MoF strives to achieve highest revenue target

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The Minister of Finance requested to strengthen the anti-smuggling, trade fraud and post-clearance audit. Photo: Q.H

Facing many difficulties

The directive states that from the beginning of the year to now, hail, drought and saltwater intrusion have occurred on a large scale, and theCovid-19 pandemic had complicated developments and seriously affected all socio-economic aspects and State budget revenues and expenditures.

However, under the leadership of the Party, the supervision of the National Assembly and the direction of the Government and the Prime Minister and the participation of the political system, the business community and people across the country have overcome difficulties and implemented “dual goals” to both prevent the pandemic and maintain the recovery and development of socio-economic activities and ensure people's lives, which have achieved positive results.

GDP growth in the third quarter of 2020 was higher than that in the second quarter (2.62% compared to 0.39%); inflation was controlled and the consumer price index decreased gradually, on average in 10 months increasing by 3.71% year-on-year. The financial and monetary markets, exchange rates were stable, interest rates gradually decreased andforeign exchange reserves increased. People's lives werebasically stable andsocial security was implemented well.

However, the Covid-19 pandemic is still complex and unpredictable andcontinuous storms and floods in the central provinces have caused great damage to people and property, seriously affecting people's lives. Theproduction and business activities of many enterprises still suffer from difficulties.

The Minister of Finance said the budget revenue was low, the State budget balance was difficult; the disbursement progress of public investment capital, especially ODA loans and foreign concessional loans, was delayed compared to the requirements; the implementation of a number of social security policies to support people affected by the Covid-19 pandemic is still slow.

Compliance with fiscal and budget discipline has not yet strictly performed in some units, the violations of regimes and policies on the management of budget revenues and expenditures still occur, reducing the efficiency of the use of the State budget capital.

Promptly propose to amend shortcomings

To strive for the highest State budget and finance targets and tasks in 2020, Minister of Finance requested the heads of subordinate units to effectively perform theirtasks and solutions in the remaining months of 2020.

The minister requested units to urgently complete schemes, projects and the legal system on State budget revenues and expenditures, corporate finance, public debt management, management and use of public assets in accordance with the law-building programme of the National Assembly and the Government in a timely and effective manner.

At the same time, continue to review mechanisms, policies, standards, norms of budget expenditure to propose the amendment and supplementation to inadequate and unsuitable content.

In addition, focus on the effective implementation of budget revenue management solutions, striving to fulfill the highest State budget revenue target in 2020.

Along with that, strengthen revenue management, anti-revenue loss, anti-transfer pricing; ensure accurate and sufficient revenues to the State budget, including taxes, land use fees that expire the extended deadline for payment according to Decree No. 41/2020/ ND-CP and Decree No.109/2000/ND-CP; revenues from land, natural resources and minerals, e-commerce business, online business, telecommunications services, internet, projects that are out of tax incentive period, and new projects.

Promote anti-revenue loss

The minister also required units to promote the anti-revenue loss through post clearance audit, specialised inspection, and anti-smuggling and trade fraud, including a focus on inspection and prevention of frauds on the quantity, customs value, code, origin, trademark and illegal transportation of goods across border gates, especially conditional imports, independent shipments, goods temporarily imported for re-export, goods temporarily exported for re-import, transited goods and goods taken to storage for preservation to await customs clearance.

Urgently handle temporary revenue and declared taxes paid late and evaded taxes detected by inspectorate and audit agencies to contribute to the State budget. Strive to achieve the highest State budget target in 2020.

The Minister of Finance requires subordinate units to administer and manage budget expenditures closely and thriftily, as well as tostrengthen expenditure control andimprove efficiency in the use of the State budget and public assets.

Closely monitor the implementation of recurrent expenditures of budget spending units in the finalmonths of 2020; especially, the review and arrangement of spending and save effectively necessary expenditures.

Strictly control the funding source from at least 70% reduction of conference fees, travel expenses and save an additional 10% of recurrent expenses (excluding salaries) to ensure balancing the State budget and spending for natural disaster and pandemic prevention and control.

In addition, units need to ensure the balance of the state budget at all levels; focus on capital mobilisation; strictly manage public debt; to take the initiative in the source of national reserve goods to meet urgent requirements on overcoming theconsequences of natural disasters, disasters, fires and disease; strengthen price and market management; promote equitisation and restructuring of State-owned enterprises.

In the context of extremely difficult implementation of State budget collection when economic growth plummeted compared to the target, the Minister of Finance has consistently strived to achieve the highest revenue target.