The Head of Quang Ngai Provincial Tax Authority (QNTA), Mr. Ho Quang Vinh said in a recent meeting that Quang Ngai could face challenges in chieving tax collecting targets set forth for the year 2008.
Despite the fact that over VND 654 billion estimated to be gained for the first 6 months, difficulties are still ahead due to the nationwide economic recession clearly marked by gallop inflation followed by a sharp increase in consumer goods, especially food.
He estimated there would be a decrease of some VND 364 billion in tax collection from foreign-owned enteprises and Central State-owned ones, directly affecting the provincial revenues of the year.
One of the main reason for the said decrease pointed out by Mr. Vinh is that most of the Dung Quat Refinery EPC packages are now under completion stage, taxable construction value therefore remains little.
The other reason is that Quang Ngai-based Sugar Corporation is this year doing the business not so well, its subsidiary beer making factory cuts down the production some 40% owing to less consumption.
The provincial revenue in 2007 was recorded at VND 1,310 billion, GDP per capita of VND 7.7 million (USD 481), the highest ever figure the province had gained.
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