Checking import and export goods at the North Hanoi Customs Branch.
Identify 3 groups of causes
According to data from the General Department of Customs, state budget revenue from import and export activities in March 2024 reached VND 31,935 billion, up 3.9% over the previous month. Accumulated from January 1 to March 31, 2024, the total state budget revenue was VND 88,354 billion, reaching 26.3% of the assigned estimate, down 4.2% over the same period in 2023.
However, it is worth noting that the data from import and export activities in the first quarter of 2024 recorded a fairly good growth figure. The trade balance in the first 3 months of 2024 is estimated to have a trade surplus of 8.08 billion USD. Specifically, the total export and import value in March 2024 is estimated at 65.09 billion USD, an increase of 35.6% (equivalent to an increase of 17.1 billion USD) compared to the previous month. The total export and import turnover in the first 3 months of 2024 is estimated at 178.04 billion USD, an increase of 15.5% (equivalent to an increase of 23.86 billion USD) over the same period last year. Of which, exports are estimated at 93.06 billion USD, an increase of 17% (equivalent to an increase of 13.51 billion USD), imports are estimated at 84.98 billion USD, an increase of 13.9% (equivalent to an increase of 10.35 billion USD).
Regarding this paradox, economic and financial expert Dinh Trong Thinh said that normally, if imports and exports increase, budget revenue from this sector also increases. In the first quarter of 2024, exports and imports increased significantly, but budget revenue from this activity decreased, which is quite strange, the reason may be because February falls during the Lunar New Year holiday.
According to the General Department of Customs, the reason is that the import turnover of some items contributing large revenue decreased sharply compared to the same period in 2023. For example, with the gasoline and oil group, due to preferential tax rates (0% to 5%), businesses mainly import from ASEAN instead of Korea. This has caused the imported gasoline and oil group to decrease by about 23% in volume and about 30% in value, leading to a decrease in revenue of about 2,000 billion VND.
Similarly, imported complete automobiles decreased by about 38% in volume and about 39% in price, reducing revenue by about VND 4,000 billion compared to the same period last year. In addition, implementing the policy of reducing value added tax, revenue also decreased by about VND 4,000 billion. Notably, in the first quarter of 2024, there was a long Tet holiday, so import and export activities were limited, affecting budget revenue.
Continued Trade Facilitation
In 2024, the Customs sector is assigned a state budget revenue estimate of VND375,000 billion. To complete the task, from the beginning of the year, General Director of the General Department of Customs Nguyen Van Can requested units to focus resources and resolutely and synchronously implement solutions, including a group of solutions to facilitate trade and a group of solutions to prevent budget loss.
In the plan to implement the tasks, the leaders of the General Department of Customs requested units to strengthen the fight against revenue loss through inspection and supervision of customs procedures, tax management, post-clearance inspection, specialized inspection, internal inspection, and the fight against smuggling and trade fraud. Specific solutions include strict inspection of quantity, volume, type, and name of goods; value of imported and exported goods; classification of goods, application of codes and tax rates; origin of goods; implementation of tax exemption, reduction, refund, and incentives; proactive review, classification, collection, and settlement of tax debts.
In particular, the Customs sector continues to reform and simplify administrative procedures towards modernity, openness, transparency, promptly resolving arising problems under its authority related to customs procedures, tax policies, tax management, accounting regime, tax refund and tax exemption regimes, as well as removing difficulties and creating favorable conditions for enterprises to participate in import and export activities. Administrative reform is associated with trade facilitation, promoting import and export, while effectively implementing solutions for tax collection, preventing tax losses, smuggling and trade fraud, etc.
In Hanoi, the City Customs Department said that many solutions to facilitate businesses and professional measures to prevent revenue loss and increase budget revenue are being implemented synchronously by the Department. Typically, the Hanoi City Customs Department and its affiliated customs branches have implemented a program to contact and work with businesses located in the area to support, remove difficulties and obstacles, and facilitate production and business activities. The unit will also regularly assess the state budget revenue situation, strengthen the review, grasp the main revenue sources of the branch, analyze the increase and decrease in revenue each month to propose and implement specific solutions to increase revenue and prevent revenue loss for each field.
At the recent conference to review the implementation of work in March and the first quarter, and deploy the work program for April and the second quarter of 2024, Deputy Minister of Finance Cao Anh Tuan also requested the General Department of Customs to continue implementing solutions to prevent budget loss, smuggling and trade fraud, and ensure correct and sufficient collection for the state budget.
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