State budget revenue estimated at VND733.4 trillion

VCN - In the first four months of 2024, total state budget revenue is estimated at VND733.4 trillion, equal to 43.1% of the estimate and up 10.1% year-on-year.
State budget revenue reaches 645.4 trillion VND in four months State budget revenue reaches 645.4 trillion VND in four months
The government sets the target for 2024 State budget revenue to increase by approximately 5%, and credit to grow by over 15% The government sets the target for 2024 State budget revenue to increase by approximately 5%, and credit to grow by over 15%
State budget revenue from imports, exports up 13.2% in January State budget revenue from imports, exports up 13.2% in January
In the first 4 months of the year, the estimated amount of exemption and reduction in taxes, fees and charges reached about VND31 trillion. Photo: H.Anh
In the first 4 months of the year, the estimated amount of exemption and reduction in taxes, fees and charges reached about VND31 trillion. Photo: H.Anh

10/12 revenues meet estimated progress

According to a report from the Ministry of Finance, in April, state budget revenue is estimated at VND175.6 trillion, equal to 10.3% of the estimate and equal to 94.4% of the average monthly revenue of the first quarter (around VND10.4 trillion lower)

Of which, domestic revenue is estimated at VND149.3 trillion, equal to 10.3% of the estimate; revenue from crude oil VND5.5 trillion VND, equal to 12% of the estimate; revenue from import-export activities VND 20.8 trillion, equal to 8.1% of the estimate and 101.6% of the average monthly revenue of the first quarter.

Accumulated revenue in the first four months of the year is estimated at VND733.4 trillion, equal to 43.1% of the estimate and up 10.1% year-on-year.

Of which, central budget revenue is estimated at 46.5% of the estimate and local budget 39.7% of the estimate.

Domestic revenue in the first four months is estimated at VND629.9 trillion, equal to 43.6% of the estimate, up 12.9% over the same period. Revenue from crude oil is estimated to reach VND21.2 trillion, equal to 46.2% of the estimate, up 0.6% over the same period in 2023. Revenue from import-export activities is estimated to reach VND82.2 trillion, equal to 40.3% of the estimate, down 5.7% over the same period in 2023.

Regarding revenue from import and export activities, according to the Ministry of Finance, although import and export turnover rose sharply, tax revenue is estimated to decrease by 3.3% over the same period last year, mainly due to the implementation of Decree No. 94/2023 /ND-CP dated December 28, 2023 of the Government on reducing 2% VAT on some items (in the first four months of the year, the revenue from VAT reduced about VND5,500 billion).

According to the Ministry of Finance, total domestic revenue in the first four months of the year was quite good, mainly because businesses have temporarily paid 3 out of 5 corporate income tax payment term, the remaining profit (including the fourth quarter of 2023, the 2023 settlement period and the first quarter of 2024), so corporate income tax revenue is estimated at 56.5% of the target.

At the same time, revenue from dividends and remaining profits is estimated to reach 44.8% of the target; The difference between state banks' revenues and expenditures paid to the state budget is estimated at over VND31.8 trillion, equal to 175% of the estimate (equivalent to VND18.2 trillion); Lottery revenue is estimated to reach 51.1% of the estimate. However, if these revenues are excluded, the remaining revenues in the first four months of the year are estimated to only reach about 35.8% of the estimate.

According to the Ministry of Finance, in the first four months, 10 out of 12 revenues met the estimated progress, of which revenue from three economic sectors is estimated at 45.7% of the estimate, personal income tax 45.1% of the estimate, Non-budget revenues 48.7% of the estimate... However, there are 2 revenues failing to meet the progress including revenue from mineral exploitation right granting and house and land revenue.

Regarding revenue in the cities and provinces, the Ministry of Finance reported that, it is estimated that 25 cities and provinces realized domestic revenue in the first four months reaching over 40% of the estimate and 54 cities and provinces saw a revenue growth compared to the same period last year.

Strengthening anti-revenue loss

In the first 4 months of the year, the Finance sector has stepped up the work of anti-revenue loss, continuing to implement tax and fee support policies for businesses.

As of April 15, 2024, the Tax agency has carried out 8,900 inspections and audits; inspected 77,800 tax declarations of businesses, thereby proposing financial settlement of VND8.1 trillion.

Accordingly, the Tax agency remitted about VN 2.5 trillion to the State budget, reduced deductions and losses by nearly VND5.6 trillion; urged collection and handling of outstanding tax debts by the end of April, estimated at VND32.1 trillion.

The entire sector has also focused on promptly and effectively deploying solutions to strengthen revenue management, closely coordinated with competent authorities to fight smuggling, trade fraud, and tax evasion.

In the first 4 months of the year, the Tax and Customs authorities have implemented policies to support businesses and people to overcome difficulties in production and business activities, socio-economic recovery and development. The estimated amount of exemption and reduction in taxes, fees and charges is about VND31 trillion.

In addition, as of April 15, the Customs agency had carried out 462 inspections and audits, and collected VND96 billion into the state budget; closely coordinated with competent authorities to fight against smuggling, trade fraud, and counterfeit goods, seizing 3,400 cases with a value of infringing goods of VND5.8 trillion, earning VND116.3 billion to the state budget.

By Hoai Anh/ Huyen Trang

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