10 bright spots seen in tax sector in 2022

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Minister of Finance Ho Duc Phuc speaks at the Conference.
Minister of Finance Ho Duc Phuc speaks at the Conference.

The year 2022 is about to close with good macroeconomic growth indicators, especially in terms of fiscal tasks, including revenue collection. As of December 12, 2022, the state budget has collected more than VND1.6 quadrillion, exceeding the estimate by about 19% and increasing by 18% compared to 2021.

According to the Minister of Finance, this is a huge achievement of the whole year. Of which, the tax sector contributed about VND1,320,000 billion.

“It is obvious that in 2022, we reduced taxes for businesses by an estimated VND233 trillion, but we still achieved impressive revenue. This is a great success demonstrating the effort and solidarity of the whole sector together with the close direction of the General Secretary, the Politburo, the Central Committee of the Party and the National Assembly,” the Minister said.

Minister Ho Duc Phoc said in 2022 the tax sector has achieved 10 outstanding results.

The first is developing legal institutions. Tax sector has issued four Decrees and two Circulars.

The second is applying electronic invoices. This is a major breakthrough in the tax sector. So far, 100% of businesses and business households have applied electronic invoices. The Minister recognized and praised the efforts and determination of the tax sector.

The third is launching the lucky bill dialing program. This has closely followed the direction of the leadership of the Ministry of Finance, contributing to the fight against tax evasion and invoice trading. The tax sector should strongly disseminate this program to form a habit of receiving and issuing e-invoices.

The fourth is about electronic invoices created from cash registers used for supermarkets, restaurants and hotels. However, the tax sector should also apply this at gas stations to ensure energy security.

The fifth is electronic tax payment via the E-tax moblie application. The tax sector has performed this application well, but currently, there are more than 13,000 transactions through the application. Therefore, the tax sector should accelerate the connection with commercial banks.

The sixth is the cross-border e-commerce platform. Currently, there are 42 large corporations in foreign countries paying taxes, contributing more than VND13 trillion to the State budget.

The seventh is the tax management system from the real estate transfer. The budget revenue from this source increased sharply compared to 2021.

The eighth is the tax sector has strongly connected and integrated with the Government’s portal and population data of the Ministry of Public Security, helping to trace the origin and verify tax.

The ninth is that the tax sector has effectively performed anti-tax loss in transfer pricing and party-related transactions.

The tenth is international cooperation and tax dialogue. Currently, Vietnam has implemented anti-double taxation, signed agreements and protocols with countries on power decentralization on taxation for indicators.

In addition to the remarkable results, Minister of Finance Ho Duc Phoc also gave notes to the General Department of Taxation on the implementation of tasks in 2023.

Specifically, the Minister asks the tax agency to continue to pay attention to value-added tax refunds. When finalizing the Tax Laws and guiding documents, it is necessary to pay special attention to this matter and clearly define the responsibilities of the units in the implementation of value-added tax refunds.

Regarding the digital transformation in the tax field, the Minister said that the General Department of Taxation has done very well and should further promote and build a Tax Data Center for effective tax and risk management.

“The Tax Agency needs to continue to drastically and effectively implement the tax collection, combat transfer pricing and tax evasion, and actively support businesses, create conditions to raise revenues and help businesses fulfill tax obligations to the state. In addition, the tax should further improve tax policies and laws; diversify methods of dissemination and raise awareness of tax laws for taxpayers and businesses; strengthen coordination with Customs, the State Bank, the Ministry of Public Security and relevant agencies in tax administration. In particular, it is necessary to continue to pay attention to human resources training and attracting talents,” said the Minister.

Digital transformation to combat tax loss from e-commerce Digital transformation to combat tax loss from e-commerce

The Minister of Finance believes that, with a long tradition, solidarity, determination and high efforts of the whole tax system and the support of the business community and people; the coordination, companionship and support of central ministries and agencies; and the close coordination and direction of the local leaders, the tax sector will successfully complete the assigned political tasks, contributing to the whole finance sector to succeed in 2023.

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