Da Nang is looking forward to recording its budget collection totals of 21,772 billion VND next year, equal to 100% of the estimates set for this year. In a great effort to realise its target, Da Nang has been going into high gear for many highly feasible specific solutions, with a heed to reducing tax collection losses and the rate of overdue tax arrears across the city.

Supporting businesses to restore and develop production is hailed as an important solution to fulfill budget collection tasks. In the photo are dedicated workers at the 23 March Textiles JSC

According to projections made by the municipal Department of Finance, in 2021, of the total sum of 21,772 billion VND, 14,728 billion VND is predicted to hail from domestic tax collections.

The domestic revenue is made up of a variety of taxes and charges, and collected from different sources such as State-owned, FDI and private enterprises, agricultural land use, personal income and vehicle registration.

Meanwhile, 3,550 billion VND will be generated from exports and imports, whilst 3,300 billion VND from land use fees, and 165 billion VND from lottery activities.

For broader outlooks, the annual growth rate of Da Nang gross regional domestic product (GRDP) set for the 2021 – 2025 period is expected to reach 9 - 10% with an average annual per capita income reaching  5,000 - 5,500 US$.

The annual budget collection in Da Nang for the 2021 - 2023 period will likely to hit 69,080 billion VND, of which the proportion of domestic revenue collections is about 82-83%. The annual growth rate of the city's budget collections for the 2021 - 2023 period will be 4%, and then 7 - 10% for the 2021 - 2025 period.

Deputy Director of Da Nang Taxation Department Luu Duc Sau said, in 2020, many budget collection segments failed to complete the assigned targets. Domestic tax colllections, excluding those from land use fees and lottery activities, for instance, will be likely to stand at only 14,610 billion VND by late this year, fulfilling only 60.5% of the estimates set by the city.

With a view of make the brightest possible spots on Da Nang budget collection outlooks for the coming year. Focus will be on reducing tax collection losses and increase checks on tax debt cases, enchantingly inspecting tax dossiers.

Another equally important solution to combat revenue deficit is to continue enhancing administrative reforms and encouraging the general public to promote the application of information technology in their electronic tax declaration, payment and refund services in the time to come.

Picture taken at the Da Nang Port chapter of the Da Nang Customs Department

Based on the terms of the EU-Viet Nam Free Trade Agreement (EVFTA), the UKVTFA is a new-generation, high-quality bilateral agreement that reduces tariffs to zero and eliminates non-tariff barriers on most goods from both countries under a short roadmap. This, as it turns out, is slated to make a significant impact on the customs agencies' revenue collection performances.

Director of the Customs Department Quach Dang Hoa, however, affirmed his unit’s stance on strengthening the partnership between local customs agencies and businesses, and creating maximum convenience for businesses in speeding up the processing of their customs procedures.

At the same time, a handful of stricter solutions will be taken to combat signs of origin fraud to ensure a healthy production and business environment, and create a justice for taxpayers for the better budget collections from exports and imports in Da Nang.

By MAI QUE- Translated by A.T