Thanks to the drastic and flexible directions from the government, the total State budget collection in Da Nang in the first 9 months of 2022 was estimated at VND 18,930 billion, equivalent to 96.55% of the year’s estimates assigned by the Central Government.

Currently, local departments, agencies, units and localities are making efforts to perform key tasks in the rest of the year to achieve and exceed assigned targets.

The progress of the city's budget revenue has flourished thanks to the gradual recovery of local economic activities. IN THE PHOTO: Production activities are observed at the March 29 Textiles JSC. Photo: M.Q

Domestic revenue flourishes

According to the Da Nang Tax Department, as of late September, the total domestic revenue was estimated at VND 14,510 billion, equivalent to 96.04% of the year’s estimates. Of this, domestic tax collections, excluding those from land use fees, stood at VND12,326 billion, reaching 99.34% of the city's estimates, whilst the collection of land use levy reached 80.89% of the estimates to hit VND2,184 billion.

Most of the collections of taxes have prospered.  Specifically, the collections of non-agricultural land use tax represented 287.6% of the estimates, dividends and post-tax profit 164.8%, personal income tax 134.2%, registration fee 130.3%, and granting the right to exploit minerals and water resources 126%.

The remaining taxes such as taxes collected from non-state economic sectors; fees and charges; and rent for land and water surface also reached more than 90% of the estimates.

The aforementioned positive results were mainly attributed to the city's post-pandemic economic recovery and growth. However, the speed of recovery and growth in some industries and fields is still slow due to some new difficulties and challenges arising from the epidemics and world political situation, plus a hike in the prices of raw materials, fuel, materials, gasoline and oils, thereby affecting the production and business activities of taxpayers.

In addition, the budget revenue is also affected by the implementation of the central government's policies to support businesses and residents. The total revenue reduction is estimated at VND 1,862 billion in 2022.

Mr. Truong Cong Khoai, Deputy Director of the municipal Tax Department said that the city's tax sector has met and encouraged taxpayers to fulfill the obligation to pay taxes in order to reduce outstanding tax debts. Greater measures have been taken to enforce tax debt for debts that are overdue for more than 90 days as prescribed, suitable to the actual situation and each tax debtor.

He remarked the application of synchronous e-invoices from early July makes tax management more modern and convenient, hereby facilitating the tax sector to fulfill the task of budget collection, and contribute to the city's socio-economic development in the coming time.

Efforts to exceed import and export tax collection targets

As of late September, the import-export tax collection was VND 4,400 billion, fulfilling 97.78% of the year’s assigned target set at VND 4,500 billion, and 90.53% of the striving target set at VND 4,860 billion, an increase of more than 17% compared to the same period in 2021.

According to the Da Nang Customs Department, the reason for the increase in revenue over the same period last year is due to a number of items with increased import and export turnover and tax amount.

In particular, the import turnover of such items as auto parts and components, devices, iron and steel products, stones and bricks of all kinds, papers, and frozen food increased many times over the same period. Meanwhile, the export turnover of such items as wood and wooden products, aluminum, sand and quartz powder also went up significantly.

As accumulated, from January 1 - October 5, 2022, the total turnover of import and export goods through the Da Nang Customs Department reached US$3.21 billion, up 21.86% against 2021. In which, the import turnover generated US$1.46 billion, a rise of 21.27%, whilst the export turnover hit US 1.75 billion, up 22.35% over in comparison with the previous year.

Mr. Quach Dang Hoa, Director of the Da Nang Customs Department, said that, his unit is trying to complete and exceed the target as soon as possible, focus on post-clearance inspection, and shorten clearance time and administrative costs for businesses.

According to Director of the municipal Department of Finance Nguyen Van Phung, the city’s State budget revenue is higher than the same period last year, which is showing great efforts of the financial sector as well as the efficiency of Government's support policies. This also shows the role of all levels, sectors, units, localities and the business community who have made great determination and efforts in carrying out the assigned tasks.

In order to ensure the task of budget management and administration, the Department of Finance proposes that the financial agencies coordinate with other departments, agencies and sectors to review and capture revenue sources; carefully analyse and evaluate the impact of support policy packages on budget revenue; and continue to develop detailed collection scenarios for each area, revenue and tax.

Reporting by M.QUE - Translating by M.DUNG