Tax revenue in five months hits almost US$21.73 billion

The tax sector’s state budget revenue was estimated at nearly VND500 trillion (US$21.73 billion) in the first five months of this year, equal to 97.6% of the figure of the same period last year.

tax revenue in five months hits almost us$21.73 billion hinh 0
The COVID-19 pandemic has a significant impact on tax collection. (Photo: baochinhphu.vn)

Data published on June 4 by the General Department of Taxation showed that the tax sector’s estimated State budget revenue last month was VND58 trillion, equal to only 63.1% of the same month last year.

Of which, revenue from crude oil gained only 25.1% of the same period last year. Domestic revenue is estimated at 65.8% of the same period last year.

The COVID-19 pandemic has had a significant impact on tax collection. The General Department of Taxation has supported businesses to overcome difficulties and have solutions to ensure the revenue target.

The General Department of Taxation said the reason was the Government's nationwide social distancing decision, requiring non-essential businesses to close and others to limit activities, which has affected businesses and State budget revenue in April and May.

In addition, the implementation of the Government’s Decree 41/NĐ-CP on the extension of deadlines for tax and land use fee payments to support businesses suffering from the COVID-19 pandemic also caused a sharp decline in budget revenues.

The decrease in five-month revenue is also partly attributed to the implementation of Decree 100/2019/NĐ-CP with severe sanctions for drivers who consumed alcohol.

This has led to a sharp decrease in alcohol consumption in many localities.

VNA