138 Outstanding Taxpayers Honored

3:38:45 PM | 11/3/2023

The General Department of Taxation under the Ministry of Finance held an event to recognize and commend outstanding taxpayers for their contributions to the state budget during the 2020-2022 period.

Viettel Group is honored at the event 

The criteria for evaluating taxpayers included adherence to tax laws, no administrative penalties for tax evasion, and no fines for illegal invoice trading.

During the conference, Finance Minister Ho Duc Phoc acknowledged that the COVID-19 pandemic has had a significant impact on the country's socio-economic development since 2021. He also noted that conflicts, wars and inflation have created additional difficulties and challenges for economic development. The finance sector recognizes and commends businesses that fulfill their tax obligations, especially the 138 recognized taxpayers.

In 2021, the COVID-19 pandemic outbreak was an extremely difficult period for enterprises. In this context, the Ministry of Finance and the tax sector focused on advising on many solutions to reduce and extend tax and fee payments in support of businesses. Business support policies have been extended to 2022 and 2023. On average, approximately VND200 trillion (US$8.5 billion) in taxes and fees were reduced or had payment terms extended for people and businesses. This was a great effort by the tax industry to support businesses.

The finance sector also advised the government to invest more than VND347 trillion (US$14.8 billion) in the economy to boost economic recovery, with a focus on infrastructure development, interest support and housing rent support.

The policies implemented have mitigated the negative impact on the economy. A robust economy is built on the foundation of strong businesses. The health of businesses is critical to the economic vitality of the nation. When enterprises conduct business ethically, they pay their taxes in full. They will also repay bank debts, bonds, and insurance premiums when they grow. Conversely, when businesses face difficulties, it will adversely affect budget revenue.

Among the 138 top taxpayers in the 2020-2022 period, Vietnam National Oil and Gas Group (PetroVietnam) secured the leading position by paying over VND56 trillion (approximately US$2 billion). Notably, PetroVietnam provided employment opportunities for 500 people annually. Vietnam National Petroleum Group (Petrolimex) ranked second by contributing over VND6 trillion to the State Budget. Binh Son Refining and Petrochemical Joint Stock Company claimed the third spot, paying more than VND28 trillion into the State coffers. Additionally, their operations led to the creation of jobs for over 1,500 workers each year.

According to Minister Phoc, 2023 will be an extremely challenging year for enterprises. The budget revenue has not met expectations, but this is already a great effort by businesses. The Ministry of Finance commends and recognizes their contributions to the country's economic development over the past few years. In addition, he pledged that the finance sector will facilitate business development by improving policymaking and capital market development policies, as well as providing solutions to deal with difficulties in customs, tax, treasury, and other administrative areas. Currently, Vietnam is experiencing a decline in aggregate demand. To increase aggregate demand, solutions must be found to reduce difficulties for businesses and satisfy necessary conditions for business development.

"We believe that businesses in all industries are demonstrating their resilience and creativity in overcoming challenges to develop. The Ministry of Finance will continue to make policies and spare no effort for future national development," he affirmed.

By Hien Kien, Vietnam Business Forum