Of the sum, collection from crude oil was about 24.7 trillion VND, equal to 53.6% of the estimate and equal to the figure in the same period last year, while domestic revenue was estimated at 757.5 trillion VND, equivalent to 52.4% of the estimate and up 16.8% year-on-year, the ministry reported.

Particularly, revenues from housing and land taxes and fees were estimated at 90.6 trillion VND, equivalent to 35.2% of the estimate, up 78.2% over the same period last year. It is attributable to the fact that localities have well organised land auctions and allocated land to projects since the end of 2023, generating land use fee payments in early 2024.

According to the MoF, a surge in domestic revenues reflected an economic recovery. The implementation of policies on the exemption and reduction of taxes, fees and charges have left positive impacts on the performance of businesses and state budget collection as revenues from three economic sectors was estimated to reach 54.1% of the estimate, a year-on-year increase of 12.7%.

Minister of Finance Ho Duc Phoc said that in the coming time, the finance sector will continue to roll out measures to collect enough state budget revenue for the whole year. Accordingly, state budget revenue management agencies will continue to strengthen revenue management, inspection and sources, prevent revenue loss, especially relating to real estate business activities, financial service activities, banking, restaurants, hotels, e-commerce, and trade on cross-border digital platforms.

At the same time, the tax sector will inspect and strictly control value-added tax refunds, ensuring its compliance with the provisions of laws, focusing on promoting digital transformation, modernising tax collection, and expanding the implementation of e-invoices, the minister added.

Tax collection from FDI enterprises surges 14 percent year on year

BAC GIANG – Since early this year, Bac Giang province has collected 2 trillion VND (85.4 million USD) of value added tax and corporate income tax from foreign direct investment enterprises (FDI), up nearly 14 percent year on year and reaching over 85 percent of the assigned estimate.

Tax break sought for AI, semiconductor experts working in Da Nang

The Ministry of Planning and Investment has proposed an income tax exemption so that Da Nang can attract scientists and experts in semiconductors and artificial intelligence.

Global minimum tax unlikely to inhibit FDI flows into Vietnam

Global minimum tax is not a big concern as multinational corporations not only consider tax incentives but also other factors and support policies when investing in Vietnam, experts assess.

Global minimum tax unlikely to inhibit FDI flows into Vietnam

Global minimum tax is not a big concern as multinational corporations not only consider tax incentives but also other factors and support policies when investing in Vietnam, experts assess.

Vietnam to impose global minimum tax from 2024

Vietnam will impose a minimum corporate income tax rate of 15% on multinational companies with consolidated revenues of more than 750 million EUR in at least two of the last four years from January 1, 2024.

Source: VNA