HCMC budget revenue exceeds estimates by $527 million

HCMC budget revenue excluding crude oil is estimated to reach VND292,278 billion (US$12.84 billion), which is VND12 trillion (US$527 million) beyond estimates, reported director of the Department of Finance Phan Thi Thang at a conference last night.
Chairman of the HCMC People’s Committee Nguyen Thanh Phong (R) gives District 1 leader certificate of merit for getting high revenue in 2016,  VND10 trillion (US$439.19 million) on December 30 (Photo: SGGP)

The budget estimates which the Prime Minister and the Ministry of Finance has assigned to HCMC this year is VND280,100 billion ($12.3 billion).
Including crude oil, the revenue is expected to hit VND306,336 billion, accounting for 102.7 percent of estimates and up 12.06 percent over 2015, she said.
Stating at the conference, chairman of the city People’s Committee Nguyen Thanh Phong said that in the following year the Government assigned the city the as high as number of VND347,882 billion ($15,28 billion), up 15.97 percent over the estimates for 2016. Of these domestic income will hike 26 percent and export import up 6.34 percent.
Sharing difficulties with the financial industry, Mr. Phong required all agencies to focus on administrative reform, improve their apparatus ability and heighten their cadres’ sense of responsibility to complete the assigned task.
He instructed the taxation industry to boost administrative reform in the financial field and well talk to businesses so that they could understand the responsibility and duty of tax payers as well as rights and incentives for them.
At the conference, Mr. Phong gave certificates of merits to 41 businesses and 24 districts for outstanding performances in budget collection and contribution this year.
Of these, District 1 sees the revenue exceed VND10 trillion and District 2, 3, 7, 9 and 10 earn from VND2-5 trillion each.
Among 21 businesses paying over VND1 trillion in taxes are Heineken Sabeco, Mercerdes Benz, Samsung, Saigon Real Estate Corporation, Saigon Tobacco Company, Saigon Petro and Vinamilk.

By Mai Anh – Translated by Hai Mien

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