August 15, 2020 09:45

Advertisement Contact us RSS Vietnamese

Striving to achieve highest State revenue

19:25 | 08/07/2020

VCN – On the morning of July 7, the Ministry of Finance organized an online conference to summarize the State budget - finance task in the first six months and to deploy the State budget – finance task in the second half of 2020. Prime Minister Nguyen Xuan Phuc attended and chaired the conference.

striving to achieve highest state revenue How does EVFTA impact on State revenue?
striving to achieve highest state revenue State revenue continues to plunge due to extension of deadlines for tax payment for businesses
striving to achieve highest state revenue Customs sector collects VND 123,484 billion for State revenue
striving to achieve highest state revenue
Prime Minister Nguyen Xuan Phuc attended and chaired the conference

State revenue reaches 44.2% of the estimate

Speaking at the conference, Minister of Finance Dinh Tien Dung said that facing complicated developments of the Covid-19 pandemic, the Ministry of Finance actively proposed competent authorities to introduce fiscal solutions to remove difficulties for business and production, ensure social welfare; work with the Ministry of Planning and Investment to develop an economic growth scenario, thereby introducing respective options to manage the State budget.

Along with that the Ministry of Finance directed the Tax Agency and Customs Agency to focus on carrying out tax laws and the state budget task in 2020; strengthen combat against revenue loss, transfer pricing, trade fraud and tax evasion; perform inspection, examination and collection of tax debts; take preferential policies on collection as regulated by competent authorities to remove difficulties for enterprises and business households in response to the disease; and enhance inspection and supervision to preventtaking advantages of policies for profiteering from the State budget.

Due to the pandemic, the world crude oil price saw a deep fall, together with implementation of preferential policies on taxes, fees and other revenues, the State budget revenue in the first months tended to decrease.

Minister Dinh Tien Dung said at the end of June 2020, total State budget revenue was estimated at VND668.7 trillion, or 44.2% of the estimate, a year-on-year decrease of 10.5%.

Of which, central State budget revenue was 41.8% of the estimate and local budget revenue was 47.4% of the estimate. Only 34 of 63 provinces had local revenues of over 50% of the estimate; 24 of 63 provinces increased revenue compared to same period last year. All revenues were lower than those in the same period in2019.

Spending economically

In the context of difficult budget collection but increases in spending for disease prevention and control, the Minister of Finance reported the Government and National Assembly on requesting ministries and central agencies and local authorities to actively and economically manage the State budget spending in accordance with allocated estimates to carry out important spending tasks.

Especially, to review to cut a minimum of 70% of fees for conferences, business trips in and out the country and save 10% of other recurrent spending in the second half of 2020, particularly expenditures for unnecessary procurement; and temporarily stop adjustment of primary salary level for cadre, officials, public servants and armed forces and pensions from July 1, 2020 to share difficulties with the State and employees.

Total State budget spending until the end of June 2020 was estimated at VND729.4 trillion or 41.8% of the estimate, of which, spending for investment and development was 33.1% of the estimate, for loan interests 50.3% of the estimate; recurrent spending was 48.2% of the estimate. In general, the management of State budget spending was conducted actively, strictly and legally.

According to reports from ministries, central agencies and local agencies, so far, the State budget spent about VND15.3 trillion for pandemic prevention and control and support for people facing difficulties due to the Covid-19 pandemic. In addition, the central budget spent VND1,664 billion in 2020 to support localities in the fight against African swine fever and overcome consequences and restore production after natural disasters (drought and saline intrusion).

striving to achieve highest state revenue Reduce impact of oil price on the State revenue

VCN-  State revenue from crude  oil may not reach what was forecasted at the beginning of the ...

"Amid the extremely difficult context, the finance sector has striven and made its best efforts to carry out fully and synchronously the State budget – finance solutions; manage State budget collection and spending to proactively respond to the pandemic; strictly control the state budget spending deficit and public debts in the scope permitted by the National Assembly; make important contributions to carrying out the dual task of pandemic prevention and social - economic development, ensuring people’s life; maintain higher economic growth than other countries in the world; and stabilize macro-economy and ensure balance of the economy,” said the Minister of Finance. 

In the first six months of 2020, the Tax agency conducted 23,800 tax inspections and examined 258,850 tax declaration dossiers of enterprises. As a result, it was proposed to handle VND26.88 trillion, of which State budget revenue was VND10 trillion (VND4.5 trillion was paid the budget), reduced loss was VND16.3trillion; and collected tax debts were VND14.92 trillion from the previous year.

The Customs agency conducted 1,016 inspections (including 938 post-clearance inspections). It is proposed to collect VND1.2 trillion to the State budget (VND1.15 trillion was paid to the State budget); chaired and coordinated with other forces to handle 5,320 violations cases in the field of customs and collect VND213 billion.

By Hong Van/ Huyen Trang