(HQ Online) - The high taxable import turnover of iron ore and coal in the first months of the year helped the state budget revenue of Quang Ngai Customs Department to improve.
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| Quang Ngai Customs officials carry out procedures to supervise imported goods. Photo: TH |
Iron ore and coal imports increased 8 times
According to the Quang Ngai Customs Department, the unit's state budget revenue mainly comes from two large enterprises, Binh Son Refining and Petrochemical Company and Hoa Phat Dung Quat Steel Joint Stock Company. The positive import-export activities of these enterprises in the early part of the year have significantly impacted the unit's state budget revenue. In the first month of 2024 alone, the total import-export turnover through the Quang Ngai Customs Department reached 1 billion USD, an increase of over 121% over the same period last year. Of which, the taxable import-export turnover reached over 581 million USD, double that of the same period last year.
Taxable import turnover of iron ore and coal of all kinds increased by more than 836%; tax receivable increased by 450.18%; steel and steel products increased by 1,083.27%, tax receivable for this group increased by 55.44%; machinery, equipment and other goods increased by 295.48% over the same period last year, tax receivable for this group increased by 1,268.15% over the same period last year.
With high import-export turnover with tax, the State budget revenue of Quang Ngai Customs Department in the first month of the year reached 1,361 billion VND, an increase of over 116% over the same period last year. Of which, Hoa Phat Dung Quat Steel Joint Stock Company paid 961 billion VND, accounting for 70.62%: Binh Son Refining and Petrochemical Joint Stock Company paid 284 billion VND, accounting for 20.88%; revenue from wood chip export and other revenue reached 115 billion VND, accounting for 8.5%.
According to Quang Ngai Customs Department, as of February 15, 2024, the unit has completed procedures for import and export goods with a turnover of over 1.2 billion USD, and collected nearly 2,000 billion VND for the state budget.
According to Deputy Director of Quang Ngai Customs Department Huynh Van Cuong, the budget revenue in the first month of 2024 improved mainly due to the import activities of the two above-mentioned enterprises. However, in March and April, Binh Son Refining and Petrochemical Joint Stock Company will carry out a periodic maintenance plan for the factory, so the import of goods will decrease significantly. In addition, crude oil, raw materials such as scrap, ore, coal, etc. are the items that account for the main revenue of the unit, but are greatly affected by factors such as exchange rates, supply sources, trade wars between countries, etc. Currently, it is forecasted that the USD exchange rate will increase, leading to businesses holding back on importing goods to serve production. In particular, for Hoa Phat Steel Company, the steel inventory is still large, so it is possible that the business will import less than planned. On the other hand, crude oil prices fluctuate unpredictably, making it difficult to forecast future data.
Expectations from major projects
With the characteristics of state management of customs in the area, most of which are export processing enterprises and some large investment projects of the province, in addition to facilitating trade for specific types of export processing enterprises, Quang Ngai Customs Department also focuses on supporting procedures for investors to implement investment projects in each phase. Through the assessment of the competitiveness index at the provincial department and sector levels, Quang Ngai Customs Department is one of the units continuously ranked in the Top with the highest index in the province, contributing significantly to promoting and attracting investment, facilitating import and export activities of goods. The unit has also proactively carried out the work of propagating and disseminating laws to the business community, strengthening the Customs-Enterprise partnership, and promptly advising on handling arising problems.
According to Deputy Director Huynh Van Cuong, in 2024, Quang Ngai Customs Department was assigned a target of collecting VND 7,780 billion from the state budget. With the specific management in the area, the unit expects state budget revenue from large investment projects. In 2023, Quang Ngai province granted investment licenses to 6 projects, including 2 large projects contributing to the growth of state budget revenue in 2024 and the following years of Quang Ngai Customs Department, such as: Hoa Phat Dung Quat high-quality wire rod steel factory and Messer-Quang Ngai industrial gas factory. Currently, Hoa Phat Dung Quat steel project has been completed and put into stable production in phase 1. Up to now, the unit has received the tax exemption list for the expansion project of Hoa Phat Dung Quat 2 iron and steel production complex.
To facilitate investors in implementing projects, Quang Ngai Customs Department always pays attention to supporting customs procedures through administrative procedure reform, customs modernization, and trade facilitation. At the same time, the unit will proactively dialogue with businesses to promptly resolve difficulties and problems arising under its authority related to customs procedures, tax policies, tax management, accounting regime, tax refund regime, tax exemption, etc.
In addition, Quang Ngai Customs Department also regularly reviews and grasps revenue sources, closely monitors the state budget collection situation, promptly analyzes and reports factors affecting revenue, advises and proposes timely handling of problems related to regimes and policies affecting state budget management and collection, thereby proposing solutions to increase revenue. At the same time, it focuses on checking taxable values for goods with high tax rates, large import-export turnover, and high risk of trade fraud; conducts consultation and post-clearance inspection for cases of suspected declared values compared to the customs value database, creating an equal business environment for investors and enterprises, etc.
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