Revenues and expenditures of State budget are under pressure from the industrial revolution 4.0
The tax department has provided 122 online public services at level 4. Photo: Thuy Linh. |
This is the opinion of experts at the workshop: "Strengthening the capacity of the financial sector in approaching the industrial revolution 4.0" organized by the Financial Strategy and Policy Institute (Ministry of Finance) held on 11/5 in Phu Tho.
Pressure on the tax industry
According to the Financial Strategy and Strategy Institute (Ministry of Finance), the 4.0 revolution impacts the financial sector on both the state budget revenue and expenditure: Typically, development of online tax transactions, customs, state treasury; Treasury and System of Budget Management Information (Tabmis); tax administrative procedures, customs...
Thanks to these innovations through the 4.0 revolution, the cost of production and management of enterprises has been reduced, contributing greatly to economic growth while helping to increase state budget revenues. In addition, new economic activities arising from and related to digital technology will also be adjusted through taxation and revenue collection systems, contributing to the state budget. However, this revolution also caused many challenges. In particular, the system of tax policy and state budget revenue must be adjusted to ensure both the implementation of commitments on import and export taxes, including new economic activities, but it is necessary to ensure effective mobilization of resources. In the field of state budget expenditure and revenues, the 4.0 revolution has not only contributed to reducing state budget expenditures in some areas, but also increased spending, especially on expenditure for science and technology, social security and national security. In addition, the use of digital technology can increase the unemployment rate; resulting in increased social security payments; Security and defense spending may also increase due to the adoption of new technology in the context of conflicts and resource competition. On the other hand, the 4.0 revolution has changed the structure of labor in the financial sector; gradually eliminating price differences in markets; sectors of stock of exchanges also require continuous updating as well as upgrading technology for the derivatives market; The pressure on organizations in the market, payment system, securities clearing, speeding up transaction processing ...
Sharing the challenges faced by the tax branch in the 4.0 revolution, the representative of the General Department of Taxation said that e-commerce and online payment were made through digital means, which made it very difficult for the tax authorities to assess accurate revenue and expenses. Moreover, the digital economy also poses challenges for the VAT system and CIT, not only for domestic B2C and C2C business models, but also for individual consumers who buy from overseas suppliers.
Similar to the opinion, experts at the conference said that the 4.0 revolution has created new industries such as virtual currency, e-commerce and human resources.
The policy needs improving
In the past time, in order to take advantage of the 4.0 revolution, in addition to developing the strategy and perfecting the mechanism and policy of digital transformation, the Ministry of Finance has continued to build digital financial architecture through more powerful information technology in management operations. To set up an environment of electronic work and build communication interfaces; Deploying infrastructure services and financial information security.
Commenting on these activities, Dr. Nguyen Viet Loi, director of the Institute of Strategy and Financial Policy, said that the finance sector has continued to study the application of the 4.0 revolution to better serve the people and businesses, such as the application of technology. Server virtualization, deployment of large data analysis technology, application of social networking technology, flexibility in providing online public services, tax deployment, customs, electronic treasury……. However, in order to increase efficiency further, in the field of state budget revenue, experts said that besides continuing to perfect the system of policies with revenue restructure, ensuring tax equality among payers should continue to issue management policies and revenue policies for e-commerce transactions and new services formed from Revolution of Industry 4.0
In addition, the authorities should introduce more tax incentives for scientific research activities. At the same time, to restructure state budget expenditure in line with the new context, paying attention to development of human resource, education and training, science and technology.
Related News
Digitalizing procedure for social welfare payment at State Treasury
18:25 | 03/04/2024 Finance
State revenue collection reached 31.7% of current appropriation in the first quarter
10:11 | 02/04/2024 Finance
Tax sector accompanies and supports tax finalization
09:34 | 21/03/2024 Finance
Accelerating disbursement of public investment from early year
18:59 | 07/01/2024 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