May 25, 2018 17:31

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State revenue in April increases by 12.1%

19:53 | 11/05/2018

VCN- According to Ministry of Finance, the State revenue in the first 4 months of 2018 reached VND 446.4 trillion, accounting for 33.8% of the estimate, an increase of 12.1% compared to the same period in 2017.

state revenue in april increases by 121 Revenue of the Tax sector reached 24.5% of the 2018 estimate
state revenue in april increases by 121 Revenue from Severance Tax accounted for only 1.36% - 4.27% of total State revenue
state revenue in april increases by 121 State revenue sustains strong growth
state revenue in april increases by 121
It is estimated that 50 of 63 localities reach the estimate. Photo: H.V

Domestic revenue increased 10.6%

The report of the Ministry of Finance also stated that domestic revenue reached VND 368.1 trillion, accounting for 33.3% of the estimate, increasing by 14.5% over the same period of 2017. Excluding specialized revenues, the domestic revenue was estimated at VND 281.4 trillion, equaling 32.4% of the estimate, up 10.6% over the same period of 2017.

The Tax authority has conducted 8.9 thousand tax inspections and audits, increasing 44.3% compared to the same period in 2017; proposed to handle and collect over VND 1.9 trillion to the State budget and collected nearly VND 790 billion to the State budget. It is estimated that domestic revenues of 50 of 63 localities reach the estimate (over 32%), of which, revenues of 34 localities reach 35% of the estimate; revenues of 46 of 63 localities is higher than the same period in 2017 and revenues of 19 localities is lower than the same period in 2017.

Revenue from crude oil was estimated at VND 19.1trillion, equivalent to 53.3% of the estimate, increasing by 27% compared to the same period in 2017. The oil volume reached 4.29 million tons, equivalent to 37.9% of the estimate and the average price reached US$ 68.7/barrel, increasing US$ 18.7/barrel compared to the estimate.

Revenue from import and export activities reached VND 90 trillion, equivalent to 31.8% of the estimate, a decrease of 2.9% compared to the same period in 2017. Thanks to the effective implementation of revenue management measures at the beginning of the year, strengthening of post clearance audit and close coordination with competent agencies to control and prevent trade fraud and counterfeit goods, the General Department of Vietnam Customs has still basically maintained the State revenue collection in accordance with the estimate. After implementing the VAT refund as per regulations (VND 31 trillion), the State revenue in the first 4 months of 2018 reached VND 59 trillion, and equivalent to 33% of the estimate, a decrease of 4.1% of the same period in 2017.

2,800 incorrect expenditures were detected

Besides the efforts in collecting to reach the estimate, Ministry of Finance has tightened the State expenditure in accordance with the privileges, norms, ensuring savings. Total expenditure in the first four months of 2018 reached VND 410 trillion, equivalent to 26.9% of the estimate, increasing by 4.6% compared to the same period in 2017. Of which, the expenditure for investment and development reached VND 65 trillion; expenditure for interest payment reached VND 41.75 trillion; recurrent expenditure reached VND 301.5 trillion.

As of April 2018, the State Treasury system implemented expenditure control of VND 252.943 trillion, reaching 25.9% of the estimate of recurrent expenditure through the State Treasury. Thereby, detecting 2,800 expenditures are not in accordance with procedures and provisions, requesting units to supplement necessary procedures and not accepting payment of about VND 3.8 billion.

The expenditure for the Government’s repayment in April 2018 was estimated at VND 19,208 billion, the accumulation in the first 4 months was VND 76,158 billion, of which domestic repayment was VND 59,383.5 billion, foreign repayment was VND 16,774.2 billion.

state revenue in april increases by 121 Revenue from Severance Tax accounted for only 1.36% - 4.27% of total State revenue

VCN- Over the past time, together with current collection policies related to environmental protection, revenue from Severance ...

The Central budget and local budget at all levels are ensured. As of 24th April, the Government issued VND 46.5 trillion of Government bonds, ensuring timely sources to compensate deficit expenditure and pay principal debt of the Central Budget in accordance with the estimate.

In April 2018, the State Treasury held 4 auction sessions to issue the Government bonds through the Hanoi Stock Exchange and mobilized VND 6,055 billion, the accumulation in the first 4 months of 2018, it held 15 auction sessions through the Hanoi Stock Exchange and mobilized VND 46,463 billion, reaching 16.84% of the plan. The interest rate issued in the beginning of 2018 tends to be stable compared with 2017. The Government Bonds reduced from 0.68% to 1.55% for all terms compared to the end of 2017.

By Hong Van/Ngoc Loan