HCM City State budget collection slumps

Tuesday, May 05, 2020 10:47

A citizen pays tax at a Vietcombank desk in HCM CIty. — VNA/VNS Photo

State budget collections in HCM City in the first four months of the year were estimated at more than VND117 trillion (US$5 billion), down 12.4 per cent year-on-year, the city’s Statistics Office reported.

It attributed the decline to the impact of the COVID-19 outbreak.

Domestic budget collections fell 11 per cent year-on-year to VND78.9 trillion. Revenue from crude oil topped VND5.5 trillion, down 26.2 per cent, while that from exports and imports fell 13 per cent to VND32.7 trillion.

Revenue from State-owned enterprises made up 9.7 per cent of domestic collections, down 13.6 per cent year-on-year. Revenue from private enterprises fell 21.1 per cent to VND20.7 trillion while that from foreign-invested enterprises was more than VND21.5 trillion, down 5.6 per cent.

Revenue for the local budget exceeded VND19.7 trillion, down 13.2 per cent against the same period last year.

The city’s total expenditure during the four months was more than VND18 trillion, up 11.3 per cent year-on-year. Nearly VND5 trillion was for development, up 14.2 per cent annually.

The city is adopting measures to support residents and businesses hit by COVID-19. It has assigned the Taxation Department to establish criteria for those eligible for tax breaks and exemptions and will offer land lease payment extensions.

It has also worked with authorities in 24 districts to review a list of business households that suspended operations and had annual revenues of less than VND100 million which will be offered support. — VNS

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