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Budget revenue increases by over 15% despite tax deferrals in January-June

VGP - State budget revenue saw a year-on-year increase of 15.3 percent in the first six months and was estimated to reach over VND865 trillion in spite of nearly VND40 trillion of tax deferrals, according to the General Department of Taxation.

Posts Kim Anh

July 08, 2024 7:53 PM GMT+7
Budget revenue increases by over 15% despite tax deferrals in January-June- Ảnh 1.

Illustration photo

In the January-June period, budget revenue outstripped 59.2 percent of the annual forecast.

Specifically, revenue from crude oil was estimated at VND29.7 trillion, meeting 64.5 percent of the target and representing 95.2 percent of the same period last year.

Domestic revenue was estimated at VND835.6 trillion, reaching 58 percent of the target and 116.2 percent year-on-year.

Domestic taxes and fees increased by 12.1 percent compared to the same period last year.

Thirty-two out of 63 localities achieved over 55 percent of their revenue targets.

Tax revenue for the first six months of this year was substantial, with 12 out of 21 revenue categories and 30 out of 63 localities surpassing 55 percent of their targets.

In 2024, total tax deferrals and land rent deferrals, including VAT, corporate income tax, personal income tax, and special consumption tax on domestically produced or assembled cars, are projected to reach approximately VND92.5 trillion.

In the reviewed period, 102 foreign suppliers, an additional 26 new ones registered, declared, and paid taxes in Viet Nam through the electronic portal for foreign suppliers with a total tax amount of VND4 trillion, up 18.5 percent year-on-year.

Moreover, 383 e-commerce platforms have provided information on the electronic commerce portal, an increase of 22 platforms compared to the end of 2023.

According to the Ministry of Finance, budget revenue in 2024 is estimated at VND1,700.99 trillion./.