Tax collection increases by nearly VND20 trillion thanks to imported cars

According to Mr. Luu Manh Tuong, head of the Import-Export Duty Department under the General Customs Office of Vietnam, in the first 11 months of this year, tax collected from imported completely-built-unit (CBU) cars reached more than VND38.2 trillion, an increase of VND19.32 trillion, or 102.4 percent over the same period last year.
Particularly, the number of imported CBU cars exceeded 135,000 units, worth US$2.91 billion in the previous 11 months of this year, an increase of 100.4 percent in volume and 97.7 percent in value compared to the same period last year.

Although the National Assembly and the Government entrusted the General Department of Vietnam Customs the State budget revenue of VND300.5 trillion this year, by December 17, the total tax collection of the whole customs department has hit VND335.6 trillion, or 111.7 percent of the estimate assigned by the State, an increase of 11.6 percent over the same period last year.

Mr. Tuong said that an increase in tax collection and State budget revenue this year was mainly from some key import products, including crude oil, CBU cars and equipment for building of solar power.

In the first 11 months of this year, crude oil imports reached 7.07 million tons, worth $3.33 billion, an increase of 58 percent in volume and 38 percent in value over the same period last year. accordingly, tax collection from this product was nearly VND7.88 trillion, up VND2.29 trillion, or 41 percent over the same period last year.

Tax collection from crude oil and automobiles in the first 11 months hit VND46.08 trillion, an increase of more than VND21.61 trillion over the same period last year, said the head of the Import-Export Duty Department.

Explaining about the impressive figures in import-export duty collection, Mr. Luu Manh Tuong said that Vietnam has integrated more and more deeply and effectively with other countries in the world and in the region. Specifically, the signing and implementation of free trade agreements, such as the Vietnam-Korea Free Trade Agreement, the ASEAN-Korea Free Trade Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, have created favorable conditions for multilateral and bilateral trade with most of large trade partners of Vietnam, making strong improvements in business environment, investment and trade expansion for Vietnamese enterprises, positively affecting domestic import-export activities.

In addition, efforts to collect tax and state revenue of the customs department must also be mentioned. In order to reduce tax arrears, the General Department of Vietnam Customs had instructed its units to build detailed plans on measures to collect tax arrears. As a result, tax arrears collection by November 30 reached VND992 billion.

Many provinces, such as Ho Chi Minh City, Hanoi and Hai Phong, have collected a large amount of import-export duty collection this year. In previous years, it was usually near the year’s end that the Customs Department of HCMC was able to collect enough tax but this year, it has met the target quite early, said Mr. Luu Manh Tuong.

By Van Phuc – Translated by Bao Nghi

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