Hai Duong's domestic budget revenue exceeds 2022 estimate by 11%

Domestic budget revenue managed by the tax sector totals 13,627 billion VND, 11% higher than the year’s estimate (illustrative image)

According to the Taxation Department of Hai Duong province, domestic budget revenue managed by the tax sector totaled 13,627 billion VND in the first 10 months of 2022, equivalent to 93% of the same period in 2021 and 11% higher than the estimate for 2022.

Revenue from land use fees, lottery, and dividend profit reached 9,451 billion VND, exceeding the year’s estimate by 4% and equaling 89% of the same period in 2021.

12 out of 16 revenue sources met the year’s estimates, including 4,116 billion VND from land use fees, 29% higher than the year’s estimate (up 916 billion VND), 2,637 billion VND from the non-State industrial, commercial, and service sector, 13% higher than estimated (up 312 billion VND), and 3,235 billion VND from the foreign-invested business sector, 5% higher than estimated (up 140 billion VND).

The reason for the increase in revenue is that many businesses paid more taxes than the same period last year. For example, Brother Industries (Vietnam) Co., Ltd. paid 71 billion VND to the budget in the first 10 months of 2022, up nearly eight times year on year; Jaks Hai Duong Power Co. Ltd. paid 354 billion VND arising from commercial power generation, a rise of 64%; and Hoa Phat Energy JSC. paid more than 227 billion VND to the budget, a surge of 107%.

Of the four sources yet to meet estimates, revenue from fees and charges neared 128 billion VND, reaching 98% of the year’s estimate, and revenue from the central State-owned business sector (432.4 billion VND), the local State-owned business sector (84.1 billion VND), and environmental protection taxes (668 billion VND) completed 67%, 73%, and 74% of the year’s estimates, respectively.

SONG TUONG