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Vietnam Steps Up Tax Collection as Virus Pushes Revenues Down

May 13, 2020, 12:49 PM

Vietnam’s Finance Ministry said Wednesday it is stepping up tax debt recovery as well as inspections and other measures as it strives to preserve revenue streams during the coronavirus crisis.

The Covid-19 pandemic caused the Vietnamese government’s total revenue to fall by 5.9% in January-April compared to a year earlier to 491.38 trillion dong ($21 billion). Cracking down on smuggling and tax evasion is one way to minimize losses as spending on the pandemic stretches scarce resources.

  • Total tax revenue in January-April was 101 trillion dong, down 12.3% from the same period in 2019, the finance ministry said in an announcement.
  • The government is also strengthening inspections and fighting against smuggling and trade fraud. In the first four months of 2020, the Inspectorate of the Ministry of Finance and other units with specialized inspection functions made 97,760 reports, with anti-smuggling investigations resulting in confiscations in 1,517 cases.


Check out Bloomberg Tax’s country-by-country roadmaps covering direct and indirect tax developments.

To contact the reporter on this story: Kazuhiko Shimizu in Bangkok at correspondents@bloomberglaw.com

To contact the editors responsible for this story: Meg Shreve at mshreve@bloombergtax.com; Joe Stanley-Smith at jstanleysmith@bloombergtax.com