Total budget revenue in first half of year reaches 60% of estimate

VCN - According to the Ministry of Finance, total state budget revenue in the first six months of the year was quite good and grew over the same period last year. This results in effective implementation of tax laws and state budget collection tasks, revenue management, and anti-revenue loss of the Ministry of Finance. Along with that, the Ministry of Finance actively deployed policies to help remove difficulties for businesses and people.
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State budget revenue in the first six months is estimated at VND1,020.6 trillion, equal to 60% of the estimate. Illustrative photo: Internet
State budget revenue in the first six months is estimated at VND1,020.6 trillion, equal to 60% of the estimate. Illustrative photo: Internet

Domestic revenue is estimated at VND857 trillion, equal to 59.3% of the estimate

According to the Ministry of Finance, in the first six months of the year, the world situation was unstable, affecting trade activities. Domestically, the economy continued to grow, basic inflation was controlled, major balances were guaranteed; State budget revenue achieved good results and grew over the same period last year, overspending and public debt were controlled; financial and securities markets developed; the currency market and exchange rates were managed flexibly...

However, the slow recovery of total consumer demand, the difficulties in production and business in some industries and fields and fluctuations in gold prices and exchange rates created increasing pressure on inflation.

In that context, promoting fiscal policy, the Ministry of Finance has proactively advised, proposed and promulgated policies on exemption, reduction and extension of payment deadline of taxes, fees, charges and land rent and monetary policy and other macro policies to help remove difficulties for businesses and people, and boost production; strictly manage expenditures, thoroughly save recurrent expenditures, ensure security, and implement social security policies.

According to the Ministry of Finance, the estimated revenue in 2024 is VND1,700.99 trillion, the actual revenue in June is estimated at VND105.1 trillion, equal to 6.2% of the estimate.

State budget revenue in the first six months reached VND1,020.6 trillion, equal to 60% of the estimate, of which central revenue reached 62.9% of estimate and local revenue 56.4% of estimate.

Specifically, revenue from crude oil in the first six months gained VND29.7 trillion, equal to 64.5% of the estimate, down 4.8% year-on-year; revenue from import-export activities VND133.9 trillion, equal to 65.6% of the estimate, up 6.9% year-on-year.

Domestic revenue in June earned VND83.1 trillion, equal to 5.8% of the estimate; bringing the domestic revenue in the first six months to VND857 trillion, equal to 59.3% of the estimate.

Of which, revenue from three economic sectors reached 60.1% of the estimate, up 12.5% ​​over the same period last year, mainly because businesses have temporarily paid 3/5 periods of corporate income tax in 2024; personal income tax collection reached 62.7% of the estimate; environmental protection tax collection 53.5% of the estimate; and land rental collection 79.3% of the estimate.

The Ministry of Finance also said that 6-month land use fee collection earned VND88.4 trillion, up 85.6% year-on-year and equal to 39% of the estimate. According to the Ministry of Finance, although the real estate market still has difficulties and problems in implementing land auctions and allotment, some localities have focused on solving them and well organizing land auction and allotment work for projects generating land use fee payments at the beginning of the year, so the budget revenue gradually improved.

Regarding the implementation of domestic revenue in localities, it is estimated that 30 localities achieved over 55% of the estimate, and 54 localities had growth over the same period last year.

Strengthening revenue management and anti-revenue loss

The Ministry of Finance assessed that state budget collection in the first six months saw goods result and grew over the same period last year. This results in the economic recovery, the implementation of tax and fee exemption and reduction policies and production and business performance of enterprises and the payments to the State budget.

To achieve that result, from the beginning of the year, the Ministry of Finance has directed the good implementation of tax laws and state budget collection tasks, strengthened revenue management, tax inspection, and anti-revenue loss, especially real estate business activities; reviewed tax prices close to market prices; managed revenues from financial services, banking, housing, hotels, e-commerce, and cross-border digital business activities. In addition, strictly inspecting and controlling VAT refund in accordance with legal regulations.

At the same time, focusing on promoting digital transformation, modernizing tax collection, expanding the implementation of electronic invoices, in which all petroleum retail stores and gold trading enterprises nationwide have so far implemented electronic invoices connected to tax authorities with 69.400 business establishments applying electronic invoices initiated from cash registers.

Tax authorities continue to coordinate with the Ministry of Public Security to promote the standardization of citizen identification codes as tax codes, creating an important foundation for deploying online public services to serve people and businesses. These solutions, combined with the economic recovery, have had a positive impact on state budget revenue results in the first six months of the year.

Tax authorities have strengthened revenue management, anti-revenue loss, and drastically handled and recovered tax debt. It is estimated that by the end of June, VND45.5 trillion in tax debt has been recovered; By the end of June 15, 20.600 inspections and audits were conducted; 244000 tax declarations were inspected, thereby proposing a fine of VND18.9 trillion, of which about VND5.7 trillion is paid the state budget (about VND3.560 billion was paid to the budget), reducing deductions and losses by nearly VND13.2 trillion. The Customs has carried out 683 inspections and proposed to collect nearly VND315 billion to the state budget.

Also according to the Ministry of Finance, the total import and export turnover of taxable goods as of June 15 grew by 17.2% year-on-year, of which taxable export turnover rose by 13.5% and import turnover rose by 17.4%, contributing to increasing state budget revenue in this field.

In addition, the 6-month state budget revenue rose sharply over the same period last year because the implementation of the policy of extending payment deadline of tax and land rent in 2023 according to Decree No. 12/2023/ND-CP, reduced by about VND53.5 trillion while the deferred tax amount in the first months of the year did not arise.

By Hoai Anh/ Huyen Trang

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