The General Department of Taxation has collected over 19.4 trillion VND (835 million USD) in tax debts as of July 31, up 2.4 percent from the same time last year.
The General Department of Taxation has collected over 19.4 trillion VND (835 million USD) in tax debts as of July 31. (Photo: VNA)
Hanoi (VNA) – The General Department of Taxation has collected over19.4 trillion VND (835 million USD) in tax debts as of July 31, up 2.4 percentfrom the same time last year.
Total tax arrears fell 5.7 percent year-on-year, with tax debts exceeding the90-day payment window accounting for 53.1 percent of the total debt, or 16.9percent lower than the same period in 2018.
Meanwhile, uncollectible tax arrears made up of 46.9 percent, a year-on-yearsurge of 11.4 percent.
According to the department, tax authorities nationwide collected 725.74trillion VND to the state budget during January-July, accounting for 62.1percent of the estimate.
In the seven-month period, the tax sector rounded up additional 6.7 trillionVND through inspections.
The tax authorities have also kept a close watch on and updated enterprises’business situation so as to better tax management.
More than 79,500 new companies entered the market in the period, over 73,700firms halted or stopped operations, and nearly 13,370 businesses restoredproduction.
To date, there are 734,840 operating companies, increasing 5.34 percent fromthe end of 2018.-VNA
The Netherlands-based Uber BV Company has completed its remaining tax arrears payment of 53 billion VND (2.26 million USD), immediately after the firm withdrew its petition against the Ho Chi Minh City’s Department of Tax department.
Experts said erasing uncollectible tax arrears was necessary but transparency must be ensured throughout the process to prevent losses to the State budget.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
The General Department of Taxation has collected over 19.4 trillion VND (835 million USD) in tax debts as of July 31. (Photo: VNA) 
