Hung Yen overfulfils domestically-sourced budget collection target

Hung Yen (VNA) – The northern province of Hung Yen has overfulfilled the 2023 target for state budget revenue from domestic sources, excluding land use fees, in just the first half of the year.

During the period under review, it collected nearly 10.7 trillion VND (450.8 billion USD) from domestic sources, excluding land use fees, for the state budget, equivalent to 115% of the domestically-sourced budget collection target.

In total, state budget revenue topped 15.3 trillion VND during the first six months, representing 67% of this year’s overall target, said Director of the provincial Department of Finance Nguyen Duc Tai.

Between January and June, the collection from State-owned enterprises topped 70%, FDI firms over 74%, and the non-state economic sector 193% of their respective targets.

Given the revenue surge, the province has raised the capital in its medium-term public investment plan to over 54.5 trillion VND.

However, revenue from some sources was still low such as that from the environmental protection tax since the province has had to reduce the tax on petrol, oil and grease under Resolution No 30/2022/UBTVQH15 of the 15th-tenure National Assembly Standing Committee; along with the revenue from land use fees due to stagnation in the real estate market, the local official pointed out.

For 2023, Hung Yen targets over 22.9 trillion VND in state budget revenue, including over 18.2 trillion VND from domestic sources and 4.7 trillion VND from export and import.

Amidst complex developments in the regional and global situation, high lending interest rates and foreign exchange rates, along with soaring input costs, the provincial administration has assigned the taxation sector to nurture and tap into revenue sources while ensuring accurate, sufficient, and timely collection of taxes, fees, charges, and others for the budget. In particular, the sector was requested to pay special attention to sensitive areas posing high tax-related risks such as environment, land, business, real estate transfer, and direct sale of goods and services to consumers.

Nguyen Duc Son, Director of the provincial Taxation Department, said agencies in this field have been working to ensure a good grasp of tax payers’ production and business activities and collect tax arrears.

They have stepped up the application of information technology so as to modernise the tax management software system, simplifying administrative procedures, improving the quality of services, and creating favourable conditions for tax payers to make declarations and pay taxes. Besides, they have increased assistance for tax payers in using e-invoices so as to promote the transparency of production and business activities, fight frauds, and prevent tax losses, he went on.

The taxation sector has kept a close watch on the situation of businesses and identified potential revenue sources as well as the areas still recording tax losses to work out effective management measures. Coordination with public security and market management agencies has also been boosted to tighten control of prices of commodities and e-commerce activities to minimise budget losses.

In addition, the sector has proactively examined and promoted the payment of the arrears discovered by auditing and inspection bodies, according to Son./.