Budget revenue is low compared to the same period, though still close to the estimate
According to the Ministry of Finance, updating data on Tabmis, state budget revenue from the beginning of the year to the end of September 4, 2023 reached 1,130.9 trillion VND, equal to 69.78% of the estimate.
Previously, in the report of the Ministry of Finance, total realized state budget revenue in August was estimated at 88.1 trillion VND, equal to 5.4% of the estimate, equal to 59.5% (down 60 trillion VND) of the average revenue level for the first 7 months of the year.
|Minister Ho Duc Phoc requested the entire Finance sector to strive to complete the proposed financial and budgetary tasks. Photo: Duc Minh|
Accumulated 8 months of state budget revenue are estimated to reach 1,124.5 trillion VND, equal to 69.4% of the estimate, down 8.8% compared to the same period in 2022 (central budget revenue is estimated to reach about 72.8% of the estimate; local budget revenue is estimated to reach about 65.5% of the estimate).
Reporting at the briefing, General director of the General Department of Taxation Mai Xuan Thanh said that budget revenue which is managed by the Tax industry in August 2023 reached 85,891 billion VND, accumulated budget revenue for 8 months reached 973,000 billion VND, reaching 70,9% of the estimate. According to Mr. Mai Xuan Thanh, the revenue collection progress managed by the Tax industry is "close to the estimate".
|Minister Ho Duc Phoc requested the heads of relevant units of the Ministry of Finance to focus on building and completing on time, ensuring the quality of assigned mechanism and policy projects.|
However, General Director Mai Xuan Thanh expressed concern about signs of revenue decline. If we exclude the unexpectedly arising revenue, from January until now the budget revenue managed by the Tax industry has decreased. If in January 2023, revenue reached 94 trillion VND, that number in August 2023 there would only be 75 trillion VND.
Reporting on the progress of budget collection managed by the Customs sector, General Director of the General Department of Customs Nguyen Van Can said that budget revenue from import-export activities in 8 months is in line with the import-export turnover which decreased by 12%. , revenue decreased approximately 18% over the same period. The reason why import-export tax revenue decreased is due to a number of tax reduction policies and the trade surplus in the past 8 months was estimated at about 20 billion USD, so revenue decreased accordingly.
Recently, the Customs sector has focused on fighting smuggling and trade fraud. In total, over the past 8 months, customs authorities at all levels have seized approximately 1.5 tons of drugs. This is a result showing the great efforts of the customs authorities in combating smuggling and trade fraud.
Reporting at the meeting, Chairwoman of the State Securities Commission Vu Thi Chan Phuong said that in recent times, the stock market has increased in terms of liquidity, index and scale. Sll increased by more than 20%. The reason is due to domestic and world factors affecting the stock market, the flow of people's savings due to low interest rates is transferred to the stock market.
“Faced with that situation, the leaders of the Securities Commission worked with the Ho Chi Minh City Stock Exchange (HOSE) to grasp the situation of system capacity and management and supervision. Currently, HOSE receives 1.6 million orders per day and some days it suddenly increases to more than 2 million orders pẻr day. However, to meet demand in the near future, we are currently testing 8 million orders per day capacity to avoid order congestion when demand increases" - Ms. Vu Thi Chan Phuong emphasized.
Building policies and mechanisms is an important task
Concluding the meeting, Minister of Finance Ho Duc Phoc explicitly noted that the units in the Finance sector focus on developing legal documents, specifically: Law on Management and Use of State Capital investing in production and business at enterprises (amended).
|The meeting focused on resolving some remaining problems. Photo: Duc Minh.|
In addition, the Minister proposed to focus on completing the proposal for the Law on Special Consumption Tax (amended) and Law on Value Added Tax (amended), Law on Corporate Income Tax (amended). At the same time, units under the Ministry of Finance urgently focus on coordinating with National Assembly agencies and the Government Office to promptly submit to the National Assembly a resolution in 2023 and apply from 2024 to the project Resolution of the National Assembly on the application of corporate income tax, according to global minimum tax regulations...
The Minister requested the heads of relevant units of the Ministry of Finance to focus on developing and completing on time, ensuring the quality of assigned mechanism and policy projects.
In addition to the task of perfecting legal policies, the head of the Finance sector also specifically noted that units throughout the industry should focus on implementing solutions to strive to complete the set financial and state budget tasks. This is a particularly important task for the Finance sector, in the current context of many difficulties.
For other tasks, the Minister requested units to actively disburse public investment capital within the industry; focus on digital transformation, application of information technology, maintain the leading position in the bloc of ministries and branches; Focus on information and propaganda work, especially on issues of public concern./.