Five-month tax collection figure reaches nearly VND500 trillion

Tax collection in the State budget was VND499.83 trillion (US$21.5 billion) in the first five months of this year, equivalent to 39.8% of the yearly estimate and 97.6% of the figure for the same period in 2019, according to the General Department of Taxation.

Five-month tax collection figure reaches nearly VND500 trillion

Illustrative image.

In May alone, the tax department collected VND58 trillion (US$2.49 billion) in tax revenue, equivalent to 4.6% of the yearly estimate and 63.1% of the figure during the same period in 2019.

According to the General Department of Taxation, production, business and service activities of enterprises were heavily affected by the social distancing order in April, leading to the decrease in the State budget collection.

In addition, Government Decree No 41/2020/NĐ-CP dated April 8 regarding the extension of deadlines for tax and land use fee payments for enterprises and individuals affected by the COVID-19 pandemic pulled down budget collection in May.

The sharp decline in the consumption of alcoholic drinksover recent months also reduced the budget collection total.

(Source: NDO)