State budget decreases by about 8% year-on-year

VCN – The economy has faced difficulties such as the decline in production and business activities; slow recovery of the real estate market; difficult export market due to reduction in orders; high increase in the number of enterprises suspending business activities or withdrawing from the market, and the implementation of policies on exemption, reduction and extension of taxes, fees and charges, which has affected the state budget revenue, the Ministry of Finance said.
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State budget decreases by about 8% year-on-year

The total revenue in July is estimated at VND 133.9 trillion. Photo: Internet

The revenue in the first seven months is estimated at VND1,016.1 trillion

The total revenue in July is estimated at VND133.9 trillion, meeting 8.3% of the estimate and 91.1% of the average revenue in the first six months of the year. In which, domestic revenue reaches VND114.3 trillion, meeting 8.6% of the estimate.

In July, businesses declared and paid to the state budget revenues arising in the second quarter of 2023 (such as corporate income tax, personal income tax, and value-added tax of business households). ,...). However, the Ministry of Finance said that the low economic growth, decrease in production and business activities, slow recovery of the real estate market, difficult export market due to reduction in orders, high increase in the number of enterprises suspending business activities or withdrawing from the market, and the implementation of policies on exemption, reduction, and extension of taxes, fees, and charges have caused the decline in the revenue.

The revenue from crude oil is estimated at VND4.8 trillion, meeting 11.4% of the estimate. The average oil price in July is about US$82/barrel, up US$12/barrel compared to the estimated price; oil production in the month is estimated at 0.7 million tons.

The revenue from import and export activities in July is expected to reach VND14.7 trillion based on the total estimated tax revenue of VND27 trillion, meeting 6.4% of the estimate, and 87.6% of average revenue in the first six months of the year. The refunded VAT in the month is estimated at about VND12.3 trillion.

The Ministry of Finance said that in July, the Tax and Customs authorities implemented policies on exemption, reduction, and extension of taxes, fees, charges, and land rents to support enterprises and people. The total exempted, reduced, and extended amount is estimated at about VND109 trillion by the end of July. Total state budget revenue in the first seven months of the year is estimated at VND1,016.1 trillion, meeting 62.7% of the estimate, down 7.8% over the same period in 2022.

Budget expenditure reached 957 trillion dong, up nearly 14% over the same period

Regarding budget expenditure, the Ministry of Finance said that the total state budget balance expenditure in July was estimated at 158.4 trillion VND. Accumulated 7 months reached 957 trillion dongs, equaling 46.1% of the estimate, up 13.7% over the same period in 2022.

The development investment expenditure is estimated at VND267.6 trillion, reaching 36.8% of the estimate decided by the National Assembly, 35.49% of the capital plan assigned by the Government and by localities, and 37.85% of the plan assigned by the Prime Minister.

This figure increased by 43.2% (or about VND80.8 trillion VND) compared with the same period in 2022.

The interest payment is estimated at about VND59.2 trillion, meeting 57.5% of the estimate, up 0.8% year-on-year. The recurrent expenditure is estimated at VND629.4 trillion, reaching 53.7% of the estimate, up 5.8% year-on-year.

From July 1, the minimum wage has been increased from VND1,490,000/month to VND1,800,000/month for those receiving salary from the state budget and increased pensions and allowances for beneficiaries of the guaranteed state budget.

The central budget has allocated about VND900 billion from additional provisions for localities for pandemic prevention and control and supporting people affected by the Covid-19 pandemic, plant varieties, livestock, and aquatic products to restore production in areas damaged by natural disasters and epidemics.

In addition, 18.3 thousand tons of rice for the national reserve has been distributed to overcome the consequences of floods, relief, and hunger relief for people during the Lunar New Year and the first month of the year.

As for development investment spending, the total capital plan assigned by the Prime Minister in 2023 is about VND707 trillion. At the time of the report, localities have assigned additional investment capital of about VND47 trillion compared with the plan assigned by the Prime Minister.

The Ministry of Finance has received reports on the allocation of state budget investment plans in 2023 from 50 of 52 central ministries and agencies and from 63 of 63 localities.

VND724.56 trillion of capital plans have been allocated by the ministries, central agencies, and localities, reaching 102.48% of the plan assigned by the Prime Minister. VND 29.49 trillion of capital plans have not yet been allocated, accounting for 4.17% of the plan.

In the first 7 months of the year, the balance between the central budget and local budgets has been maintained. As of July 26, about VND208.7 trillion of government bonds have been issued, with an average term of 12.37 years, and an average interest rate of 3.54 percent per year.

By Hoai Anh/Ngoc Loan

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