Ho Chi Minh City: Series of domestic revenues increased

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Operation at Ho Chi Minh City Tax Department. Photo: T.H

Revenue from production and business activities in the firsteight months of 2019 was VND105,196 billion, reaching 59.95% of the estimate, up 7.26% compared to 2018, and accounting for 62.41% of the total domestic revenue excluding crude oil.

The revenue from the state economic sector was VND16,385 billion, reaching 54.8% of the estimate, up 2.75% compared to 2018. Revenue from the central state-owned enterprise sector was VND11,214 billion, reaching 53.12% of the estimate, equal to the same period in 2018.

The revenue from the local state-owned enterprise sector was VND5,171 billion, reaching 58.83% of the estimate, up 10.92% compared to 2018. This is the sector with the highest growth rate among four economic sectors but it only accounted for 4.9% of total revenue of the economic sector, including high growth from the Special Consumption Tax (up 12.31%).

Revenue from FDI enterprises was VND43,488 billion, reaching 56.88% of the estimate, up 8.42% compared to 2018, including the high growth from Corporate Income Tax (up 17.25%).

The revenue from non-state industrial and commercial enterprise sectorwas VND45,323 billion, reaching 65.58% of the estimate, up 7.85% compared to 2018. This sector had a high growth rate, contributing to the revenue of the economic sector (accounting for 43.08%),of which, the revenue from Value Added Tax had the highest growth rate among four economic sectors (up 9.51%).

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Some revenuesincreased compared to 2018, including revenue from fees and charges up by 33.06%; Personal Income Tax up by 11.62%; non-agricultural land use tax of 17.15%; Environmental Protection Tax up by 25.49%; registration fee up by 16.50%; and lottery up by 8.48%.

According to Ho Chi Minh City Tax Department, although many revenues have increased, but the high assigned target, the total domestic revenue in the first eight months only reached 63.39% of the estimate in 2019./.