HCMC beats 2023 tax revenue target

HCMC – HCMC has beat its 2023 domestic tax collection target despite initial concerns about the possibility of obaining this goal. The city’s total domestic tax revenue in the year to date has amounted to nearly VND318.3 trillion, which is a little bit higher than the estimate for the year, said HCMC People’s Committee deputy chairman Nguyen Van Dung during a 2023 review conference of the HCMC Tax Department on December 26. Tax revenue from business activities accounted for 65% of this total, amounting to VND190.1 trillion. Revenue from crude oil reached VND24.8 trillion, exceeding 55% of the estimate but experiencing a 14% decrease compared to the previous year. This achievement is particularly noteworthy given the challenging economic conditions, though the city’s tax revenue is 4-5% lower than the previous year, said Dung.