Tax sector asked to surpass State budget estimate

14:42 | 02/02/2018 Finance - Banking

The Finance Ministry’s General Department of Taxation should strive to surpass at least 3 percent of the State budget estimate of more than 1,070,200 billion VND (US$55.88 billion), said Prime Minister Nguyen Xuan Phuc.

Illustrative image - Source: VNA

He made the statement during a conference in Hanoi on January 31 to review the sector’s 2017 performance and launch tasks for 2018.

The leader requested that the rate of delayed tax payment should be below 5 percent of the total State collection this year.

The PM asked for continuing to cut 50 percent of procedures for specialised inspection and 50 percent of business requirements, ensuring that 26 percent of the total State spending will be used for development investment and 64.1 percent for regular expenditure.

To achieve the above targets, he stressed the need to speed up administrative reform by using technological advances in tax declaration, payment and management, towards scaling down payment in cash.

General Director of the General Department of Taxation Bui Van Nam said the sector asked agencies to work hard to achieve set targets, closely monitor the progress of State budget collections, and step up inspection over tax declaration and payment.

He said at least 18.5 percent of the total number of businesses will be under inspection this year to prevent loss of revenue to the State budget.

Last year, the sector collected a record 1.019 quadrillion VND to the State budget, up 5.2 percent of the estimate and higher than 968.58 trillion VND as assigned.

Tax agencies also conducted 103,211 inspections, or 113.65 percent of the plan, collected 44.773 trillion VND in delayed tax payment, equivalent to 59.5 percent of the total as of December 31, 2016, he said.

Theo VNA