HANOI: Vietnam’s budget revenue met its target early this year, according to Mai Xuan Thanh, director-general of the General Department of Taxation.

       Thanh said that by Dec 21, the general department reported this year’s tax revenue at 1,396 quadrillion dong (US$57 trillion), exceeding the target by 1.7% as 29 out of 63 localities across the country have completed their 2023 tax estimates.

       With just over a week to go, Thanh said tax revenue could see a 5.5% bump this year over the target and amount to 95.4% of last year’s tax revenue.

       According to a report by the general department, 16 out of 20 tax categories exceeded or completed the estimated amounts; eight out of 20 tax categories showed growth compared to the same period last year.

       Additionally, 47 out of 64 tax departments exceeded or completed the state budget revenue estimate for 2023.

       In 2023, the total amount of taxes and land rents subject to extension, exemption, or reduction was reported at 165 quadrillion dong, of which the amount eligible for extension was 106.9 quadrillion dong, and the amount exempted or reduced was 58 quadrillion dong.

       The general department said that the issuance and implementation of these measures have received unanimous support and high praise from the business community and the public.

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       These policies contribute to supporting businesses and individuals in overcoming difficulties and stabilising their production and business activities to contribute positively to the socio-economic development results.

       In addition, it has implemented an electronic tax filing system in all 63 provinces and cities, as well as 100% of its sub-divisions.

       In 2023, with 99.9% of businesses using electronic tax filing services, more than 15.6 million tax returns were processed.

       Currently, there are 922,649 active businesses, an increase of over 4% compared to the same period last year.

       During this year, tax authorities issued 17,751 decisions on value-added tax refunds, with a total refund amount of 135.8 quadrillion dong.

       This represented 84.9% of the amount reported by the Finance Ministry (MoF) to the government, and 95% of the same period in 2022.

       Meanwhile, it has continued promoting modernisation and IT applications to enhance tax management and prevent budget losses.

       With the nationwide implementation of the electronic invoice system, nearly 6.1 billion invoices have been received and processed, including 1.7 billion with codes and over 4.4 billion without codes.

       Moreover, the tax sector expanded the electronic invoice programme initiated from cash registers.

       More than 38,500 businesses have registered to use electronic invoices with codes generated by the tax authorities from cash registers, and the number of electronic invoices received has exceeded 84.2 million.

       In implementing the government and the MoF’s directives on electronic invoicing for petroleum business activities, it has instructed local tax authorities to enhance management, inspection and supervision, promoting the issuance of electronic invoices after each sale.

       As a result, more than 2,700 Petrolimex gas stations have implemented the issuance of electronic invoices after each sale. — Viet Nam News/ANN