Domestic tax revenue drops in August

According to the Ministry of Finance, domestic tax revenue was at VND25.5 trillion in August, accounting for only 78 percent and a drop of VND7 trillion over the previous month.

Compared to the same period last year, domestic tax revenue fell by 10 percent as tax yield from some major accounts and receipts saw a sharp drop. For instance, corporate income tax declined by 28.3 percent as many businesses faced difficulties during the economic downturn; special consumption tax decreased by 11.4 percent as automobile consumption plunged by 22 percent year-on-year; and land use assessment dropped by 40 percent as real estate market remained muted.

Total tax revenue was estimated at VND45.02 trillion in August and accumulated tax collection for the first eight months of this year were VND447 trillion, accounting for 60.4 percent of the estimated target.

By Ng.Quang – Translated by Thuy Doan

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