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Mr. Nguyen Quoc Toan, Director of Lang Son Province Finance Department reported at the Conference. Photo: HD

Focus on exploiting revenue sources right from the beginning of the year

Speaking at the Conference to summarize financial and budget work in the first 6 months of the year, implementing tasks in the last 6 months of 2024 on July 15, Mr. Nguyen Xuan Sang, Deputy Director of Hanoi Finance Department said, Hanoi's budget revenue - expenditure balance has been guaranteed in the first half of the year.

Specifically, total state budget revenue in Hanoi City reached over 259,000 billion VND, equal to 63.4% of the estimate, up 15.6% over the same period in 2023. Total local budget expenditure reached over 44,400 billion VND, equal to 30.4% of the estimate assigned at the beginning of the year, an increase of 15.1% over the same period in 2023. The City's public investment capital disbursement rate has seen many improvements, etc.

According to Mr. Nguyen Xuan Sang, this result is due to the fact that right from the beginning of the year, the Ministry of Finance directed the Tax and Customs sectors to coordinate with localities to well implement tax laws and state budget collection tasks, and strengthen revenue management, inspection, tax audit, prevention of revenue loss, etc. The Ministry of Finance has also proactively advised, proposed and promulgated according to its authority policies on exemption, reduction and extension of taxes, fees, charges and land rent to support solving difficulties for businesses and people, promoting production and business.

Along with that, Hanoi City continues to promote the implementation of authorization for district-level People's Committees to decide specific land prices as a basis for calculating compensation, etc, as well as drastically direct all levels and branches to review and promptly remove difficulties and obstacles in land allocation, land lease, land use rights auction, land price determination, helping land use fees collection in the first 6 months of 2024 increase by 198.3% compared to the same period in 2023.

At the southern economic "locomotive", Ms. Tran Mai Phuong, Deputy Director of Ho Chi Minh City Department of Finance, said that the total state budget revenue in the area is 267,399 billion VND, reaching 55.38% of the estimate; Total local budget expenditure is 31,707 billion VND, reaching 21.72% of the estimate, an increase of 18.9% over the same period. Although development investment spending is still low compared to estimates, it increased by 91.39% over the same period, etc.

The conference was held online at many points in units and localities. Photo: HD

Also reporting on the local situation, Ms. Truong Thi Huong Binh, Director of the Dong Nai province Department of Finance, said that by the end of June 2024, the province's total state budget revenue reached 30,444 billion VND, equal to 54% of the provincial estimate and equal to 110% over the same period.

According to the Director of Dong Nai province Department of Finance, the work of exploiting revenue sources is focused right from the first months of the year, managing declaration, checking, exploiting revenue sources, urging debt collection, and collecting tax extensions were also implemented promptly, etc. Along with that, propaganda and dissemination of legal regulations and tax policies are always promoted in appropriate forms, reducing administrative procedures when implementing tax obligations. Furthermore, the work of reforming administrative procedures and promoting electronic customs procedures has always been implemented effectively.

Mr. Nguyen Quoc Toan, Director of Lang Son province Department of Finance, said that although Lang Son is a mountainous province, with high political determination, initiative and flexibility, the Finance sector of Lang Son province has promptly implemented state budget revenue collection and expenditure tasks in the first 6 months of 2024.

In particular, focus on implementing revenue management solutions, especially for key areas and areas, reviewing each revenue source, and evaluating collection progress according to each tax type. Implement tax exemption and reduction policies, land rent, and water surface rent of about 156 billion VND. Effectively implement projects to prevent revenue loss and collect additional tax of 4.8 billion VND. Making electronic invoices for petroleum retail business activities reached 100%, etc.

At the same time, the management of state budget expenditures is tight and economical, meeting the requirements of socio-economic development, national defense, security, state management and social security in the province, etc. Thanks to that, state budget revenue in the area in the first 6 months of the year is estimated to be quite good compared to the assigned plan, reaching about 68% of the estimate assigned by the Central Government, reaching 67.1% of the estimate assigned by the province, an increase of 31.3% over the same period; Total local budget expenditure is estimated to reach 38.6% of the provincial estimate, equal to 119.2% over the same period, etc.

Assess fluctuations, speed up customs clearance

At the Conference, leaders of Lang Son province Department of Finance also frankly pointed out some shortcomings and limitations such as the budget revenue structure not being truly sustainable. Furthermore, the need for resources for development investment, implementation of socio-economic tasks, large counterpart funding for projects, response to national target programs of the province while the state budget source is still difficult, etc.

Also talking about limitations, according to Mr. Nguyen Van Phung, Director of Da Nang city Department of Finance, the disbursement of public investment capital according to the capital plan assigned in the first months of the year is still slow due to many reasons, in some areas the regular expenditure is low compared to estimates due to slow approval of detailed estimates and implementation of bidding procedures by agencies, units and localities.

Furthermore, according to leaders of local finance departments, it is forecast that production and business in the last 6 months of the year will continue to recover and grow, but many problems and difficulties persist; Along with that, the effects of natural disasters, climate change or the continued implementation of tax and fee exemptions and reductions in the last 6 months of the year will have an impact on reducing budget revenue.

Therefore, to ensure resources to carry out socio-economic development tasks, local finance departments affirm their determination to deploy flexible and strict budget revenue and expenditure management measures. Be proactive and stick closely to the budget. In particular, solutions to prevent revenue loss will be strengthened through inspection and supervision; Develop solutions to reform and simplify administrative procedures, etc.

In particular, to increase revenue from import and export activities, the Director of Dong Nai province Department of Finance said that he will closely evaluate fluctuations in key factors affecting state budget revenue such as turnover, market and commodity to promptly have a plan in the process of implementing budget revenue estimates. At the same time, speed up customs clearance of goods, promote import and export, and create convenience for people and businesses; Centralize management of exported goods with high tax rates, imported goods subject to special consumption tax, self-defense tax, anti-dumping tax, etc.

Along with general recommendations, the Deputy Director of Hanoi Department of Finance proposed that the Ministry of Finance continue to accompany and coordinate actively and closely with ministries, central branches and Hanoi city in the process of concretizing, implementing mechanisms and policies in the field of finance and budget related to the Capital Law (amended) passed by the National Assembly.

Ho Chi Minh city Department of Finance expressed recommendations on the need for more specific regulations on the issue of establishing the "Southeast Regional Infrastructure Development Fund", as well as regulations on the content of implementing mechanisms and policies on budget finance in Article 5 of Resolution No. 98/2023/QH15, including the creation of carbon credits and transaction mechanisms and methods for carbon credits formed from the programs, projects that use public investment capital from the budget, etc.