Tax Revenue Hits Nearly VND1,000 Trillion
The General Department of Taxation reported that the budget revenue reached VND997,397 billion in the first 11 months of 2018, equal to 93.2 per cent of the full-year estimate and up 14.5 per cent from the same period of 2017. This was a big value in many years.
The General Department of Taxation explained that the tax growth was driven by soaring crude oil prices, estimated at US$74 per barrel in the 11-month period. Thus, the budget revenue from crude oil was 61 per cent higher than the estimate and 41 per cent was higher than the corresponding period of 2017. The vibrant real estate market also boosted the budget revenue in the reported period.
Compared to the estimates, nine out of 17 tax items were high, reaching over 91 per cent. Some items fulfilled the estimates like land use tax, land rent tax, mining loyalties and lottery tax. 14 tax items grew from a year ago, including tax from State-run enterprises, tax from foreign-invested enterprises, personal income tax, registration fee, fees and charges, and land rent tax.
L.H
Vietnamese
