Jan-Aug tax revenue lower than expected

HCMC – Vietnam’s tax authorities have sounded the alarm over a concerning decline in tax revenue, indicating potential fiscal health issues. Tax revenue in the first eight months of 2023 fell by 6.1% year-on-year at VND962.1 trillion, representing 70.1% of the full-year estimate, according to a report released on September 11 by the General Department of Taxation. This trend has raised concerns among tax officials, with Mai Xuan Thanh, head of the General Department of Taxation, expressing worries about the tax revenue fall. In January, tax revenue amounted to VND94 trillion, but by August, the figure had dropped to VND75 trillion. During the eight-month period, Vietnam’s tax authorities also refunded nearly VND87.2 trillion in value-added tax (VAT).