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The Finance sector has focused on implementing solutions to strengthen revenue management. Photo: H.Anh

Budget revenue equals 97.2% of estimate

The Government's report said that in 2024, the Finance sector was assigned a budget revenue estimate of VND 1,700.99 trillion. According to the assessment, the budget revenue for the whole year of 2024 is estimated to reach VND 1,873.3 trillion, exceeding VND 172.3 trillion, up 10.1% compared to the estimate.

According to National Assembly delegate Nguyen Quang Huan (Binh Duong delegation), the budget revenue indicators from the beginning of the year until now have grown quite well and created many impressions. In particular, the budget revenue situation in the annual report has increased compared to the plan and estimate, ensuring sustainable budget revenue.

According to updated data from the Ministry of Finance, by the end of October 2024, the total state budget revenue is estimated to reach VND 1,654.2 trillion, equal to 97.2% of the estimate, of which the central budget revenue is estimated to reach 101.7% of the estimate and the local budget revenue is estimated to reach 92.7% of the estimate, up 17.3% over the same period in 2023. Thus, the distance to the target of this year's budget revenue is not far.

In the context that in 2024, the economy in general and the production and business activities of enterprises in particular face many difficulties and challenges, this result is very positive.

According to the Ministry of Finance, to achieve this result, in the management work, the entire Finance sector has focused on implementing solutions to strengthen collection management, inspection, examination, anti-smuggling, trade fraud, resolutely handle and recover tax arrears, strictly control the situation of tax declaration, payment, tax refund, increase propaganda, and answer questions for taxpayers. At the same time, promote digital transformation, expand electronic invoices to improve tax management capacity in the fields of direct retail of goods to consumers; effectively deploy electronic payment gateways for foreign suppliers.

As of October 15, 2024, the Tax authority has conducted 48.2 thousand inspections and examinations; inspected 409.6 thousand tax declarations of enterprises, thereby recommending financial settlement of about 49 trillion VND, of which it recommended collecting and paying the State budget about 12.3 trillion VND (already paid to the State budget about 8.5 trillion VND), reducing deductions and reducing losses by nearly 36.7 trillion VND; urging the collection and settlement of tax arrears estimated at about 58.1 trillion VND by the end of October.

Along with that, the Customs agency has conducted nearly 1.8 thousand inspections, checks, and settlements to collect 442.8 billion VND for the State budget; closely coordinated with functional forces to fight against smuggling, trade fraud and counterfeit goods, arrested 14.7 thousand violations with a value of goods of about 26.3 trillion VND, and handled 745.7 billion VND for the State budget.

Effective fiscal policy management

In domestic revenue, revenue from the three production and business sectors is estimated to reach 90.8% of the estimate, up 8.3% over the same period. Notably, while revenue from the state-owned enterprise sector only reached 86.8% of the estimate, up 2.2%; revenue from the foreign-invested enterprise sector reached 89% of the estimate, up 5.8%, revenue from the non-state economic sector reached 94.3% of the estimate, up 13.5%. Thus, the private sector is demonstrating an important contribution to the state budget in particular and to the entire economy in general.

Regarding domestic revenue, Director General of the General Department of Taxation Mai Xuan Thanh emphasized that in the context of complicated developments in the world situation, which are forecast to continue to have significant impacts on Vietnam, the tax sector is determined to complete the task of collecting state budget revenue. Accordingly, from now until the end of 2024, units under the General Department of Taxation are required to promote the highest sense of responsibility in revenue management, striving to achieve the highest collection results.

Localities need to make real efforts, especially some localities where revenue has not met the estimated requirements. In addition to the collection task, tax departments need to pay special attention to continuing to implement policies on tax, fee, land rent exemption and reduction, and promptly remove difficulties for businesses and people to develop production and business activities, develop stably, promote economic growth, and create sustainable revenue sources for the State budget.

According to the Ministry of Finance, in order to have positive results in budget collection, along with promoting solutions to strengthen revenue management, the Finance sector continues to actively and proactively implement solutions to support businesses and people facing difficulties. In October, the Tax and Customs authorities continued to implement the policies on tax, fee, charge and land rent exemption, reduction and extension that have been issued. At the same time, tax exemption and extension were implemented in accordance with the law and the direction of the Government and the Prime Minister to support people and businesses to overcome the consequences of storm No. 3, quickly stabilize the situation and promote the recovery of production and business. Accordingly, from the beginning of the year to the end of October 2024, the total amount of exemption, reduction and extension is estimated at about 149.1 trillion VND.

Regarding the management of budget revenue in the past time, at the discussion session on budget finance at the 8th session of the National Assembly, Deputy Prime Minister and Minister of Finance Ho Duc Phoc emphasized that in the past 4 years, we have implemented an expansionary fiscal policy, thereby reducing taxes and fees for people and businesses, while increasing budget spending, thereby boosting the economy. Over the past 4 years, the budget revenue has exceeded the revenue by nearly 1 million billion VND.

“To achieve this result, the Tax and Customs sectors had to completely change the collection method, from manual to electronic collection. At the same time as increasing revenue, the National Assembly and the Government have reduced taxes by nearly 800,000 billion VND for people and businesses, this year is the 5th year we have reduced taxes. We believe that these are effective fiscal policy management solutions,” the Minister of Finance emphasized.