Bắc Ninh
Domestic budget revenue reaches over 14 trillion VND
BAC GIANG - In the first 10 months of this year, the total domestic budget revenue of the Bac Giang province reached more than 14 trillion VND (596.8 million USD), equal to 98.2% of the estimate assigned by the Provincial People's Committee, an increase of 23.3% over the same period last year, reported the Provincial Taxation Department.
Of which, the revenue from taxes and fees was estimated at 8,430 billion VND, up 8.5% compared to the estimate assigned by the Provincial People's Committee while the rest was from land use fee revenue.
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Notably, 12 out of 15 revenue items exceeded the annual estimate such as revenue from foreign-invested enterprises; mineral exploitation rights fees; revenue from local state-owned enterprises; fees and charges among others.
Since the beginning of this year, based on the revenue assigned by the Provincial People's Committee, the Provincial Taxation Department has assigned revenue targets to each regional tax branch, held monthly meetings to evaluate the collection results and promptly found solutions to overcome difficulties.
At the same time, the Department has directed specialized departments and regional tax branches to well disseminate tax laws and policies; inspect and examine taxes; urge debt collection together with measures to enforce tax debts, avoiding budget losses.
State budget collection has so far reached 85% of this year's estimate, Deputy Minister of Finance Nguyen Duc Chi has reported.
The finance ministry has suggested lowering the corporate income tax rate from 20% to 15-17% for micro and small enterprises with annual revenues of less than VND50 billion (US$1.99 million).
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BAC GIANG - Since the beginning of the year, the Customs Department controlling the Industrial Parks in Bac Giang (Customs Department) province has collected more than 1,318 billion VND (56 million USD) in import and export taxes, increasing nearly 43% over the same period last year and reaching nearly 78% of the yearly plan.
The US Department of Commerce (DOC) has ended in its entirety the probe into trade remedy tax evasion on wooden cabinets imported from Vietnam, according to the Trade Remedies Authority of Vietnam (TRAV) under the Ministry of Industry and Trade.
The corporate income tax on small and micro-sized enterprises might be cut to 15-17% from a current common rate of 20%, depending on previous revenues.
The General Department of Taxation of Vietnam and the Federal Taxation Service of the Russian Federation signed a Memorandum of Understanding (MoU) on bilateral cooperation in Hanoi on June 20.
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