Monday, 21 Jan 2019
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ECONOMYBANKING & FINANCE

Vietnam’s tax revenue up 12.3% in 2018

Updated at Wednesday, 09 Jan 2019, 18:14
The Hanoitimes - The tax department said the overall revenue witnessed significant improvement compared to last year, mainly thanks to a hike in global crude oil prices at US$74 per barrel.
Vietnam’s tax revenue in 2018 reached VND1,146 trillion (US$49.43 billion), up 7.2% of the year’s estimate and 12.3% year-on-year, according to the General Department of Taxation. 
 
Illustrative photo.
Illustrative photo.
Upon breaking down, tax revenue from crude oil stood at VND66.04 trillion (US$2.84 billion), equivalent to 183.9% of the year's estimate, and up 33.2% year-on-year; collection of all kinds of tax reached VND1,080 trillion (US$46.57 billion) or 104.5% of the estimate and up 11.2%. 

The tax department said the overall revenue witnessed a significant improvement compared to last year, mainly thanks to a hike in global crude oil prices at US$74 per barrel (the estimated price was US$50), up US$18.4 per barrel year-on-year. 

This resulted in revenue for the central budget of VND512.75 trillion (US$22.1 billion) or 101.66% of the estimate, and provincial-level budget VND634.18 trillion (US$27.33 billion), up 12.09% of the estimate. 

Up to 61 out of 63 provinces met or beat the tax revenue target, and 48 out of 63 provinces with 7.3% revenue higher than the estimate. 

As of the end of 2018, Vietnam’s total tax arrears reached VND75.80 trillion (US$3.26 billion), up VND2.66 trillion (US$114.67 million) year-on-year. Of the total, the amount of collectible taxes stood at VND39.29 trillion (US$1.69 billion), accounting for 51.8% of the total amount and down 5.7% year-on-year. 

The amount of not collectible taxes reached VND36.51 trillion (US$1.57 billion), equivalent to 48.2% of the total and up 16% year-on-year. 
Hai Yen
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