State budget revenue is estimated at VND 1,464.3 trillion

In October, state revenue collection is estimated at VND130.3 trillion. Source: Internet

According to the Ministry of Finance, in October, state revenue collection is estimated at VND130.3 trillion. In particular, domestic revenue is estimated at VND110.1 trillion, growing about VND37.1 trillion compared to the previous month; revenues from crude oil are estimated at VND6.2 trillion, approximately the same as last month.

The average oil price paid in the month reached about US$95/barrel, higher than the estimated price by US$35/barrel; the output of oil is estimated at 700,000 tons.

Besides that, revenues from import-export activities are estimated at nearly VND14 trillion. The total tax revenue collection is nearly VND32.1 trillion, reducing about VND500 billion compared to the previous month; VAT refund under the regime is about VND18.1 trillion.

The Ministry of Finance said that in October, Tax and Customs offices continued to implement policies to extend, exempt and reduce taxes, fees and charges which are already issued to support businesses and people.

Accumulated from the beginning of the year to the end of October, the total amount of tax, fee and fee exemption, reduction and extension is estimated at VND172.3 trillion. Accordingly, the amount of the extension is about VND104.3 trillion (the amount of extended tax paid to the state budget is about VND58.4 trillion); the amount of exemption or reduction is about VND68 trillion.

At the same time, continuing to strengthen revenue management, combat revenue loss and trade fraud, and improve the efficiency of tax management for e-commerce activities, business on digital platforms, and transactions across borders; to urge the handling and recovery of tax arrears; step up reform of administrative procedures, modernize tax collection, expand the implementation of electronic invoices, provide electronic services for taxpayers, facilitate and ensure information safety and confidentiality.

State revenue collection is estimated at VND1,464.3 trillion, equaling 103.7% of the current appropriation (the central budget is estimated at 103.6% of current appropriation; the local budget is estimated at 103.8% of current appropriation), an increase of 16.2 % over the same period in 2021. In particular, domestic revenue is estimated at VND1,157.7 trillion, equaling 98.4% of current appropriation, rising 12.1% over the same period in 2021.

Excluding land use levy, revenues from lottery, capital recovery, dividends, profit, profit after tax and the difference between revenues and expenditures of the State Bank, revenues from domestic tax and fees reached 96.3% of current appropriation, an increase of 7.2% over the same period.

By the end of October, there were six revenues exceeding the estimate that are personal income tax (reaching 118.1%); fees and charges (reaching 104.2%); house and land revenues (reaching 126.7%); collection of fees for granting mining rights (reaching 131.5%), collection of public land and other public benefits (reaching 128.6%) and other revenues (reached 126.1%).

There are two revenues that have not met the estimated schedule yet: environmental protection tax collection (reaching 65.3% of current appropriation, equaling 80.7% over the same period) and capital recovery, dividends, profits, and profit after tax, the difference between revenue and expenditure of the State Bank (reaching 77.5% of current appropriation).

Direct revenues from production and business activities in three economic sectors (accounting for 52% of the total domestic revenue estimate) were estimated at 91.8% of the current appropriation, increasing by 2.5% over the same period.

Regarding the revenue in the area, it is estimated that 62 out of 63 localities have collected over 85% of current appropriation in 10 months; 51 out of 63 localities have higher revenue than the same period, and 12 localities are lower than the same period.

As for revenue from crude oil, in 10 months, revenue from crude oil is estimated at VND65.5 trillion, exceeding 132.4% of current appropriation, growing 95% compared to the same period in 2021. The average price of oil payment in ten months reached about US$105.8/barrel, increasing US$45.8/barrel compared to the estimate, rising 58.1% over the same period; paid crude oil output reached 7.12 million tons, equaling 101.7% of the plan, an increase of 17% over the same period.

Regarding the revenues from import and export activities, the Ministry of Finance said that this revenue is estimated at nearly VND236.1 trillion, equaling 118.6% of current appropriation, increasing 21.9% over the same period in 2021 based on total tax revenue that is estimated at VND362 trillion, equaling 102.8% of current appropriation; VAT refund under the regime is VND125.9 trillion, equaling 82.3% of current appropriation.

The Ministry of Finance said that by October 15, 2022, the import-export turnover of goods in the first 10 months of the year reached about US$585.4 billion, of which the import-export turnover with tax increased by 16.7% over the same period, the import turnover of goods that contributed a large amount of revenue to the state budget increased sharply such as crude oil (growing 53.7%), gasoline (rising 2.2%), iron and steel (increasing 7.4%), phones and components (climbing 63%); computers and electronic products (rising 15.7%); chemical products (increasing 9.4%).

In addition, the Customs authority has strengthened the management of revenue collection, implemented solutions to remove difficulties, facilitate enterprises to clear goods, and promote import and export activities.

As of October 15, 2022, more than 2,500 cases of inspection, examination and handling have been carried out with the amount of state budget revenues of nearly VND272 billion; coordinating closely with the competent forces to handle 13,700 cases of violation with the value of goods is about VND4.8 trillion, collecting revenue ad paying into the state budget of about VND364 billion.