The budget revenue of the General Department of Customs (GDC) surpassed VND261.1 trillion (US$11.5 billion), or 91.6 per cent of the 2017 target as of November 28.— Photo thoibaotaichinhvietnam.vn

The budget revenue of the General Department of Customs (GDC) surpassed VND261.1 trillion (US$11.5 billion), or 91.6 per cent of the 2017 target as of November 28.

The information was released on Thursday during a press conference held by the GDC. Budget collection for the whole year is targeted to touch VND285 trillion. Collections of the export-import, special consumption and environmental protection taxes reached VND101.7 trillion, while those of the value-added tax reached VND183.3 trillion.

November budget revenue is estimated to reach VND25 trillion.

According to Luu Manh Tuong, director of the Import-Export Tax Department, budget revenue in December every year tends to surge as enterprises usually boost the import of goods before the occasion of Tet (Lunar New Year). The department expects this month’s revenue to reach VND26 trillion.

GDC forecasts that budget collection for the whole year will likely surpass the annual target of VND285 trillion, to total VND295 trillion.

From now until the end of the year, the department will instruct local customs departments to tighten the collection and disbursement of the State budget and tackle difficulties in tax policies in a timely manner, GDC said.

The GDC will also increase the implementation of post-customs clearance and inter-sectoral co-operation to prevent and detect trade fraud.

In turn, the local departments must propose measures to prevent losses and increase management by price consultation and price and tax code assessment.

The high revenue was also attributed to the effective instruction of the Party, National Assembly and Government and provinces’ implementation of plans to achieve annual national socio-economic development goals. — VNS