HCM City Customs: revenue collection in quarter 1 decreased by 1,500 billion VND

Customs officials of Saigon port area 4 check imported wines. Photo: T.H

According to the HCM City Customs Department, it is estimated that by the end of the first quarter of 2018, the state revenue would reach 23,600 billion VND, accounting for 21.85 % of the estimate and 94.02% over the same period of 2017 (25,100 billion VND).

Thus, the revenues collecting from import-export activities are not good. If only the import tax, it has reduced about 2,000 billion VND compared with the same period in 2017. However, the revenue collecting from VAT increased by 500 billion VND compared with the same period in 2017 so the total state revenue decreased only about 1,500 billion VND.

According to the calculations of the HCM City Customs Department, the impact of tax policy, in 2018, HCM City Customs Department suffers revenue loss from 700-1000 billion VND each month; the whole is more than 10,000 billion VND.

Specifically, with the impact of the FTAs, many tariff lines have been cut by the roadmap, more than 90% of the lines have returned 0%. It is expected that import turnover from FTAs member countries will increase day by day. In addition, in recent years, state revenues that collect from petroleum, steel, fertilizers, automobiles have decreased steadily each year.