Representative of business transactions at Ho Chi Minh City Tax Department
Data for the first 9 months of 2023 from the Ho Chi Minh City Tax Department shows that the number of operating businesses is 320,846 units, including 39,772 newly established businesses.
However, in the first 9 months of 2023, there were 64,731 businesses leaving the market, including: 2,166 businesses undergoing dissolution procedures; 13,761 businesses ceased operations; 21,788 businesses temporarily suspended operations and 27,016 businesses abandoned their business addresses.
Because the number of businesses no longer operating in Ho Chi Minh City is so large, many tax revenues decreased in the first 9 months of 2023.
Specifically, value added tax collected 48,859 billion VND, only reaching 58.9% of the estimate. The reason for the decrease in value-added tax is mainly due to difficulties in production and business activities of enterprises in the area, focusing on industries such as construction, real estate, manufacturing, transportation… ..
The special consumption tax collected was 15,390 billion VND, only reaching 64.1% of the estimate due to the tax extension policy for domestically produced cars (estimated extension of 402 billion VND), sales volume of products Beer, wine and automobiles declined
Personal income tax (PIT) collected 39,784 billion VND, only reaching 76.2% of the estimate. The reason for the decrease is that personal income tax from real estate and securities transfers decreased sharply, while the growth rate of personal income tax from salaries, wages and other amounts was not enough to compensate…