Domestic Tax Revenues Targeted at US$7.6Bln for 2005

Domestic Tax Revenues Targeted at US$7.6Bln for 2005

Vietnam’s General Taxation Department (GDT) expects total domestic tax revenues this year to reach VND120 trillion (US$7.64 billion), compared with VND105.3 trillion (US$6.7 billion) assigned by the National Assembly.

To fulfill the target, the GDT have asked Ho Chi Minh City, the country’s economic hub, to collect VND32.2 trillion (US$2 billion).

Vietnam targeted to obtain a gross domestic product (GDP) growth of 8.5 per cent in 2005. Therefore, it needs a huge development investment capital.

The Ministry of Planning and Investment (MPI) forecasts Vietnam must mobilise around VND300 trillion (US$19.1 billion) for development investment in 2005 to secure the high growth rate.

Of the total, VND64.5 trillion (US$4.1 billion) will be sourced from the State budget, VND30 trillion (US$1.9 billion) from development investment credit funds, and VND59 trillion (US$3.8 billion) from State-owned enterprises.

Previously, Vietnam's lawmakers targeted total state budget revenues in 2005 at VND183 trillion (US$11.7 billion) with VND105.3 trillion (US$6.7 billion) from domestic taxes, VND37.7 trillion (US$2.4 billion) from taxes on trade activities, VND38 trillion (US$2.4 billion) from taxes on crude oil exports and VND2 trillion (US$127.4 million) from foreign grants.

The National Assembly also approved VND229.75 trillion (US$14.6 billion) in state budget spending in 2005.
(Youth)