The Finance Ministry of Vietnam is holding a 3-day Asia Taxation Forum from April 18, with participation of representatives from finance ministries and tax and investment research institutes from various countries and territories.
ATF4 will discuss import tariffs, indirectly collected taxes and special consumption taxes imposed on alcohol and cigarettes.
According to Truong Chi Trung, Deputy Finance Minister, special consumption taxes imposed on alcohol, cigarettes and cars significantly contribute to state budget revenues.
Over the past year, indirectly-collected tax revenues made up 24 per cent and special consumption taxes collected from cigarettes, alcohols, and cars, as well as petroleum products, represented 19.7 per cent.
WTO commitments will impact Vietnam state budget revenues, but at a limited level.
According to Tao Huu Phung, Vice Chairman of the National Assembly Committee for Economics and Budget of Vietnam, tax and tariff categories will be cut to zero or 5 per cent, from 20-30 per cent, which will hit state budget revenue directly, but not at a high level.
Vietnam’s state budget revenue in the first quarter 2007 is estimated to increase 18 per cent on-year to reach VND61.2 trillion ($3.8 billion), reported the General Statistics Office.
Revenues from domestic taxes amounted VND35 trillion, accounting for 23.1 per cent of the annual plan; from crude oil VND14.2 trillion, or 19.7 per cent; from import-export taxes VND11.3 trillion, or 20.5 per cent; and from aid, 21.3 per cent.
Among domestic levies, revenues from the state-owned economic sector finished 22.3 per cent of the yearly plan, from non-state industrial-commercial-service sector 26.1 per cent, from high-income earner taxes 29.6 per cent, from fees and tolls 28.8 per cent, from the foreign invested sector 20 per cent, and from land taxes and fees 20.1 per cent.
In the 2007 state budget passed by the National Assembly, Vietnam targets budget revenues of VND281.9 trillion ($17.6 billion), spending at VND354.9 trillion ($22.2 billion), and state budget deficit at VND56.9 trillion ($3.6 billion). (Pioneer)
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