Customs sector targets collecting 14.6 billion USD in 2020

Update: 13:13 | 05/02/2020
The General Department of Customs hopes to collect 338 trillion VND (14.6 billion USD) for the State budget this year, a year-on-year increase of 12.5 percent.
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The target is built on the basis of 6.8 percent GDP growth, crude oil price at 60 USD per barrel, total export turnover increasing by 7 percent and import turnover increasing by 9 percent.

customs sector targets collecting 146 billion usd in 2020
Illustrative image. (Photo: VNA)

The goal would be difficult to achieve as new free trade agreements (FTAs) would come into effect this year with many products having import tax rates cut to zero percent, according to the General Department of Customs.

To complete the State budget collection for the year, the customs sector would have to effectively implement proposed budget collection solutions.

The General Department of Customs was assigned a target of over 300 trillion VND for State budget revenue last year. The department claimed State budget revenue of the sector reached 348.7 trillion VND by the end of 2019, 116.05 percent of the set target and up 11 percent compared to the same period in 2018.

This result was attributed to efforts to facilitate businesses and fight revenue loss.

The customs department also issued detailed guidance documents in fields such as classification, origin and tax debt management.

Last year, it strengthened measures to combat loss of revenue such as inspection and examination of enterprises, as well as examination of cases of tax exemption and reduction. It also boosted controls over the price of imports and exports.

These efforts resulted in saving some 4.6 trillion VND of lost revenue.

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(Source: VNA)