Budget Revenue Reaches 48.3% of Full-year Estimate in Five Months

The General Department of Taxation (GDT) held a conference on June 2 to review May tax affairs and preview the June tax program. The conference was chaired by Acting General Director Mai Xuan Thanh.

According to a report released by GDT, the budgetary revenue collected by the tax sector reached VND663,843 billion (US$29 billion) in the first five months of 2023. This is 48.3% of the full-year target and 96.9% of the value a year earlier. Tax revenue from crude oil was estimated at VND25,603 billion in the reported period, equal to 61% of the plan and 87.9% of the value in the same period of 2022. Domestic revenue was estimated at VND638,240 billion, or 47.9% of the target and 97.3% of the value a year earlier.

Twelve out of 20 tax items were deemed quite good (completing over 48%). Particularly, the SOE sector fulfilled 52.9% of the plan; the private sector, 49.8%; personal income tax, 50.3%; dividend and interest income tax, 59.1%; and resource tax, 59.9%.
According to GDT, the good performance was attributed to corporate income tax (65.5% of the plan and up 23.5% year on year) and dividend and profit tax (59.1% of the plan and up 25.5% year on year). In addition, in the five-month period, two tax items unexpectedly surged: The difference between revenue and expenditure at the State Bank was over VND20,000 billion and other sources of revenue unexpectedly brought in over VND13,000 billion.

By Hien Phuc, Vietnam Business Forum