State revenue continues to plunge due to extension of deadlines for tax payment for businesses

VCN- According to the latest statistics from the Ministry of Finance, the State revenue in the first five months of the year reached VND577,000 billion, equivalent to 38.2% of the estimate, decreasing by 5.9% compared to 2019.
state revenue continues to plunge due to extension of deadlines for tax payment for businesses Customs sector collects VND 123,484 billion for State revenue
state revenue continues to plunge due to extension of deadlines for tax payment for businesses Reduce impact of oil price on the State revenue
state revenue continues to plunge due to extension of deadlines for tax payment for businesses Quang Ninh Customs recovers more than VND 1.5 billion of tax debt

state revenue continues to plunge due to extension of deadlines for tax payment for businesses
State revenue from import and export declined by 25.9%. Photo: N.L

Extended VND36,963 billionof tax and land rent fees

The domestic revenue reached VND480.5 trillion, equivalent to 38% of the estimate, falling5.9% over the same period in 2019. The main reason is due to the extension of deadlines for tax payment for businesses hit hard by Covid-19.

The General Department of Taxation issued an official letter directing local tax departments to urgently comply with Government Decree 41/2020/ND-CP dated April 8 on extension of deadlines for tax and land rent fees for businesses, organizations, business households and individuals affected by the Covid-19 pandemic, and implement publicity policies, guidance and facilitation for tax payers in declaring, making and sending applications for extensionsof deadlines for tax payment online (via the Tax authority’s portal, or National public service portal), via post or sent directly to the Tax headquarters; handle the extension for tax payers in accordance with regulations, strengthen inspection, control and prevent the abusing of policies to illegally gained profits from the State budget.

According to the quick report from tax departments, as of June 1, 2020, the amount of extended tax and land rent is VND36,963 billion, of which the value-added tax amount is VND13,047.7billion.

The extended corporate income tax is VND20,365.4 billion. The extended land rent is VND3,311.9 billion, and the extended VAT and corporate income tax of business households and individuals in the first quarter 2020 is VND238 billion.

It is estimated that domestic revenue of 30 of 63 localities reached more than 42% of the estimate and the domestic revenue of 23 of 63 localities increased compared to the same period in 2019.

Also, in the general downtrend, the revenue from crude oil in the first five months was estimated at VND19.84 trillion, equivalent to 56.4% of the estimate, decreasing by 17.8% over the same period in 2019. The average crude oil price paid in the first five months reached US$52/barrel, less than US$8/barrel compared to the estimate, equivalent to 78.5% compared to 2019; the estimated volume was 3.94 million tons, equaling 43.7% of the plan and 78% compared to 2019.

Revenue from import-export activities was estimated atVND76.2 trillion, equal to 36.7% of the estimate, down 23.4% over the same period in 2019. The total tax revenue was estimated at VND123.94 trillion, equaling 36.7% of the estimate, down 16.9% over the same period in 2019. The VAT refund amount was about VND47.7 trillion.

Supported VND530 billion to prevent and combat drought and saltwater intrusion

The total expenditure in the first five months was VND603.4 trillion, equal to 34.5% of the estimate, increasing by 9.1% compared to 2019. Of which, development investment expenditure was VND122.24 trillion, equal to 26%. The recurrent expenditure was VND428.7 trillion, equaling 40.6% of the estimate.

The budget spending tasks in May and the first five months of the year are implemented according to the estimates and performance progress of budget-using units meets the social welfare tasks.

To prevent and control Covid-19, the central and local budgets have increased spending on health activities, ensuring environmental sanitation and activities supporting for the control and prevention of Covid-19.

In the first five months of the year, the central budget set aside a provision of VND2.8 trillion for the Ministry of Health, the Ministry of Defense, the Ministry of Public Security and temporarily allocated VND169.6 billion to seven localities to deploy activities for Covid-19 prevention.

Supporting VND530 billion for eight localities in the Mekong Delta to prevent and combat drought, water shortage, saltwater intrusion and VND339 billion for some localities to implement policies to prevent and combat African Swine Fever and production recovery after natural disasters and the pandemic.

In addition, following the decision of the Prime Minister, the Ministry of Finance provided 12,760tons of national reserve rice to overcome the consequences of natural disasters, relief and hunger for the people in the first months of 2020.

Balance of central budget and local budgets is ensured. As of May 25, 2020, the Ministry of Finance has issued nearly VND58.82 trillion of Government bonds according to the 2020 plan to repay the due bonds and to receive debts with the Vietnam Social Insurance according to the Resolution of the National Assembly (VND9,090 billion), with an average term of 15.38 years, the average interest rate of 3.06% / year (the average in 2019 was3.01% / year).

Total import-export turnover of the first five months was estimated at US $ 196.8 billion, down 2.8% over the same period in 2019, of which import turnover of some major items declined such as petroleum products down 48.1% CBU cars down 44%, iron and steel down 15.9%, machinery, equipment, tools and spare parts down 3%, causing the decrease in State revenue. Customs authorities have actively strengthened post-clearance audit; closely coordinated with the competent forces to fight against smuggling, trade fraud and fake goods; and actively handled and collected outstanding tax debts.

By Hong Van/Ngoc Linh

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