December 14, 2018 22:44

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Petrol strongly affects Customs revenue collection

19:10 | 11/07/2018

VCN - In the last 6 months of the year, the State revenue collection from the Customs sector will be heavily influenced by petroleum products, with the import turnover forecasted to reach only 1.1 million tons of imported petrol, equivalent to the amount of payable tax of 3,800 billion VND. Thus it would reduce the revenue by more than 15,000 billion VND compared to the first 6 months.

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Director of Import-Export Duty Department Luu Manh Tuong presented many solutions for implementing revenue collection of Customs sector in 2018. Photo: Q.Hùng

Reported at the online conference of summarizing the work in the first 6 months of the year, held on 6/7, for the Customs sector task deployments in the last 6 months of 2018 the Director of the Import – Export Duty Department Luu Manh Tuong, said that though there were not many factors to increase revenue in the last 6 months of the year, the Customs sector would deploy more solutions to complete the state revenue collection task in 2018.

According to Luu Manh Tuong, in the first six months of this year, import and export value reached $US 224.48 billion, increased by 12.65% over the same period last year, in that export turnover reached $US 50.72 billion, increased by 12%; import turnover reached $US 47.58 billion, increased by 12%.

As of 30/6, the revenue collection of Customs sector reached 145,934 billion VND, accounting for 51.57% of the current appropriation, equivalent to 49.8% of the target, increased by 2% over the same period in 2017.

In particular, the reason for the increase in the first 6 months was mainly due to imported petrol increasing in both volume and value. In the total amount of revenue of 145,943 billion VND, the collection from petroleum was 19,500 billion VND, accounting for 13.3% of the total revenue, increased by 3,350 billion VND compared to the same period last year. Other items were 123,434 billion VND, reduced by 2.69% as equivalent to 3,300 billion VND.

Mr. Tuong said that in the last 6 months, completing the state revenue target was very difficult. Due to the fact that the Nghi Son petrochemical refinery will introduce products for domestic consumption from 7/2018, so the import volume of petroleum products is forecasted to reach 1.1 million tons, equivalent to the amount of payable tax of 3,800 billion VND, so the revenue will reduce more than 15,000 billion VND compared to the first 6 months.

On the other hand, the revenue collection in the last 6 months of 2018 will be affected by the impact of Decree No. 125/2017 / ND-CP on automobile parts and accessories. Accordingly, from 1/1/2018, some lines of imported car parts were applied a tax rate of 0%, therefore, there will be tax refunds for imported components to businesses which meet conditions as stipulated in this Decree. Thus it is estimated that the tax amount for refund will be about 4,200 billion VND.

Hence in order to complete the revenue collection target in 2018, the Customs sector has to collect 283,000 billion VND and 293,000 billion VND as per the task assigned by the Ministry of Finance. The director of the Import – Export Duty Department Luu Manh Tuong, suggested that units under the General Department of Vietnam Customs should seriously implement State revenue management and measures to prevent losses, increase state revenues,…

By N.Linh/Thanh Thuy