2025 budget estimation must be practical, accurate and efficient

	Quang Ninh Customs strives to exceed budget revenue targets
	Managing fiscal policy has achieved many positive and comprehensive results
	Hanoi Customs faces difficulties in state budget collection

The conference

Budget estimates must meet requirements

The Ministry of Finance has just issued Circular No. 49/2024/TT-BTC regulating guidelines for developing state budget estimates for 2025 and State finance and budget plan for 3 years from 2025 to 2027.

Speaking at the opening of the online conference with cities and provinces on developing state budget estimates for 2025 organized by the Ministry of Finance on July 19, Minister of Finance Ho Duc Phoc emphasized that the conference aimed to reassess the implementation of 2024 state budget estimates and forecast for the performance in the last six months of the year, thereby ensuring the 2025 state budget estimation must be practical, accurate and meet the requirements for implementing professional and political tasks assigned to central and local agencies. Informing the conference about the budget revenue situation in the first six months of the year, the Minister said that state budget revenue reached the estimate plan set out at the beginning of the year, reaching 63% of the estimate. As of mid-July, it reached about 68% of the estimate, growing nearly 16%.

“In the second half of the year, units and localities need to strive to ensure state budget revenues and exceed revenues. In 2024, the Finance sector strives to exceed revenue by 10%, if so, it will be four consecutive years that we will exceed state budget revenue," said the Minister.

According to the Minister, in fact, in the first six months of the year, economic growth reached about 6.5%, and is expected to reach over 6.5% for the whole year. With this data, the GDP growth target in 2025 could be about 6.5%.

Accordingly, the Minister requested units and localities to predict state budget revenues to match economic growth. At the same time, evaluating the real strength and current state of the local economy in the context of the new Land Law affecting state budget revenues in the coming time. The Minister also suggested paying attention to the issue of domestic revenue, including revenue from production and business of enterprises, to develop the most accurate estimates.

Minister of Finance Ho Duc Phoc delivers the opening speech at the Conference

Regarding state budget expenditures, the Minister noted that there are some stable expenditures during the state budget stabilization period, however, there are some policy changes so expenditures have increased or decreased.

For example, reducing spending due to implementing the Government's request to cut recurrent spending by 5%; or some policies to increase state budget spending such as raising the minimum wage, increasing support for people over 70 years old, security forces protecting villages... affect state budget estimates. That requires reviewing state budget expenditure estimates of ministries, central and local agencies, thereby accurately explaining and proactively preparing state budget estimates appropriately.

Estimation must ensure feasibility

At the conference, Mr. Mai Son, Deputy Director of the General Department of Taxation, said that although some revenues and taxes achieved low results, the Tax industry strives to exceed the assigned 2024 estimate.

However, revenue progress over the months have not seen positive movements following the recovery of the economy. The economy in the remaining months of 2024 and 2025 still has many uncertain and difficult to forecast factors, the economy is still having to deal with many difficulties.

In that context, to properly implement the work of budget estimation for 2025, Mr. Mai Son said, the Tax industry determines to implement key contents including: correctly determining revenue targets in 2025, closely following revenue sources in the area, thereby preparing and assigning estimates to each area appropriately.

At the same time, promptly implementing policies to remove difficulties and support businesses and people; continuing to closely monitor the business health situation to promptly advise on response solutions; drastically implementing revenue management according to tax management functions; and improving tax management efficiency for e-commerce activities.

Deputy Director General of the General Department of Customs Nguyen Van Tho speaks at the conference.

At the conference, providing information on the orientation of state budget collection in 2025, Mr. Nguyen Van Tho, Deputy Director of the General Department of Customs said that state budget collection in 2025 will be based on the assessment of the performance in 2024;, socio-economic development orientations and plans and state budget estimates for 2025 according to Directive No. 17/CT-TTg dated May 22, 2024 of the Prime Minister as well as the guiding process for estimation according to Decision No. 1500/QD-TCHQ dated July 11, 2023 of the General Department of Customs.

At the same time, quantifying the impact on state budget revenue through the situation of export and import turnover of taxable items; reviewing and understanding major investment projects that will be implemented in the area by 2025.

Budget estimation must be built on the basis of proper implementation of regulations on customs procedures; Customs inspection and supervision, export tax, import tax and tax management according to the provisions of the Law on Import and Export Tax, the Law on Tax Administration and relevant documents.

According to Deputy Director General Nguyen Van Tho, when developing budget estimates, units must correctly and fully calculate revenues according to the provisions of the current tax Law, collection regimes and forecasts of import and export policies and procedures in the area and region to build a solid and highly feasible revenue estimate for 2025, at least 5% higher than the 2024 budget estimate.

Based on the opinions at the conference and the closing remarks of the conference, the Minister requested the leaders of the Provincial People's Committee, the Department of Finance, and the Department of Taxation to closely follow the regulations of the State Budget Law, Directive No. 17 dated December 22/5/2024 of the Prime Minister, 2025 Socio-Economic Development Plan, Circular 49/2024/TT-BTC... to make accurate estimates.

Directing the key contents, for the 2025 budget estimation, the Minister requested the budget estimation must be positive, practical and cover all newly arising revenues in the area, ensuring accurate collection to the State budget, striving to increase by 5-7% compared to the result in 2024.

Regarding the development of balanced state budget expenditure estimates, in 2025, continuing to stabilize the budget allocation rate from central budget to local budgets as in 2024.