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ECONOMYBANKING & FINANCE

Top tax paying companies in 2016 unveiled

Updated at Saturday, 15 Oct 2016, 08:32
The Hanoitimes - According to rankings of the top 1,000 enterprises of tax contribution (V1000) this year, released on October 13, the State-owned enterprises have still remained the main source for the State budget, as they contributed 60% of tax payments of the list, rising 45% from last year.
The V1000 rankings were revealed on October 13 by the Vietnam Report Joint Stock Company and the Taxation magazine of the General Department of Taxation. 
This year’s top 1,000 companies paid more than 90 trillion VND (3.6 billion USD) in tax to the State budget, up nearly 12% from 2015. The sum accounts for 10% of the total State budget revenue last year. 

 
The rankings of the top 10 enterprises of tax contribution this year.
The rankings of the top 10 enterprises of tax contribution this year.
Vietnam National Oil and Gas Group (PetroVietnam) leads the V1000 list, followed by military-run telecom group Viettel and PetroVietnam Gas Joint Stock Corporation. Honda Vietnam Co. Ltd ranks fourth.
Other firms in the top 10 are Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), MobiFone Telecommunications Corporation, and PetroVietnam Exploration-Production Corporation. 
The State-owned enterprises have still been the main source for the State budget, as they contributed 60% of tax payments of the list, increasing 45% from last year.
The private businesses contributed about 27% of the total value, a slight growth. Notably, the list for the first time included Vinamilk – a private firm in the Top 5 tax payers.
The top 100 firms alone contributed almost 75% of the corporate income tax value in the rankings. 
The telecommunications and information sector took second place contributing 15% to the total. The financial sector followed with 11%.
The construction and building material sector contributed only 8% despite the highest number of businesses in the list.
The V1000 list, the seventh of its kind so far, was based on data collected and verified independently by the compilers, businesses’ feedback, and the analysis of the firm’s prestige on media.

 
Illustrative image
Illustrative image
The rankings aim to encourage and honour businesses that contribute to the country’s development by paying the correct taxes.
The Vietnam Report Joint Stock Company this year also conducted a survey among the V1000 businesses on administrative reform of the tax sector in the past five years.
The results showed that enterprises have positive views on changes in tax reforms since the beginning of 2015. Up to 88% of the surveyed firms gave a positive view on the reforms, while only 1% had negative responses.
 
Thu Minh
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