Positive results in budget collection for foreign-invested enterprises

In 2024, the Provincial People's Council assigned an estimate of state budget revenue from the foreign-invested enterprise sector of VND 2,500 billion. To implement the assigned estimates, the provincial tax department has coordinated with localities and functional sectors to boost nurturing and effectively exploiting revenue sources into the state budget from this economic sector. Accordingly, state budget revenue from the foreign-invested enterprise sector has achieved positive results, with good progress in the structure of total state budget revenue.

In recent years, the attraction of foreign investment capital into the province has attained good results, with over 500 projects in effect. These projects operate effectively and have a positive impact on state budget revenue. In 2024, the estimated state budget revenue from the foreign-invested enterprise sector accounts for over 8.5% of the domestic budget revenue structure. Implementing estimates for this business sector, the provincial tax department has synchronously applied such solutions as: Propagating and supporting taxpayers; tax declaration; tax inspection and examination... For newly established businesses, the functional department of the Provincial Tax Department sends tax policy documents to the email address of the business within the first week of being granted a tax code, guide businesses to use software to support tax declaration and payment online. Tax officials apply flexible methods to help businesses learn about tax policies as follows: Consulting directly at the tax authority, responding by phone or in writing, or by email. The Provincial Tax Department organizes knowledge training and tax consulting for businesses; seminars and dialogues between tax authorities and businesses to enforce tax laws, especially new tax policies. Tax declaration and accounting management for foreign-invested enterprises is carried out strictly and in accordance with the law. In addition, tax authorities pay attention to registering and issuing tax codes to individual workers in this business sector. Every month and every quarter, tax authorities regularly urge units to submit tax declarations on time. In the process of implementing tax policies and laws, businesses' problems are promptly answered and supported. Incentives on tax exemption, tax reduction, and tax extension are fully applied in accordance with current policies.

Manufacturing at Hanesbrands Vietnam Co., Ltd. (Kim Dong)

The notably in tax management for foreign-invested enterprises is the work of inspection, examination and prevention of tax loss. The inspection and testing tasks focus on such businesses as: Tax refund businesses, with associated activities, loss-making businesses with signs of transfer pricing, businesses with suspicious transactions, businesses that enjoy preferential incentives, tax exemptions, and reductions; commercial enterprises have large revenues but low budget payments... With drastic, synchronous and appropriate solutions to the actual situation, state budget revenue resulting from the foreign-invested enterprise sector has achieved positive results. By the end of April, state budget revenue from the foreign-invested enterprise sector was over 1,358 billion VND, reaching 54.34% of the estimate assigned by the Provincial People's Council for the whole year, seeing an increase of 14.5% over the same period last year...

In the coming time, the Provincial Tax Department will coordinate closely with all levels, branches and localities to continue to exploit and improve tax management efficiency. Tax authorities focus on performing such a number of solutions as: Regularly review, evaluate, analyze and forecast factors affecting the production, business and state budget revenue of this enterprise sector to promptly strictly manage revenue sources, preventing revenue loss, and exploiting potential revenue sources. Regional tax departments and functional departments focus on reviewing and comparing to accurately determine the number of units operating or stopping production and business, promptly detecting cases of incorrect declaration, insufficient tax payable to have appropriate tax collection and tax arrears measures. To promote propaganda of tax policies and laws, dialogue conferences, and training on new tax policies so that foreign-invested enterprises fully understand and fulfill their obligations to the state budget. To strengthen urging, guidance, inspection and supervision of businesses to declare taxes promptly and in accordance with regulations; monthly synthesize and evaluate the quality of declaration work, striving for the rate of declarations on time and without errors. To strengthen inspection and examination of tax law compliance at headquarters combined with inspection of invoice use to detect illegal use of invoices by businesses, thereby handling violations of invoices and taxes according to regulations; inspect and check businesses with high tax risks such as: Enterprises transferring projects, transferring capital, tax incentive fields, transfer pricing... At the same time, promptly handle cases of taking advantage of policies to refund taxes to the wrong subjects and for the wrong purpose.