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| Minister Ho Duc Phoc delivered a speech in which he directed the Financial sector to focus on meeting the assigned budget revenue estimates. Photo: Duc Minh |
Tax and customs authorities provide solutions for avoiding budget revenue loss
Acting Director General of the General Department of Taxation (GDoT) Mai Xuan Thanh stated at the briefing that domestic revenue has reached 64.5% of the ordinance's estimate so far, essentially meeting the assigned estimate progress. However, it is anticipated that State budget revenue will encounter significant challenges in the final months of the year. Localities are expected to face challenges in 2024, particularly in terms of land revenue. To complete the assigned estimates, the tax authority needs to implement a variety of solutions.
According to Mai Xuan Thanh, the implementation of e-invoices has yielded a lot of positive results up to now. Businesses benefit greatly from e-invoices, and tax authorities' working processes are becoming more positive, modern, public, and transparent. Vietnam, one of the countries that use e-invoices in a modern way, has detected cases of e-invoice fraud. In the future, the tax authority will manage to control the implementation of e-invoices to enhance the business environment.
According to Mai Xuan Thanh, under the direction of the Prime Minister, the MoF, and the GDoT have organized meetings with units, particularly huge tax departments. This so far has produced more positive results than in the past. However, there are numerous high-risk businesses among tax refund applications. As a result, the GDoT will strengthen coordination with the police agency in the coming months to strictly control tax refunds. The GDoT will then closely monitor the assigned number of tax refunds in order to quickly refund taxes to businesses, but the motto is that the risk must be dealt with thoroughly.
General Director of the General Department of Customs (GDoC) Nguyen Van Can stated that import and export tax revenue has reached 50% of the estimate, but 17% lower than in the same period last year. This revenue has reflected the import-export turnover in the first seven months of the year. The GDoC closely follows the instructions of the Government from now until the end of the year, while the MoF endeavors to complete the assigned budget revenue estimates.
It was also emphasized by Mr. Nguyen Van Can that customs authorities have recently increased their efforts against smuggling and commercial fraud, particularly at border crossings and air express routes. The customs authority has fully conducted controlling and screening from small parcels to packages, arresting more than 100 kg of drugs of all kinds in July, accumulating more than 1,300 kg of drugs in 7 months, with the air route alone accounting for 700 kg.
Focus on improving institutions and encouraging the distribution of public investment capital
At the meeting, Minister Ho Duc Phoc urged the Financial sector to focus on completing the state budget revenue estimates. The business situation is currently facing a variety of difficulties, which are affecting budget revenue. Therefore, from now until the end of the year, the sector must concentrate on implementing solutions in order to strive to meet and exceed the assigned estimates.
The Minister noted that some revenues decreased sharply due to objective reasons, such as environmental protection tax revenue for gasoline (down more than 38% over the same period last year), revenue from home and land (below more than 53% over the same period last year), and import and export tax revenue. As a result, in order to complete the State budget revenue estimates, the Minister suggested that the Financial sector, particularly collection agencies such as the GDoT and the GDoC, make greater efforts.
Concerning the State budget estimates for 2024, the Minister demonstrated that the units in developing the estimates must be close to the actual situation, as plenty of difficulties are expected in the coming time.
The key to promoting growth is to unblock bottlenecks and accelerate the disbursement of public investment capital. As a result, the Minister suggested that the Investment Department continue to press ministries, branches, and local authorities to expedite the disbursement of public investment capital.
The Minister focuses on the development and improvement of financial mechanisms and policies, particularly the development of laws and ordinances regarding the tasks from now till the end of the year. The Minister requests to ensure the progress of developing financial legal policies in line with the assigned plan, with particular emphasis on the Law on Management and Use of State Capital Invested in Production and Business at Enterprises (amended); the completion of the proposal to develop the Law on Excise Tax (amended), the Law on Value-added Tax (amended), the Law on Bussiness Income Tax (amended).
According to the MoF's report, the MoF has submitted 14 Decrees and two Decisions to the Government and the Prime Minister so as to carry out the Government's work program and the tasks assigned by the Government and the Prime Minister, including projects submitted in 2021. In particular, 8 projects of the MoF are being completed under the direction of the Government and the Prime Minister; and 8 projects of the MoF have been just submitted or just completed under the direction of the Government and the Prime Minister./.
