Revenues from real estate and securities dropped sharply, the tax industry “ordered” to review revenue sources
The General Department of Taxation requested a review of all revenue sources in the localities
General Department of Taxation just announced the state budget revenue in May and the first 5 months of 2022, according to which the tax revenue in May is estimated at 99,100 billion dong, reaching 8.4% of the ordinance estimate, equaling 112.5% compared to that of the Ordinance. same period in 2021.
In the five months of 2022, the total state budget revenue managed by tax authorities is estimated at 672,878 billion VND, equal to 57.3% of the ordinance estimate, up 16.5% over the same period in 2021.
According to the General Department of Taxation, compared with the estimate of 16/19 revenues, the tax rate reached over 45%, notably the revenue from the production and business sector achieved a good growth rate of 54.7% compared to that of the General Department of Taxation. with the estimate, up 11.5% over the same period.
In which, the state-owned enterprise sector is estimated at 50.6%; foreign-invested enterprises are estimated at 50.6%; non-state sector and services was estimated at 60.4%. In the whole industry, there are 44/63 localities with a good growth rate of over 50%.
The above results were obtained because the economy in the first months of the year continued to maintain a good growth rate, the epidemic situation across the country continued to be well controlled, and production and business activities recovered.
The Government’s supportive policies have been effective, stimulating businesses to speed up their production and business activities. The number of enterprises entering and returning to operation in the first four months of 2022 increased by 26.9% over the same period last year.
Besides, the strong increase in domestic consumption demand in the last months of 2021 and early 2022 has created momentum for our country’s economy to continue to maintain its growth rate in the first months of 2022. Another reason is that. As the world oil price is still maintaining at a high level, currently the Brent oil price is fluctuating in the range of 107 – 110 USD/barrel, which has had a positive impact on the revenue from crude oil in the first 5 months of 2022.
However, because in the country, continuing to implement solutions, reducing tax will directly affect budget revenue. Some industries started to have a deceleration trend such as securities, real estate, etc.
Therefore, to ensure the completion of the task, the General Department of Taxation has directed to request the tax authority to review all revenue sources in the area to organize the assignment of monthly and quarterly collection tasks to each revenue management unit. close to reality.
Previously, the Ministry of Finance and the General Department of Taxation have reviewed tax collection activities from real estate transfers, including the phenomenon of “two prices” in real estate transactions. Buyers and sellers declare the price of the notarized contract, which is lower than the price set by the authorities, much lower than the actual transaction between the two parties, which causes state budget revenue loss and problems of evasion. tax.
According to the General Department of Taxation, in the first 3 months of 2022, personal income tax revenue from real estate transfer reached 8,209 billion VND; an increase of 63% compared to the first 3 months of 2021, equivalent to an increase of VND 3,200 billion. Tax authorities, based on the database that taxpayers have declared for tax calculation and refer to the actual transfer price in some areas and equivalent positions, have discovered risks in tax declaration and payment and required re-declaration, thereby increasing the budget revenue by hundreds of billions of dong.
Through the re-declaration of organizations and individuals in some localities, the General Department of Taxation said that the whole industry has declared the price of real estate transfer to increase by 2-5 times compared to the initial declared price, especially there are records of real estate transfer prices. The adjusted declaration is increased by 20 times and 40 times. In 2021, personal income tax from real estate transfer under the review of tax authorities will reach VND 4,900 billion, an increase of more than 30% compared to the same period in 2020.
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