Developing budget estimate in 2021: No funding allocation for projects that cannot be disbursed
Budget estimates need to follow the forecast of economic recovery. Source: Internet |
For the budget of 2021, the general principle is set when developing budget estimates to follow the forecast of economic recovery and to forestall new investment flows (domestic and foreign); carefully calculating factors of increase, decrease and revenue movement due to changes in mechanisms, policies and abnormal changes due to the impacts of the Covid-19 pandemic; implement tax reduction roadmap to implement commitments on international economic integration, especially the EVFTA; implementing administrative reform measures, modernising revenue management; strengthening management, preventing revenue loss, anti-transfer pricing, trade fraud, tax evasion, strict management of prices for calculating tax; promoting tax inspection and examination; drastically handling tax debts and strictly controlling tax refunds.
Striving to increase the estimate of domestic revenue collecting from production and business activities in 2021 on average by at least 9-11% compared to 2020. Estimated revenue collecting from import and export activities on average will increase at least 4-6% compared to the estimate for implementation in 2020.
Regarding developing domestic revenue estimates, the Ministry of Finance is concerned about continuing to implement the decentralisation of revenue sources between central and local budgets and between local government levels as in 2020.
In particular, regulating the collection of charges for allowing to exploit water resources; maintaining a stable percentage of the share of environmental protection tax collection for domestic petrol and oil products and imports as for 2020.
When developing budget estimate collecting from import and export activities, agencies must take into account impactful factors such as the expected fluctuations in domestic prices and international market prices of commodities contributing large amounts of revenue; exchange rates between VND and currencies of strategic trading partners; the impact of revenue reduction from the implementation of tariff reduction roadmap under signed free trade agreements and the implementation of commitments in 2021; degree of trade facilitation and impact of technical barriers; scale and rate of progress of key investment projects that import materials and equipment; production plans of domestic refinery plants.
Regarding State budget expenditure, the draft circular stipulated the formulation of the budget estimate of development investment expenditure that will continue to allocate the budget estimate of 2021 to pay capital construction debt and recover the remaining of advance capital by the end of 2020, allocating capital for projects that have been completed, settled and handed over for use but have not been fully allocated capital in accordance with the approved settlement value yet; allocating funds for implementation of planning tasks in accordance with regulations and transitional investment projects that need to be implemented in 2021-2025 do not arrange plans and capital for projects unable to disburse.
In addition, to comply with provisions of the Law on State Budget Law about the total annual support rate for development investment capital of the central budget to the local budget to implement a number of large and special programs and projects that have great impact on the local socio-economic development, not exceeding 30% of the total capital construction investment capital of the central budget.
Related News
Ensure savings and prevent losses in disbursement of public investment
10:24 | 18/04/2024 Finance
Credit package of VND120 trillion: must be disbursed as soon as conditions are met
10:21 | 18/03/2024 Finance
Accelerate disbursement from solutions of Treasury system
14:01 | 08/03/2024 Finance
Prioritizing the allocation of public investment capital
11:05 | 21/02/2024 Finance
Latest News
Strictly monitor market fluctuations to appropriately adjust prices
14:46 | 27/04/2024 Finance
Closely monitoring market fluctuations to consider appropriate time to adjust prices
09:30 | 26/04/2024 Finance
How does the Land Development Fund work effectively?
09:19 | 26/04/2024 Finance
Vietnam seeks to remove obstacles in upgrade of securities market
13:50 | 25/04/2024 Finance
More News
Price stability from supply increase and transparency in trading in gold market
09:42 | 25/04/2024 Finance
SBV takes more actions to stabilise foreign exchange rates
13:43 | 24/04/2024 Finance
Proposal to exclude criminal liability for tax officials when businesses provide false information to refund VAT
10:35 | 24/04/2024 Finance
Corporate bond maturity in 2024 remains high: MoF
13:51 | 23/04/2024 Finance
Support clearance procedures for imported gold for bidding
09:33 | 23/04/2024 Finance
The exchange rate will gradually cool down from the end of the second quarter of 2024, while interest rates will remain low
09:32 | 23/04/2024 Finance
Majority of credit institutions forecast profit growth in 2024
15:16 | 22/04/2024 Finance
Central bank plans to auction gold bars on April 22
18:00 | 21/04/2024 Finance
Old loans must endure higher interest rates temporarily: central bank
15:44 | 19/04/2024 Finance
Your care
Strictly monitor market fluctuations to appropriately adjust prices
14:46 | 27/04/2024 Finance
Closely monitoring market fluctuations to consider appropriate time to adjust prices
09:30 | 26/04/2024 Finance
How does the Land Development Fund work effectively?
09:19 | 26/04/2024 Finance
Vietnam seeks to remove obstacles in upgrade of securities market
13:50 | 25/04/2024 Finance
Price stability from supply increase and transparency in trading in gold market
09:42 | 25/04/2024 Finance