State budget collection in the first quarter of 2014 recorded asignificant increase of nearly 16 percent over the same period lastyear, creating favourable conditions to implement budget spending,ensure a balanced budget and maintain macroeconomic stability.
General Director of the General Department of Taxation Bui Van Nam toldNhan Dan (People) newspaper that frst-quarter budget collection in 2014saw a substantial increase compared to the same period in recent yearswhich were affected by economic difficulties and sluggish growth.
Thedomestic collection in the first quarter of this year was recorded atnearly 134 trillion VND (6.2 billion USD), equivalent to 24.8 percent ofthe annual estimate and 16.5 percent higher than the same period lastyear. It was also the highest first-quarter revenue in the past threeyears.
Nam attributed the robust results of Q1’s domestic revenueto the close and effective coordination between central and localauthorities. The results represent the sound leadership of theGovernment, the directions of the Finance Ministry and the efforts oftax authorities who strengthened budget collection measures early thisyear to prevent tax pileup in the middle and end of the year.
Thefinance sector has also implemented several new policies that havehelped increase budget revenue - for instance, the fines collected fromtraffic safety violations, collection from accrued corporate income andothers.
The increase in revenue may also be attributed totightened inspection and supervision of budget collection, VAT refunds,transfer pricing, e-commerce business, online business and so on. In thefirst two months of this year, nearly 5,500 enterprises were inspected,resulting in an additional 1 trillion VND (47 million USD) paid to thestate budget. The implementation of such comprehensive measures hasbrought about positive budget revenue results in the first quarter.
Thetax official said in the remaining quarters of 2014, tax authorities atall levels will continue undertaking measures that have proveneffective and that are aligned with the guidance of the Government,Finance Ministry and local authorities.
Debt management and taxdebt enforcement will be tightened to prevent the arising of new taxdebts. Taxation agencies will carry out new policies to facilitateenterprises in accumulating capital for production and businessactivities in order to nurture these sources of revenue. At the sametime, tax violations will be handled strictly to prevent losses to thestate budget, contributing to increasing revenue in a sustainable way.-VNA