Customs' turnover drops fast
- Sunday - 17/06/2012 23:03
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For the first five months, Customs' turnover reached 77.8 billion VND, 10% less than that for the same period last year. According to General Customs Administration, the reason for this reduction is the decline in economy. The implementation of tight fiscal policy and tight monetary policy contributes to preventing inflation and stabilizing macro but causing difficulties to companies, especially medium and small ones. On the other hand, low consumption and high inventory have lead to narrow production. Many companies have to stop their business, go bankrupt or dissolve. Unemployment puts pressure on social balance and people’s lives.
Import duty exemption pursuant to Circular 20/2012/TT-BTC (Feb 15th 2012); Circular 44/2012/TT-BTC (March 16th 2012) is also the reason for the decrease in turnover for the first five months of 2012.
Besides, the number of some commodities that have high turn-over rate and high tax rate has reduced compared with that for the same period last year. For examples: Exported crude oil’s turn-over drops 10% of output and 0.5% of value; Coal’s drops 15.5% of output and 20% of value compared with that for the same period last year. Gasoline’s turn-over drops 23% of amount a 13% of value; Automobile drops 57% of quantities and 54% of value compared with that for the same period last year.
In this situation, to ensure increase in turn-over for the last months of the year, the local tax administration intensifies speeding up and reclaiming debt, apply enforcement (if necessary) to prevent outstanding debts. Besides, the Customs proceeds on establishing and updating data on product classification on General Customs Administration’s website to provide companies with information of import tariff, special advantages, products classification, and convenience in applying tax rate. Also, it is necessary to pay more attention to labor’s profession and commodity category.
Additionally, the whole sector also have to make plans for checking data of products whose report value is low and contains signs of fraud, and sensitive products which is not encouraged to import to amend and supplement the imported/ exported products risk management list. Especially, Especially, the inspection on taxable price consulting is prioritized to be focused on so as to firmly prevent commercial fraud. Local Tax Administrations establishes and archives data of prices in order to provide pricy consultancy at the unit and ensure right and enough amount receivable for the State budget.
Source: Vietnam News Agency