Tax revenue totals US$10.7 billion in first two months

Nearly VND246.449 trillion (over US$10.7 billion) in taxes was collected for the State budget in the first two months of 2021, equivalent to 22.1% of the estimate, according to the General Department of Taxation.

Of the figure, over VND241.5 trillion or 22.1% of the estimate was domestic revenue.

Tax revenue from State-owned and foreign enterprises reached 20.4% and 25.4% of the target, respectively.

According to the General Department of Taxation, the number of enterprises suspended their business in the reviewed period due to the COVID-19 pandemic rose 60.5% to over 19,700, resulting in the decrease of budget collection.

The Ministry of Finance has announced it may further extend tax payment deferrals to support companies suffering from the COVID-19 pandemic this year.

Last month, the ministry submitted to the government a proposal on the further extension on the payment deferral period of value-added, corporate income and personal income taxes as well as land use fees for pandemic-hit companies and household businesses in 2021.

It estimated that a total of VND115 trillion (US$4.98 billion) worth of tax and land use fee payments would have their deadlines extended.

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