Tax revenue tops $54.37 billion in 2020

Total tax collection in 2020 is estimated at over VND1.26 quadrillion ($54.37 billion), equivalent to 100.6 percent of the estimate, Deputy Director of the General Department of Taxation Dang Ngoc Minh said on December 31.

Tax revenue tops 54.37 billion USD in 2020 hinh anh 1

Total tax collection in 2020 is estimated at over 1.26 quadrillion VND (54.37 billion USD).

Of the figure, some 1.22 quadrillion VND was domestic revenue, exceeding the estimate by 7 percent.

Minh said the taxation sector worked to evaluate the impacts of disasters and epidemics on state budget collection, and recommended the Government pen suitable measures to fulfill the set targets.

The general department ordered taxation organisations to carry out uniform state budget management measures as well as enhance administrative procedure reform with a view to forming a fair business environment and increasing sources of revenue to the State.

 

Minh stressed the sector will enhance examination and inspection to prevent tax loss and evasion, and strive to reduce tax debt rate to under 5 percent of the total state budget revenue in 2021.

Additionally, due attention will be given to improving performance of tax officers so as to prevent corruption, he added./.VNA

Silent, painful reforms of the tax sector show positive results

Silent, painful reforms of the tax sector show positive results

The tax sector’s painful, quiet reforms have helped increase Vietnam’s position in the global business climate report.

 
 

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