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Banking & Finance
Dec 11, 2018 / 12:00

Vietnam’s tax arrears increase by 13.4% in Jan-Sep

Ngoc Thuy

The amount of tax arrears not collectible stood at VND34.94 trillion (US$1.49 billion), accounting for 42.1% of the total amount and up 11% compared to the end of last year.

Vietnam’s total tax arrears as calculated by the tax authority reached VND82.96 trillion (US$3.54 billion) in the first nine months of 2018, up 13.4% against the end of 2017, according to the Ministry of Finance (MoF). 
 
Illustrative photo.
Illustrative photo.
Of the total, the amount of not collectible taxes stood at VND34.94 trillion (US$1.49 billion), accounting for 42.1% of the total amount and up 11% compared to the end of last year. The uncollected tax amount was reported at VND48.01 trillion (US$2.05 billion), accounting for 57.9% of the total and up 15.1%. 

The amount of tax arrears paid to the state budget and pending for adjustment reached VND8.66 trillion (US$370.29 million) down 23.7% compared to the end of 2017, tax arrears pending processing amounted to VND4.56 trillion (US$195 million), down 6.1% and the amount under complaint stood at VND1.25 trillion (US$53.45 million), up 3.4%. 

According to the MoF, most of provinces and cities witnessed a higher tax arrears amount compared to December 31, 2017, mainly due to the lack of cooperation between local authority and tax agencies in collecting tax debt. 

In 2018, the government set target of reducing tax debt to below 5% of total budget revenue. 

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