Finance sector strives to complete budget collection task

VCN - On the afternoon of November 8, the Ministry of Finance organized an online conference to report the budget work in October, deploy tasks for November and the last months of 2023. Deputy Minister of Finance Vo Thanh Hung chaired the conference.
Finance sector proactive and pioneering in fiscal policies management for economic growth Finance sector proactive and pioneering in fiscal policies management for economic growth
Focus on completing key tasks of Finance sector Focus on completing key tasks of Finance sector
Minister Ho Duc Phoc: The Finance sector focuses on completing financial and budgetary tasks Minister Ho Duc Phoc: The Finance sector focuses on completing financial and budgetary tasks
The online conference at the Ministry of Finance.
The online conference at the Ministry of Finance.

Revenue reaches 86.3% of estimate

According to a report from the Ministry of Finance, in the first 10 months of 2023, the country collected VND1,398.7 trillion, or 86.3% of the estimate, down 9.2% year-on-year.

Along with that, price management in the first 10 months of the year has closely followed the proposed price management scenario.

The Ministry of Finance has worked with the Ministry of Industry and Trade to monitor world market developments to regulate domestic gasoline and oil prices. From the beginning of the year to October 24, 2023, petroleum products have experienced 29 price control periods.

The Ministry of Finance has closely coordinated with the Ministry of Industry and Trade in the timely adjustment of average retail electricity prices, in accordance with fluctuations in input parameters, together with the State regulations to ensure a balance of interests of consumers, the state and businesses.

Deputy Minister Vo Thanh Hung chairs the Conference
Deputy Minister Vo Thanh Hung chairs the Conference

Also according to the Ministry of Finance, as of October 2023, the restructuring projects of 49 enterprises were approved. In the first 10 months of 2023, the State divested VND8.88 at four enterprises, earning VND19 billion; groups, corporations, and state-owned enterprises divested VND53.5 billion from seven enterprises, earning VND206.3 billion.

Financial integration and cooperation, international cooperation and integration activities in the Customs field are implemented in a proactive and planned manner. Multilateral cooperation programs and projects are implemented according to the proposed plan, focusing on implementing membership obligations in multilateral institutions such as ASEAN, WCO, and APEC to ensure the benefits of Vietnam.

In October, the Ministry of Finance reported to the Prime Minister on a plan to negotiate an Administrative Support Cooperation Agreement in the field of customs between the Government of Vietnam and the Government of China; signed a memorandum of understanding to implement the Vietnam-Netherlands agreement on cooperation and mutual administrative assistance in customs matters.

Customs revenue in October rose over the same period

Reporting from the General Department of Customs, Director General of the General Department of Customs Nguyen Van Can said that in October, the Customs agency presided over the seizure of over one ton of drugs, prosecuted nine criminal cases, and proposed to prosecute 12 cases.

Regarding customs budget collection, in October, customs budget revenue increased significantly compared to September, and the same period in 2022. The customs revenue for the first 10 months of 2023 reached VND300 trillion.

Besides, the customs sector has developed a system of documents. In November the Customs agency will complete the decree on specialized inspection to submit it to the Ministry of Finance and is currently consulting with Government members.

Director General Nguyen Van Can also says that in October, the General Department of Customs coordinated with the World Customs Organization to organize the 2023 WCO Technology Conference and Exhibition. The conference was attended by the Deputy Prime Minister, ministries, central agencies and customs authorities from all countries and was highly appreciated.

"In the last two months of the year, the Customs sector will strengthen the fight against smuggling and trade fraud before, during and after Tet, especially drug prevention on border lines...", the Director General said.

Director General Nguyen Van Can said, based on the Prime Minister's direction to pilot the building of a smart border gate at the specialized route for transporting goods at Huu Nghi (Vietnam) – Youyi Guan (China) border gate and the specialized freight transport route at Tan Thanh (Vietnam) - Po Chai (China), the People's Committee of Lang Son province is developing a "Project for pilot implementation of the smart border gate model with Guangxi - China" and submit it to the Government for consideration.

However, as the standing agency of the National Single Window, ASEAN Single Window and ASEAN Trade Facilitation, the General Department of Customs has researched and found many problems mentioned in the "Project for pilot implementation of the smart border gate model with Guangxi - China" under the management of the customs sector that need to be reviewed more. Therefore, with its responsibility, the General Department of Customs has reported to the Ministry of Finance to report to the Government on this policy.

Tax refund work reaches over 70% progress

At the videoconference at the General Department of Taxation, Director General of the General Department of Taxation Mai Xuan Thanh said that the 10-month budget collection reached more than 93% over the same period.

Regarding legal development, regarding the National Assembly's Resolution on applying additional corporate income tax according to regulations to prevent global tax base erosion, the General Department of Taxation is coordinating closely with the Finance and Budget Committee of the National Assembly to complete procedures to submit it to the National Assembly in the 6th session.

​Notably, regarding Decree 132/2020/ND-CP regulating tax management for enterprises with related party transactions, Director General of the General Department of Taxation Mai Xuan Thanh emphasized that the General Department of Taxation consulted units under the General Department of Taxation and units under the Ministry. The draft revised decree is basically complete and will soon be submitted to the Ministry of Finance for immediate consultation with relevant ministries and agencies to complete documents to submit to the Government.

In addition, regarding the amendment of Decree 123/2020/ND-CP on invoices and documents, in October, the General Department of Taxation consulted the Government Office to include this amendment in the 2024 law development program.

Regarding tax refund progress, tax refund work has reached over 70% of the estimate of VND160 trillion. Regarding tax management for e-commerce activities, nearly 400 platforms have declared online traders to the tax authority. The General Department of Taxation will be drastic in requesting e-commerce traders to declare taxes.

Director General Mai Xuan Thanh emphasized that in the last two months, the entire tax sector will focus on budget collection while ensuring tax refund progress.

Directing budget revenue management to achieve the highest result

Speaking at the conclusion of the Conference, Deputy Minister Vo Thanh Hung said that the budget collection work is difficult, and saw a decrease year-on-year. Accordingly, it is recommended that the General Department of Taxation and the General Department of Customs make more efforts in directing budget collection management to achieve the highest result.

Regarding the work of building institutions and policies, the Deputy Minister requested units to pay attention and closely follow the law-making program of the Ministry of Finance, avoiding the phenomenon of asking for "postponement".

Regarding budget management, the Deputy Minister requested units to coordinate with the State Budget Department for strict management. Regarding capital mobilization activities through the issuance of Government bonds, the Deputy Minister proposed to continue following the progress and ensure the need for budget balance.

Finance sector conducts inspections and propose administrative fine of more than VND 40,000 billion in first 6 months Finance sector conducts inspections and propose administrative fine of more than VND 40,000 billion in first 6 months

Deputy Minister Vo Thanh Hung also requested that from now until the end of the year, relevant units closely follow the market price situation to advise on the price management work, especially for gasoline prices and public service prices to match the price management target in 2023.

By Hoai Anh/ Huyen Trang

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