Budget revenue collection for the first quarter of 2024 achieved quite well compared to current appropriation

According to the Ministry of Finance's report, in March, total revenue collection was estimated at VND 141.8 trillion; accumulated in the first quarter of 2024 is estimated to reach VND 539.5 trillion, equal to 31.7% of current appropriation, growing 9.8% over the same period in 2023.

Revenue from crude oil is estimated at VND 6 trillion; accumulated first quarter reached VND 15.8 trillion, equal to 34.4% of current appropriation, an increase of 2.1% over the same period in 2023. Revenue from balance of import and export activities in March is estimated to reach VND 21.2 trillion; accumulated revenue in the first quarter reached VND 56.2 trillion, equivalent to 27.5% of current appropriation, declining 12.5% over the same period in 2023.

According to the Ministry of Finance, total import-export turnover by March 15, 2024 reached US$145.6 billion, an increase of 18.2% over the same period in 2023. Although, the turnover with tax reached US$27.5 billion, increased by 13.1% over the same period, however, import turnover with tax of some items that contribute large amounts of revenue to the budget dropped sharply, reducing state revenue in this field compared to the same period last year.

In particular, the group of imported petroleum decreased by 10.9% in volume and decreased by 17.4% in value, combined with businesses mainly importing from the ASEAN market to enjoy tax incentives, causing a decrease of VND 2,100 billion compared to with the same period.

During the quarter, the group of imported CBU cars also decreased by 23.9% in volume and 26.9% in value, reducing revenue by about VND 4,300 billion over the same period.

For domestic revenue, according to the Ministry of Finance's report, March is estimated to reach VND 114.6 trillion, accumulative first quarter is estimated to reach VND 467.5 trillion, equal to 32.4% of current appropriation, growing 13.5% compared to the same period in 2023.

If excluding land use fees, lottery, capital recovery, dividends, after-tax profits and the difference in revenue and expenditure of the State Bank, the amount of domestic tax and fee revenue is estimated at 33.5% of current appropriation, an increase of 9.7% over the same period.

According to the Ministry of Finance, most domestic revenues are quite good, over 25% of current appropriation. In particular, revenues from three economic areas are estimated at 35.4% of current appropriation, increasing 12.2% over the same period 2023.

In addition, personal income tax is estimated at 33.4% of current appropriation, revenue from lottery activities is estimated at 42.5% of current appropriation... Revenues from housing, land and mineral resource exploitation rights have made low progress compared to current appropriation, but it still had growth over the same period.

Regarding the inspection, as of March 15, 2024, the Tax authority has carried out 5.5 thousand inspections and examinations; and inspected over 49 thousand tax declarations of businesses, thereby recommending financial settlement of VND 5.3 trillion; State revenue collection is about VND 1.9 trillion (paid into the budget VND 847 billion); reduce deductions and reduce losses by nearly VND 3.4 trillion; urging the recovery and handling of outstanding tax debt of about VND 26.9 trillion.