Tax collection to the State budget was estimated at VND99.5 trillion (US$4.4 billion) in January, according to a report by the General Department of Taxation.

This was equivalent to 9.3 per cent of the estimated budget collection for the full year.

Budget collection from crude oil reached VND4.1 trillion, rising by nearly 50 per cent over the same period last year, as a result of the increase in the average oil price to $66 per barrel, which was $16 higher than the price in the estimate and $7.4 higher than the same period last year.

Bui Van Nam, director of General Department of Taxation, said that to enhance tax collection, the department would carry out tax inspection of more than 89,200 enterprises, or 18.5 per cent of the existing firms, in 2018.

Tax inspection helped collect VND506.9 billion in January.

The General Department of Taxation has also asked local tax departments to hasten the collection of tax arrears this year.

According to statistics provided by the Ministry of Finance, the total budget collection was estimated at VND114.2 trillion in January, representing a rise of 5.2 per cent over the same period last year, in which domestic tax collection accounted for some 84 per cent.

In a recent report, the National Financial Supervisory Commission forecast that budget collection would exceed the target this year in 2018 owing to the stable macroeconomic situation.

The Government has planned the total budget collection in 2018 at more than VND1.3 quadrillion. — VNS