Illustrative image (Source: VNA)
Hanoi (VNA) – State budget collection in the first nine months of this year reached 975.3 trillion VND (42.4 billion USD), equivalent to 64.5 percent of the estimate and representing a drop of 11.5 percent year-on-year, according to the Ministry of Finance .
Of the total, central budget revenue fulfilled 60.4 percent of the estimate andlocal budget revenue, 69.8 percent.
The ministry said that the sector deployed measures to achieve the highest target in revenue collection 2020 and strengthened revenue management in the area, prevention of revenue loss, smuggling, trade fraud and transfer pricing, and reduction of tax debts; while focusing on reviewing tax debts of branches and classifyinggroups of recoverable tax and irrecoverable tax debts.
Meanwhile, the total State budget spending in nine months was over 1113 trillion VND, equivalent to 63.7 percent of the estimate, rising 8.1 percent over the same period in 2019. The spending aimed to meet the demand of socio-economic development, defence, security, State management and payment for debts as well as pandemic prevention and natural disaster mitigation.
As of September 241749 trillion VND had been paid to COVID-19 pandemic prevention and control and support to affected people.
In the rest of the year, the ministry will direct the Administration of Taxation to focus on reclaiming tax debts and make information public in line with the Law on Tax Management.
Besides, the ministry will continue assessing the State budget collection in 2020 in accordance to economic growth scenarios, while making reports on State budget spending management for the fourth quarter, and coordinating with relevant agencies to speed up the progress of capital allocation and disbursement./.
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- HCM City unlikely to fulfil this year’s budget collection target
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