On April 10th, the Quang Nam Taxation Department held a meeting to assess the results of the tax program for the first quarter, and to plan for the second quarter of 2024.
According to the report, the Quang Nam Tax Department has been assigned a budget revenue estimate of 19,605 billion VND by the Ministry of Finance for 2024, while the Provincial People’s Council has assigned an estimate of 20,100 billion VND.
By the end of the first quarter of 2024, the Quang Nam Tax Department had collected 5,289 billion VND for the state budget, reaching 26.3% of the estimate and an increase of 1% compared to the same period in 2023. (Of which, the Tax Department collected 4,544 billion VND, reaching 25.5% of the estimate and 99.1% compared to the same period; the tax branches collected 745 billion VND, reaching 32.6% of the estimate and an increase of 13.8%).
The Quang Nam Tax Department’s report shows that 10 out of 17 domestic revenue targets met the estimated progress, such as: revenue from non-state industry and trade reaching 28.8% of the estimate, an increase of 5.1%; personal income tax (PIT) reaching 39% of the estimate, an increase of 9.6%; environmental protection tax (BVMT) reaching 27.3% of the estimate, an increase of 38.7%; revenue from house rental and sale reaching 32.5% of the estimate, an increase of 27.1%; revenue from lottery activities reaching 31.6% of the estimate, an increase of 7.8%…
However, the report also indicates that the tax arrears rate is still high compared to the end of 2023. The implementation of inspection plans at business premises is slow, and the average additional revenue per inspection is still low; the work of preventing revenue loss from mineral exploitation activities still has many limitations and low efficiency…
Worryingly, Truong Hai Group is a major contributor, accounting for over 60% of Quang Nam’s total domestic revenue, but the first three months of 2024 show a significant decline.
Specifically, in January, the budget revenue was 1,663.5 billion VND, in February, it was 609 billion VND, and in March, it was only 465.5 billion VND. This is a matter of great concern. If this situation continues, it will significantly affect the local budget revenue.
In addition, the Quang Nam Beer Factory contributed only 33.4 billion VND to the budget in the first quarter of 2024, reaching 5.8% of the estimate and 11% compared to the same period in 2023 (in the first quarter of 2023, it contributed 302.4 billion VND).
Revenue from hydroelectric power plants was 316.4 billion VND, although it met the budget estimate (reaching 27.3%), it was only 66.4% compared to the same period in 2023.
In addition, according to the statistics reported at the meeting, in the first three months of the year, there were 655 enterprises that temporarily suspended or ceased operations (an increase of 7% compared to the same period), and 281 enterprises that closed their tax codes and ceased operations (an increase of 98% compared to the same period). Meanwhile, only 202 enterprises re-entered the market after a temporary suspension, and 303 new enterprises were established.
