The production and business sectors paid VND235.5 trillion (US$11 billion) in tax in the first eight months this year, jumping 14.6 per cent from last year's figure, according to the Taxation Department.— Photo ketoanvip

HA NOI (Biz Hub)— The production and business sectors paid VND235.5 trillion (US$11 billion) in tax in the first eight months this year, jumping 14.6 per cent from last year's figure, according to the Taxation Department.

During the first eight months, state-owned enterprises paid VND95.1 trillion ($4.5 billion) in tax, up 0.6 per cent year-on-year. However, some key sectors saw a reduction in tax revenue due to the economic downturn - including state-owned banks which fell 85.7 per cent.

Corporate tax revenue from the four state-owned banks; VietcomBank, VietinBank, Agribank and BIDV, plunged 15.1 per cent to VND3.46 trillion ($165 million) while Viet Nam Coal and Mineral Industries Group (Vinacomin) measured a year-on-year decrease in tax collections by 12 per cent to VND3.85 trillion.

Private sector tax revenue also came in at a low VND69.2 trillion , the department said, while other key enterprises saw a reduction of between 31.6 per cent and 69.7 per cent in taxes paid.

The department said implementation of Decree 02/NQ-CP had reduced tax revenues by VND3.34 trillion ($159 million) against last year's figures, by extending tax payments and reducing the tax burden for enterprises.

Meanwhile, initial figures had forecasted Viet Nam to collect up to VND814 trillion ($38 billion) in tax revenue this year. — VNS