Business
Vietnam's customs revenue up 5.21% in Jan - Sep
The revenue is equal to 79.54% of estimation and 76.83% of the 2018 target, Hai Quan newspaper reported.
Vietnam`s import-export duty revenue reached VND225.11 trillion (US$9.66 billion) in the first nine months of 2018, up 5.21% compared to the corresponding period last year, according to the General Department of Vietnam Customs (GDVC).
The revenue is equal to 76.83% of the 2018 target.
According to the GDVC's Import-Export Tax Department, customs revenue in the January - August period decreased by VND17.9 trillion (US$768.28 million) due to tariff cuts under free trade agreement commitments, while revenue from the export-import and special consumption taxes in the first nine months of 2018 is on a downtrend.
However, a significant jump in imports (15%) in the January - September period led to a 12.53% increase in value-added tax year-on-year, which is one of the reason behind a higher customs revenue during this period compared to the same period of last year.
Notably, collection from imported petroleum products and crude oil stood at VND29.05 trillion (US$1.24 billion), up 34.32% year-on-year or VND7.42 trillion (US$318.53 million). Meanwhile, the figure from other imported goods was reported at VND196.06 trillion (US$8.41 billion), up 1.93% year-on-year or VND3.72 trillion (US$159.68 million).
Customs departments in a number of cities and provinces saw a higher revenue collection in the first nine months of 2018, including Khanh Hoa Customs with a 14-fold increase, Quang Ngai 3-fold, Quang Ninh 0.3-fold compared to the respective estimations.
Other customs offices also experienced positive result, such as Ho Chi Minh City Customs with revenue equivalent to 70.87% of the year's target, Hai Phong 74.99%, Ba Ria - Vung Tau 90.52%, Hanoi 67.62%, among others.
In a meeting on April 6, Luu Manh Tuong, director of the Import - Export Department, said it would be challenging to achieve the revenue target of VND283 trillion (US$12.5 billion) and the expectation of VND293 trillion (US$12.9 billion) in 2018.
Specifically, forgone revenue from FTAs in 2018 is expected at VND30.1 trillion (US$1.3 billion).
Additionally, the import tariffs for auto parts will be removed as stipulated in the ASEAN trade in Goods Agreement (ATIGA) and the ASEAN - China Free Trade Area (ACFTA), import tariffs, thus will be refunded to enterprises.
To achieve revenue target in 2018, Tuong stressed the necessity of creating favorable conditions for enterprises and preventing them from exploiting loopholes in policies. Concurrently, it is essential to timely identify smuggling and trade fraud activities to avoid losses of state budget.
Illustrative photo.
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According to the GDVC's Import-Export Tax Department, customs revenue in the January - August period decreased by VND17.9 trillion (US$768.28 million) due to tariff cuts under free trade agreement commitments, while revenue from the export-import and special consumption taxes in the first nine months of 2018 is on a downtrend.
However, a significant jump in imports (15%) in the January - September period led to a 12.53% increase in value-added tax year-on-year, which is one of the reason behind a higher customs revenue during this period compared to the same period of last year.
Notably, collection from imported petroleum products and crude oil stood at VND29.05 trillion (US$1.24 billion), up 34.32% year-on-year or VND7.42 trillion (US$318.53 million). Meanwhile, the figure from other imported goods was reported at VND196.06 trillion (US$8.41 billion), up 1.93% year-on-year or VND3.72 trillion (US$159.68 million).
Customs departments in a number of cities and provinces saw a higher revenue collection in the first nine months of 2018, including Khanh Hoa Customs with a 14-fold increase, Quang Ngai 3-fold, Quang Ninh 0.3-fold compared to the respective estimations.
Other customs offices also experienced positive result, such as Ho Chi Minh City Customs with revenue equivalent to 70.87% of the year's target, Hai Phong 74.99%, Ba Ria - Vung Tau 90.52%, Hanoi 67.62%, among others.
In a meeting on April 6, Luu Manh Tuong, director of the Import - Export Department, said it would be challenging to achieve the revenue target of VND283 trillion (US$12.5 billion) and the expectation of VND293 trillion (US$12.9 billion) in 2018.
Specifically, forgone revenue from FTAs in 2018 is expected at VND30.1 trillion (US$1.3 billion).
Additionally, the import tariffs for auto parts will be removed as stipulated in the ASEAN trade in Goods Agreement (ATIGA) and the ASEAN - China Free Trade Area (ACFTA), import tariffs, thus will be refunded to enterprises.
To achieve revenue target in 2018, Tuong stressed the necessity of creating favorable conditions for enterprises and preventing them from exploiting loopholes in policies. Concurrently, it is essential to timely identify smuggling and trade fraud activities to avoid losses of state budget.
