned dividends and profits remaining of 32%; Environmental Protection Tax of 35.1%; Non-agricultural land use tax of 37.4%; Fixed income in the commune of 33.5%; Other revenues of 28.9%.
Compared to the same period in 2016, there were 11 in 17 revenues with the growth rate including: the sector of foreign invested enterprises increased by 7.1%; Industrial and non-state sector increased by 12.9%; Personal income tax increased by 24.5%; Land rent increased by 12.5%; Dividend yield and profit increased by 39.4%. There were 6 revenues were lower than the same period of 2016 as collected from central SOEs of 93.6%; Non-agricultural land use tax of 90.5%; Collection of house sales of 54.8%; Environmental protection tax of 87.9%; Registration fee of 93.6%, agricultural land use tax of 77.6%.
Customs revenues tends to decrease VCN- In the first quarter of 2017, Customs revenues increased 23.3% compared to the same period in ... |
In particular, the State budget revenues in the first 5 months of 2017 were estimated at 173,570 billion vnd, equivalent to 35.7% of the plan, an increase of 23.9% compared to the same period last year. This is the year with the slowest progress in the last 3 years (in 2016: 35.9%, in 2015: 39.1%, in 2014: 43.6%), slower than State management revenues (reaching 41.1% of estimate) and slower than local budget revenues (local budget revenues in the first 5 months were estimated at 224,830 billion vnd, 46.6% of the estimate).
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