Minister: Taxation Authorities to Collect VND245T, Cut 30 per cent Procedures Time

Minister of Finance Vu Van Ninh has just requested that local taxation authorities collect between VND240 trillion and VND245 trillion (US$14.117 billion-US$14.411 billion) for the state budget this year.

 

“Tax collection for the state budget is of great significance to the government’s efforts to cap state budget deficits at 7 per cent this year,” Minister Ninh told a meeting with the General Taxation Department in late July.

 

The minister also ordered the taxation authorities to curb the tax procedures time by 30 per cent for local businesses amid the global economic downturn.

 

Vietnam’s state budget deficit is forecast to widen to VND125 trillion (US$7.353 billion) this year, accounting for 6.9 per cent of the country’s GDP, the Ministry of Planning and Investment has said.

 

This year, state budget incomes are estimated at VND375.3 trillion (US$22 billion), accounting for 101 per cent of the yearly target while state budget spending is projected at VND533.3 trillion (US$31.37 billion), representing 127 per cent of the full-year target, the MPI noted. (Taxation Magazine)