The Government requests increasing revenue collection by 3%, decreasing outstanding debts under 5%

The Government requires striving for achieving the rate of mobilisation into the State budget by 15.5%. Source: Internet

Modernise customs and tax system

With specific tasks and solutions, the Government requested stepping up the restructuring of the State budget, strengthening discipline, financial and budgetary discipline, combat revenue loss, transfer pricing, and tax fraud, reducing the rate of outstanding tax debts.

Modernising customs, tax and State treasury systems, and expanding the deployment of electronic invoices.

To prioritise resources for development investment and thoroughly save expenses that are not really necessary, especially recurrent expenses, minimise expenses for holding conferences and domestic and foreign business trips. Reviewing, reorganising, and renewing the operating mechanism of off-budget State financial funds.

Continuing to implement a specific financial mechanism for a number of State administrative agencies and units until wage reform is implemented under Resolution No. 27-NQ/TW dated May 21, 2018 of the Central Executive Committee.

The Government must also improve the efficiency of public debt management and use, avoiding an impact to the national credit rating.

Reduce public debt to 46.1% of GDP

Regarding a number of targets, for the financial sector, by 2021, the Government requires striving for achieving the rate of mobilisation into the State budget by 15.5%; the outstanding tax debt ratio below 5% and revenue increase by 3% compared with the State budget estimate.

The proportion of recurrent expenditure (excluding spending on wage reform and downsizing) reached 61.5%;,the proportion of development investment expenditures reached 28.3% and State budget deficit compared to GDP is 4%.

Outstanding public debt to GDP is 46.1%, Government debt to GDP to 41.9% and the growth rate of total export turnover will reach 4-5%.

Regarding building and implementing the legal system, creating an open investment and business environment, the Ministry of Finance is assigned to complete many decrees.

A number of notable decrees such as the decree that provides for the management mechanism, mode, order and procedures for quality inspection and food safety inspection for imported goods (to be submitted to Government, Prime Minister in June); the decree amending and supplementing a number of articles of the Decree No. 08/2015/ND-CP of the Government dated January 21, 2015 detailing and implementing the Law on Customs regarding customs procedures, inspection and supervision (to be completed in September) and the decree amending and supplementing Decree No. 120/2016/ND-CP of the Government dated August 23, 2016 detailing and guiding the implementation of a number of articles of the Law on Fees and Charges (must be completed within the month seven).

In December 2021, the Ministry of Finance also must submit to the Government and the Prime Minister a number of decrees on casino business; connecting and sharing information in export, import, exit and entry of country, transit of goods, people and means of transport under the national single window mechanism; horse racing, dog racing and international football betting; and trading prize-winning video games for foreigners.

Besides that, the Ministry of Finance must also submit to the Government an assessment report on the implementation of the national five-year financial plan for 2016-2020 and the national five-year financial plan orientation for 2021-2025; principles, criteria and norms for the allocation of the state budget recurrent expenditure estimate of 2022 in July; plan for borrowing and repaying 5-year public debt for the period of 2021-2025 in October.