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Vietnam’s custom revenue exceeds target for 2018
The Hanoitimes – It is expected that the revenue collection in 2019 would face more challenges, especially when new free trade agreements come into force in early 2019.
Vietnam’s custom revenue as of December 18 reached over VND300 trillion (US$12.86 billion) for the first time, up VND17 trillion (US$728.87 million) year-on-year and exceeded the target for 2018 by 6.17%, the VietnamFinance reported.
Prior to this result, Luu Manh Tuong, director of the Import – Export Department under the General Department of Vietnam Customs (GDVC), in April said that it would be challenging to achieve the revenue expectation of VND293 trillion (US$12.56 billion).
Specifically, forgone revenue from FTAs in 2018 is expected at VND30.1 trillion (US$1.3 billion).
Additionally, the import tariffs for auto parts from ASEAN countries will be removed as stipulated in the ASEAN trade in Goods Agreement (ATIGA) and the ASEAN – China Free Trade Area (ACFTA), revenue from car import will be refunded to enterprises.
As of present, 28 out of 35 customs departments fulfilled the revenue target set by the Ministry of Finance, while other customs office at major cities such as Ho Chi Minh City and Hanoi also experienced positive results with revenue equivalent to 94.47% and 89.59%, respectively.
The GDVC expected revenue collection in 2019 would face more challenges, especially when new free trade agreements come into force in early 2019, including the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).
Recently, the GDVC has signed cooperation agreements for state budget collection with 39 commercial banks, in which 24 have provided online tax payment and custom clearance.
In the upcoming time, the GDVC would focus on creating favorable conditions for enterprises and preventing them from exploiting loopholes in policies. Concurrently, it is essential to timely identify smuggling and trade fraud activities to avoid losses to the state budget.
Source: http://www.hanoitimes.vn/economy/2018/12/81E0D0F4/vietnam-s-custom-revenue-exceeds-target-for-2018/