Overcoming shortcomings and limitations in the final settlement of the state budget in 2020

VCN – The Ministry of Finance issued a document to send to ministries, Government’s agencies and other agencies of the Central Government; People’s Committees of provinces and cities under the Central Government; and units that are allowed to conduct audits on the implementation of Resolution No.53/2022/QH15 of the National Assembly on approving the final settlement of the state budget in 2020.
It need to concentrate on overcoming the shortcomings and limitations pointed out in the final settlement of state budget. Source: Internet
It need to concentrate on overcoming the shortcomings and limitations pointed out in the final settlement of state budget. Source: Internet

Many shortcomings

The Ministry of Finance said that the National Assembly issued Resolution No. 53/2022/QH15 dated June 15, 2022 approving the final settlement of the state budget in 2020.

Accordingly, the National Assembly highly appreciated the efforts of the Government in administering the state budget in 2020 and has achieved many positive results in the context of the outbreak of the Covid-19 pandemic.

However, many shortcomings and limitations in the preparation and implementation of the state budget estimates and final settlement in 2020 were also pointed out by the National Assembly, such as the proportion of central budget revenue in total state budget revenue tends to decrease gradually, limiting the leading role of the central budget; estimates on the collection of land use levy are still low; the planning of investment capital from the state budget is not close, the allocation and assignment of investment capital plans are slow, not allocating in detail from the beginning of the year, not properly allocated in accordance with the regulations, and not in the correct order of priority.

In addition, there are cases of inaccurate declaration of land use levies, revenues from the exploitation of natural resources and minerals, revenues from enterprises having associated transactions; the situation of using funds for the wrong purpose, spending not in accordance with norms and regimes still occurred; some localities still have to generate new outstanding debts for capital construction; large source transfer expenses; preparation, appraisal and submission of final settlement of state budget are still behind the prescribed time limit.

The National Assembly has assigned the Government to promptly overcome the shortcomings and implement the recommendations stated in the report on receiving an explanation of the Standing Committee of the National Assembly, the verification report of the Finance and Budgetary Committee of the National Assembly; implement the conclusions and recommendations stated in the State Audit's report and the opinions of the National Assembly deputies at the third session of the XV National Assembly on the final settlement of state budget in 2020; reporting to the National Assembly on the implementation results when finalizing the state budget in 2021.

On that basis, the Ministry of Finance proposed ministries, ministerial-level agencies, agencies attached to the Government, other central agencies, People's Committees of provinces and centrally-run cities, units that are allowed to conduct audits to concentrate on overcoming the shortcomings and limitations pointed out in the final settlement of state budget, implementing the conclusions and recommendations of the State Audit for the state budget settlement in 2020 and previous years, if any.

Accordingly, agencies, localities and units need to strictly implement solutions to strengthen discipline in the preparation, implementation and final settlement of the state budget in accordance with the law to ensure efficiency, thriftiness, and against loss. At the same time, reviewing and proposing solutions to thoroughly overcome the errors in the process of making and complying with the final settlement of state budget as stated.

Moreover, agencies, localities and units urgently implement the conclusions and recommendations of the State Audit; including reviewing and defining the roadmap for amending, supplementing, or replacing relevant legal documents that have been recommended by inspection and audit agencies. Focusing on directing and completely handling violations and shortcomings in the field of finance - budget and fully paying into the state budget for revenues and expenditures that do not comply with the regime, standards and norms of the Law on State Budget.

Clarify the responsibilities of organizations and individuals

For the conclusions and recommendations from the fiscal year of 2019 that have not yet been implemented, the Ministry of Finance proposed ministries, central agencies, localities and audited units to clearly identify the causes and responsibilities of related agencies, units and individuals; at the same time, develop solutions.

Furthermore, continuing to clarify the responsibilities of violating organizations and individuals in the management and use of the state budget in 2020 and the failure to seriously implement the conclusions and recommendations of the State Audit for the fiscal year of 2019 following the Resolution of the National Assembly.

At the same time, strengthening the decentralization along with inspection and examination clearly specifies the responsibility of the head in the management and use of the state budget. The Chairman of the People's Committees of the provinces and cities promptly issued the Decision on debt cancellation of fines for late payment in accordance with their competence, ensuring the deadline specified in Resolution No. 94/2019/QH14 dated November 26, 2019 of the National Assembly.

