NDO/VNA – State budget collection in the first nine months of this year reached VND975.3 trillion (US$42.4 billion), equivalent to 64.5% of the estimate and representing a drop of 11.5% year-on-year, according to the Ministry of Finance.
Of the total, central budget revenue fulfilled 60.4% of the estimate and local budget revenue, 69.8%.
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 classifying groups of recoverable tax and irrecoverable tax debts.
Meanwhile, the total State budget spending in nine months was over VND1113 trillion, equivalent to 63.7% of the estimate, rising 8.1% 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 24 VND1749 trillion 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.
- State budget collection tops over 975 trillion VND in nine months
- Ten-month state budget collection meets over 90% of estimate
- Struggling to balance State budget
- Vietnam’s State budget collection reaches 98%, budget spending of 80% of yearly estimate
- State budget revenue in Jan-Apr meets 40.5% of full-year plan
- First quarter revenue rose by 13.2%
- Vietnam fiscal deficit widens to US$457 billion in 8 months on Covid-19
- Budget revenue flourishes post-COVID-19
- Imports-exports contribute VND285.62 trillion to State budget