HCM City: State budget collections down 12.4 pct hinh anh 1Illustrative image (Photo: VNA)

HCM City (VNA) - State budget collections in HCM City in the first four months were estimated at over 117 trillion VND (5 billion USD), 28.9 percent of the estimate and down 12.4 percent year-on-year, the city’s Statistics Office reported.

It attributed the decline to the COVID-19 outbreak.

Domestic budget collections fell 11 percent year-on-year to 78.9 trillion VND. Revenue from crude oil topped 5.5 trillion VND, down 26.2 percent, while that from exports and imports fell 13 percent annually to 32.7 trillion VND

Revenue from State-owned enterprises accounted for 9.7 percent of domestic collections, down 13.6 percent year-on-year. Revenue from private enterprises fell 21.1 percent to 20.7 trillion VND while that from foreign-invested enterprises was over 21.5 trillion VND down 5.6 percent.

Revenue for local budget was over 19.7 trillion VND, down 13.2 percent against the same period last year.

The city’s total expenditure during the four months stood at more than 18 trillion VND, up 11.3 percent year-on-year. Nearly 5 trillion VND was for development, up 14.2 percent annually.

The city is adopting a number of measures to support residents and businesses hit by COVID-19. It has assigned the Taxation Department to establish a set of criteria for those eligible for tax breaks and exemptions and will offer land lease payment extensions in accordance with Government Decree No. 41/2020/ND-CP dated April 8, 2020.

It has also worked with authorities in 24 districts to review a list of business households that suspended operations and had annual revenues of less than 100 million VND which will be offered support./.