Regarding the report on implementation results, the Ministry of Finance proposed that ministries, central agencies and localities should seriously study Resolution No. 53/2022/QH15 of National Assembly and the recommendations of the audit authority and the agencies of the National Assembly as well as the recommendations of the Ministry of Finance as mentioned above in order to implement and report the results to the Ministry of Finance.

Accordingly, the report on the results of the implementation of the State Audit's conclusions and recommendations related to finance and budget for the year 2020 and previous years shall be sent to the Ministry of Finance together with the final settlement of State budget report in 2021; at the same time, continuing to update and report until April 30, 2023 for the Ministry of Finance to summarize and report to the Standing Committee of the National Assembly in accordance with the regulations.

During the implementation of the State Audit's recommendations for the final settlement of state budget in 2020, the audited units continued to review the conclusions, recommendations, and contents that did not agree with the recommendations of the State Audit, the Ministry of Finance proposed to send a detailed report to the Ministry of Finance and the State Audit together with the final settlement of the state budget 2021 report.

As for the implementation results of conclusions and recommendations on budget finance from 2019 and earlier, it should report the implementation results to the Ministry of Finance. With the conclusions and recommendations which have not yet been implemented, the Ministry of Finance requested the ministries, sectors and localities to clearly report the causes and responsibilities of the relevant agencies, units and individuals.

At the same time, proposing solutions for implementation and send it to the Ministry of Finance to summarize and submit to the Standing Committee of the National Assembly and the National Assembly in accordance with the requirements of Resolution No. 53/2022/QH15 of the National Assembly.

By Hoài Anh/Thanh Thuy

Related News

Ministry of Finance: Focusing on improving independent audits

Ministry of Finance: Focusing on improving independent audits

VCN - According to Minister of Finance Ho Duc Phoc, in recent times, the Ministry of Finance has focused on improving the quality of independent audits through training, inspection, and examination.
Publicize and clarify responsibilities in delaying final settlement of public investment capital for completed projects

Publicize and clarify responsibilities in delaying final settlement of public investment capital for completed projects

VCN - The Ministry of Finance publicly announced the final settlement of public investment capital for completed projects in 2023 of ministries, central agencies, corporations, state corporations, and People's Committees of provinces and centrally run cities. In particular, the Ministry of Finance requires applying sanctions to individuals and units that have not yet finalized public investment capital for completed projects.
Customs valuation management: Seven years of “gains” and “failures”

Customs valuation management: Seven years of “gains” and “failures”

VCN - Customs valuation management is a specific technical field of operation that plays a key role in the management of general and taxes for goods in particular. However, through implementation, customs valuation management system has revealed a number of problems that need to be studied and handled to further improve the efficiency of this work.
Many units still "sluggish" to allocate public investment capital

Many units still "sluggish" to allocate public investment capital

VCN - At the end of the first half of the year, it is estimated that more than VND58 trillion of public investment capital from the state budget in 2022 has not been allocated, accounting for 10.78% of the total capital plan.

Latest News

Continue to handle cross-ownership in banks

Continue to handle cross-ownership in banks

VCN - The situation of excess share ownership, cross-ownership between credit institutions (CIs), CIs and enterprises, although has decreased significantly compared to previous periods, is still complicated and requires continued inspection and control.
Striving for average CPI not to exceed 4%

Striving for average CPI not to exceed 4%

VCN - According to the report of the Ministry of Finance, there are still some factors that put pressure on price levels in the remaining months of 2024, so the Ministry has updated 2 scenarios of average inflation in 2024 increasing in the range of 3.7-3.92%.
Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

VCN - Discussing in groups about the project "1 law amending 7 laws" in the financial sector according to the program of the 8th Session on October 29, 2024, National Assembly delegates proposed that the Government should be assigned to make specific regulations on decentralization, granting the right to exempt and reduce taxes, and handling penalties for late payment of taxes...
Removing difficulties in public investment disbursement

Removing difficulties in public investment disbursement

VCN - According to the report of the Investment Department (Ministry of Finance), the estimated disbursement from the beginning of the year to October 31, 2024 is VND 355,616.1 billion, reaching 47.43% of the 2024 plan, reaching 52.29% of the plan assigned by the Prime Minister.

