In association with economic recovery and growth, in the first three months of this year, Da Nang recorded a positive signal in its State budget revenue with a hike in the amount collected from domestic sources and import-export tariffs as compared to the same period last year.

The January – March collection from many taxes increased over the same period last year, such as the high amount collected from FDI and non-state enterprises. Here is the inside of the Foster Electronics Da Nang Co., Ltd. in Hoa Cam Industrial Park, Cam Le District.

According to a recent report released by Da Nang Department of Finance, in the January – March period, the total State budget collection in the city was estimated at VND 6,020 billion, presenting 28.47% of the centrally-assigned targets.

Of this, the domestic tax collection climbed by nearly 8% as compared to the year-ago period to stand at VND 4,834 billion, whilst the collection of import and export tariffs jumped by nearly 40% to hit VND 1,174 billion.

In particular, the city saw an increase in budget revenue generated from three economic sectors, namely State enterprises, FDI enterprises and non-state businesses with a combined total of VND 2,720 billion, reaching 30.2% of the year’s estimates, up 9.2% from the year-ago period, together accounting for 56.3% of the total budget revenue.

The collection from taxes, fees, charges and other revenue sources was VND 1,485 billion, up 8.8% from the same period last year, making up for 13% of the total budget revenue.

The collection of land use fees, and land and water surface rents reached a total of VND 628.9 billion, representing 16.4% of the estimates, up 7.8% over the same period last year, accounting for 30.7% of the city's total budget revenue.

The Da Nang customs sector will continue to improve its operational capacity to combat revenue deficit. In the photo is a view of the ‘One-stop-shop’ site at the Da Nang Port chapter of the Da Nang Customs Department,

Da Nang Taxation Department is making great efforts to exceed its total budget collection targets set for this year by at least 3%.

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.

In its effort to realise its targets, Da Nang is 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 and preventing tax evasion.

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.

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 collection from exports and imports across the city, said Director of the Customs Department Quach Dang Hoa.

Reporting by MAI QUE – Translated by A.T