Efforts to "race" to meet budget revenue at the end of the year

	Commodity groups help increase budget revenue by hundreds of billion VND in November
	Budget revenue reduces; urgent need is to save spending: Minister of Finance Dinh Tien Dung:
	The risk of State budget deficit 12.5% compared to estimate

The budget revenues in 2020 clearly reflect the difficulties of businesses and the impact of tax and fee exemption and reduction policies Photo: H.V

11-month revenue decreased by 7.8%

According to the latest data from the Ministry of Finance, the total state budget balance in November is estimated at VND108.94 trillion.Thus, after 11 months of 2020, the total state budget revenue is estimated at VND1,260.9 trillion, equaling 83.4% of the estimate, down 7.8% over the same period in 2019. In which, the state budget revenueCentral revenue reached 77.4% of the estimate, while local budget revenues reached 91.1% of the estimate.

In the revenue structure, domestic revenue in November reached VND89.2 trillion.Accumulated revenue in the first 11 months reached VND1,067 trillion, equaling 84.4% of the estimate, a decrease of 4% compared to the same period in 2019. The budget revenue in 2020 clearly reflects the difficulties of the business and the impact oftax and fee exemption and reduction policies.In particular, a number of localities with large and regulated central budget revenues also reached low levels compared to the same period of previous years.

Revenue from crude oil in November was estimated at VND1.9 trillion.The accumulated revenue of the first 11 months reached VND31.5 trillion, equaling 89.5% of the estimate, down 38.9% over the same period in 2019.

Budget revenue from import and export activities in November reached VND17.8 trillion.Accumulated revenue in the first 11 months reached VND161.5 trillion, equaling 77.6% of the estimate, down 19.6% over the same period in 2019 on the basis of total tax revenue estimated at VND281.4 trillion, equaling 83, 3% of the estimate, down 11.8%;VAT refund under the regime is nearly VND119.9 trillion.

Speakingat the recent meeting with Hanoi City Party Committee, Minister of Finance Dinh Tien Dung said that in 2020, the world and domestic economic situation will facemany complicated and unpredictable changes; In addition to natural disasters, the Covid-19 pandemichas affected economic - social, financial - budgetary activities and people's lives in general.

The target from the beginning of the year is to grow 6.8% for the whole year, budget revenue is expected to increase in the condition that the state budget revenue in 2019 is significantly higher than the estimate (9.9% - equivalent toVND134,000 billion). However, according to the Minister of Finance, the Government has reassessed that this year's growth is only about 2.5-3%.

Although this is a low level compared to the target, Vietnam is still a bright spot. On the one hand, we have to implement many measures to exempt, reducetaxes, remove difficulties for businesses, and at the same time strengthen prevention and overcomeconsequences of natural disasters and epidemics. If the pandemicis controlled well, the financial and budget performance will also be better than reported to the National Assembly at the 10th session.

Tighten financial discipline

In the same period of 2019, there was positive economic growth, state budget revenue reached 97.5% of the estimate;in 2018, approximately 93%. In the extremely difficult context of this year, the result of budget revenue reaching more than 83% of the yearly estimate can be said to be quite positive and recognizes the efforts ofrevenue authorities.

In November 2020, implementing budget collection management, the Ministry of Finance sent an official dispatch to the Government Office a draft Decision of the Prime Minister on the assignment of the 2021 State budget estimate for ministries, ministerial-level agencies, government-attached agencies, central agencies, provinces and centrally-run cities.

Besides, continuing to complete the explanation of the state budget estimate and the central budget allocation plan in 2021. The Ministry of Finance has also completed submitting to competent authorities a report on the implementation of major tasks to direct and administer the implementation of socio-economic development plans and 2020 budget estimates according to Resolution No. 01 / NQ-CP and Directive No. 11 / CT-TTg dated March 4, 2020, of the Prime Minister (November and May 11, 2020); Decision on adjustment of Government bond issuance tasks in 2020.

In addition, in the first 11 months of the year, the revenue management agencies have strengthened inspection, tax examination and state budget collection, thereby detecting and promptly handling violations.Tax offices have carried out about 65,350tax inspections and examinations at enterprises, reaching 70.7% of the plan for 2020;examined about 568,400 tax declaration dossiers of enterprises, proposed handling revenue to the budget and reducing losses by nearly VND55.84 trillion, up 16.9% over the same period in 2019, of whichState budget VND15.87 trillion (the amount collected into the state budgetwas VND8.495 billion);at the same time, handle and recoverVND25.5 trillion of outstanding tax from the previous year.

The Customs Department has carried out 1,644 inspections (including 1,395 post-customs clearance inspections), proposing the settlement of VND1,072 billion to the state budget (VND1,033 billion has been collected);urge and handle VND302 billion intax arrears;presided over and coordinated with the functional forces to handle14,036 cases of violations in the field of customs, handle the collection of VND455 billion into the state budget, the Customs office has prosecuted 37 cases, and transferred to other agencies to initiate129 cases.

Currently, the Ministry of Finance is also actively reviewing large revenues such as dividends, after-tax benefits of state commercial banks;collection of Government bond sales differences;currency;revenue from selling capital;charges and fees;as well as some revenues according to conclusions of inspection and audit agencies.

In order to achieve the highest level of the revenue estimate for 2020 and prepare to "embark" on the implementation of budget collection in 2021, the Finance sector still has many things to do. In which, the prerequisite is to persevere with effective solutions to drastically improve the investment and business environment, create favorable conditions, and provide maximum support for people and businesses.

Along with that, to coordinate with all levels and branches to step up the reorganization and equitization of SOEs according to the plan announcedby the competent authorities; tighten discipline for financial-budget management, especially in the fields of natural resources, land and public services. In particular, to step up inspections and examinations, combat smuggling and trade fraud, combat fraud in tax declarations and payment, tax refund, and handling outstanding tax debts; as well as strict and effective financial-budget management.