More News

State-owned commercial banking sector performs optimistic growth, but more capital in need

State-owned commercial banking sector performs optimistic growth, but more capital in need

VCN - According to the report sent to the National Assembly before the 8th Session of the Government on investment, management and use of state capital in enterprises nationwide in 2023, the business performance of the state-owned commercial banking sector achieved positive growth.
Stipulate implementation of centralized bilateral payments of the State Treasury at banks

Stipulate implementation of centralized bilateral payments of the State Treasury at banks

VCN - The Ministry of Finance (MOF) gathers feedback on the draft Circular regulating the management and use of accounts of the State Treasury opened at the State Bank of Vietnam (SBV) and commercial banks.
Rush to finalize draft decree on public asset restructuring

Rush to finalize draft decree on public asset restructuring

VCN - According to the Ministry of Finance, the draft Decree regulating the rearrangement and handling of public assets is being urgently completed by the Ministry of Finance to submit to the Government for promulgation.
Inspection report on gold trading activities being complied: SBV

Inspection report on gold trading activities being complied: SBV

The State Bank of Vietnam (SBV) has announced that inspections on compliance with legal policies in gold trading activities of credit institutions and gold trading businesses have been completed and an inspection report is being compiled.
Budget revenue in 2024 is estimated to exceed the estimate by 10.1%

Budget revenue in 2024 is estimated to exceed the estimate by 10.1%

VCN -The Government estimates that state budget revenue in 2024 will exceed VND 172.3 trillion, up 10.1% over the estimate, of which tax and fee revenue will reach 13.1% of GDP.
Ensure timely and effective management and use of public asset

Ensure timely and effective management and use of public asset

VCN – In order to promptly and effectively implement public asset management and use, ensuring compliance with legal regulations, the Ministry of Finance has just issued an official dispatch requesting ministries, branches and localities to comply with regulations in the Government’s Decree No. 114/2024/ND-CP dated September 15, 2024.
Accelerating decentralization in public asset management

Accelerating decentralization in public asset management

VCN - Amending the Law on Management and Use of Public Assets aims to improve regulations on accelerating decentralization and improving efficiency in management and use of public assets, and promoting financial resources, ensuring that the unified application the Law on Management and Use of Public Assets and other legal documents.
Difficulty in finding banks eligible to receive compulsory transfers

Difficulty in finding banks eligible to receive compulsory transfers

VCN - Reporting to the National Assembly, the State Bank of Vietnam (SBV) said that one of the difficulties in restructuring the credit institution system is the long process of finding and negotiating banks eligible to receive compulsory transfers.
Businesses can choose a suitable electronic invoice model generated from the cash register

Businesses can choose a suitable electronic invoice model generated from the cash register

VCN - The Ministry of Finance said that individual business households can choose a suitable model to apply electronic invoice solutions from cash registers, depending on the number of invoices used in the year, in the month and the current status of software solutions and technical infrastructure.
Read More

Your care

Latest Most read
Continue to handle cross-ownership in banks

Continue to handle cross-ownership in banks

VCN - The situation of excess share ownership, cross-ownership between credit institutions (CIs), CIs and enterprises, although has decreased significantly compared to previous periods, is still complicated and requires continued inspection and control.
Striving for average CPI not to exceed 4%

Striving for average CPI not to exceed 4%

VCN - According to the report of the Ministry of Finance, there are still some factors that put pressure on price levels in the remaining months of 2024, so the Ministry has updated 2 scenarios of average inflation in 2024 increasing in the range of 3.7-3
Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

National Assembly delegates proposed that the Government should be assigned to make specific regulations on decentralization, granting the right to exempt and reduce taxes, and handling penalties for late payment of taxes...
Removing difficulties in public investment disbursement

Removing difficulties in public investment disbursement

VCN - According to the report of the Investment Department (Ministry of Finance), the estimated disbursement from the beginning of the year to October 31, 2024 is VND 355,616.1 billion, reaching 47.43% of the 2024 plan, reaching 52.29% of the plan assigne
State-owned commercial banking sector performs optimistic growth, but more capital in need

State-owned commercial banking sector performs optimistic growth, but more capital in need

According to the report of the Government on investment, management and use of state capital in enterprises nationwide in 2023, the business performance of the state-owned commercial banking sector achieved positive growth.
Mobile Version