A HCMC Tax Department report showed that VAT payments by enterprises in sectors such as beverages, tobacco and property increased sharply in the first six months compared to the year-earlier period.  

For instance, Vietnam Brewery Limited (VBL) contributed VND881 billion (US$39.5 million) in VAT, up 34.5% year-on-year. Meanwhile, Saigon Beer-Alcohol-Beverage Corporation (Sabeco) paid VND325 billion, soaring 94.3%, and Saigon Tobacco Company VND181 billion, a 34% pickup.

VAT payments by Nova Home JSC and Tan Lien Phat Construction Investment Corporation also stayed high.

Overall, VAT revenue edged up 14.8% year-on-year in the six-month period. 

The HCMC Tax Department said VAT revenue from non-State businesses posted the strongest growth among the sectors with a 33.7% pickup, followed by the foreign-invested sector with a 12% rise. 

In contrast, VAT collections from centrally- and municipal-governed State-owned enterprises (SOEs) dipped by 10.6% and 17.3% from a year earlier, respectively.

The mobile phone information center under MobiFone Telecommunications Corporation (MobiFone) paid VND214 billion, down 16.36%, PetroVietnam Oil Corporation VND31 billion, down 88.8%, and PetroVietnam Drilling and Well Services VND15 billion, tumbling 68.53%.

According to the department, VAT revenue from SOEs in the petroleum supporting sector fell significantly in the first half. 

Apart from the VAT revenue hike, corporate income tax collections climbed 16% in the first six months of 2016 against the same period last year. 

Notably, there were collections from stake transfers of New Life Real Estate, KIDO Corporation, Saigon VRG Investment Holding Corporation and Saigon Boulevard Complex.

Revenues from special consumption tax, personal income tax and environmental protection and registration fees all edged up. They contributed a combined VND96.6 trillion to the total, up 9.5% year-on-year.

The production sector alone made up over VND57.9 billion, a 17.57% increase against the same period last year.

This year, the HCMC Tax Department is assigned by the Ministry of Finance to collect VND195.8 trillion in tax revenue with domestic sources accounting for VND177.6 trillion and crude oil for VND18.2 trillion.

Source: The SaiGon Times