Plan for Developing the State Budget Revenue Estimates from Import and Export Activities in 2021

Plan for Budget Revenue Estimation from Import-Export Activities for 2021 (Illustration)

Circular 71/2020/TT-BTC governs the plan for estimating budget revenue from import-export activities in 2021 as follows:

- Based on the forecast of growth rate of export-import goods and taxable services in the context of integration, promoting trade activities, consolidating and expanding the export market; the shifting of commodity structures, especially traditional goods with main revenue sources and newly emerging goods.- Taking into account impacting factors such as: anticipated price fluctuations domestically and internationally for key revenue sources; the exchange rate between VND and the currency of strategic trade partners; the revenue reduction impact from implementing the tariff reduction schedule under the signed Free Trade Agreements and the implementation of commitments in 2021; the level of trade facilitation and the impact of technical barriers; the scale and implementation progress of key investment projects importing raw materials and equipment; the production plans of domestic oil refineries;...

Additionally, this Circular also governs the plan for estimating the VAT refund amount as stipulated by the VAT Law for 2021, specifically:

Based on the socio-economic situation, the potential for production and business development and the production and business plans in the area, especially for export enterprises frequently arising VAT refunds, enterprises with investment projects to accurately and fully calculate the prompt VAT refund amount incurred in the area following current policies and new policies that take effect. Establishing the VAT refund estimate is closely linked with the requirement to strengthen tax refund management, supervision, inspection, and pre- and post-refund audit.

For details, see Circular 71/2020/TT-BTC, effective July 30, 2020.

Ty Na

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