SOEs top list of corporate tax payers

Tuesday, Oct 22, 2013 16:26

PetroVietnam Exploration Production Corporation is one of the top 10 tax paying enterprises. The list includes Viettel Group; Vietnam Mobile Telecom Services Co.; Vietnam JS Commercial Bank for Industry and Trade; Vietnam Dairy Products JS Co.; and JS Commercial Bank for Foreign Trade of Vietnam.— VNA/VNS Photo

HCM CITY (Biz Hub)— State-owned enterprises continued to be the biggest tax contributors in this year's list of 1,000 largest corporate income tax payers in Viet Nam (V1000) at VND77 trillion (US$3.67 billion), accounting for 52.6 per cent of total taxes paid.

The V1000 profile was released on Oct.22 by Vietnam Report Joint Stock Co. in collaboration with the General Department of Taxation's Tax Review Magazine and online newspaper Vietnam Net.

It showed that SOEs are operating effectively and able to record high profits thanks to concentrating on key business sectors and increasing efficiency.

The top 10 tax paying enterprises were: PetroVietnam Exploration Production Corporation; Viettel Group; Vietnam Mobile Telecom Services Co.; PetroVietnam Gas JS Corporation; Vietnam National Oil and Gas Group; Vietnam JS Commercial Bank for Industry and Trade; Vietnam Bank for Agriculture and Rural Development; Vietnam Dairy Products JS Co.; JS Commercial Bank for Foreign Trade of Vietnam; and JS Bank for Investment and Development of Vietnam.

Taxes paid by foreign-invested enterprises accounted for 24 per cent while the corresponding figure was 23.4 per cent from private enterprises.

V1000 this year has seen a strong presence of FDI enterprises. Among 458 new enterprises appearing in this year's V1000, the number of FDI enterprises accounted for over 45 per cent, followed by domestic private enterprises (37.1 per cent) and SOEs (17.5 per cent).

The list this year also showed that companies in Ha Noi and HCM City continue to be engines for the national economy. Companies in the cities made up 61 per cent of the V1000 list.

Taxes paid by HCM City and Ha Noi companies accounted for 43.7 per cent and 33.2 per cent respectively, followed by companies in industrial parks and export processing zones in Dong Nai and Binh Duong.

The industrial sector accounted for the biggest proportion for contributions to the State budget (61.8 per cent).

This is the fourth year that the V1000 list has been announced.

The ranking aims to honour enterprises that have made the biggest tax contributions for three consecutive years to the State budget and encourage businesses to increase corporate income tax payments and consciously abide by tax policies and laws.

V1000 was based on survey data provided by competent authorities and further processed and verified independently by Vietnam Report with feedback data from the surveyed enterprises.

The ranking order of this year V1000 was based on the amount of taxes paid in 2012.--VNS

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