Minster of Finance Dinh Tien Dung on January 13 asked for greater efforts from the tax sector to well implement the budget collection plan for 2020 assigned by the National Assembly and the Government.

Minster of Finance Dinh Tien Dung speaks at the conference (Source: VNA) 

Speaking at a Hanoi conference to review the tax collection work in 2019, Dung urged the sector to prepare necessary conditions to put electronic invoice into use in accordance with Decree No.119/2018/ND-CP and Circular No. 68/2019/TT-BTC issued by the ministry.

He said that the General Department of Taxation must develop and submit guiding documents to effectively implement the amended Law on Tax Management and the NA's Resolution No. 94 on tax arrears and tax debts, and eliminating late payment of fines.

Tax agencies must take effective measures to accelerate the collection of tax arrears to the State budget, towards ensuring that by the end of 2020, the maximum tax debt will not exceed 5 percent of the total State budget revenue.

According to  Cao Anh Tuan, General Director of the General Department of Taxation, the sector aims to collect over 1.25 quadrillion VND (55.2 billion USD) in 2020.

The sector will step up inspection and supervision of taxpayers' tax declaration right from the beginning of the year, focusing on checking preposterous declarations and areas of business with signs of tax inadequate declaration, and resolutely sanctioning cases of violating regulations on tax declaration, Tuan said.

It will also build a plan of inspection in 2020 on the basis of risk analysis, and assign tax departments to ensure the minimum rate of inspection reaching 19.5 percent of enterprises being managed.

In 2019, the total State budget collection hit over 1.27 quadrillion VND, equivalent to 109.3 percent of the whole year’s estimate, up 11.2 percent year-on-year.

Of the number, budget revenue from crude oil reached 56.2 trillion VND, or 126.1 percent of its projection and 85.1 percent of the previous year. Meanwhile, domestic collection reached 1.21 quadrillion VND, accounting for 108.6 percent of the projection.