Ho Chi Minh City’s domestic tax collection highest in decade

15:09 | 07/02/2017 Economy

The southern metropolis Ho Chi Minh City collected VND35 trillion (US$1.52 billion) for its coffer during January 2017, departments and agencies reported the municipal authorities during a working session on February 6th.

Illustrative image (Photo: VNA)

Of the figure, nearly VND24.6 trillion (US$1.06 billion) was from domestic taxes, a record in the past decade and up 13% annually.

It was attributable to the increasing number of well-performing enterprises and local support for them, including preferential credit, bank-businesses connectivity and dialogues with municipal authorities.

This year, the city targets budget collection of more than VND347 trillion (US$15 billion).

Tran Vinh Tuyen, Vice Chairman of the municipal People’s Committee, called for encouraging business households to upgrade themselves into enterprises and cracking down on trade fraud and transfer pricing.