Illustrative image. (Photo: VNA) Hanoi (VNA) – The total State budget collectionin the first eight months of this year has been estimated at 1.2 quadrillionVND (51.3 billion USD), equivalent to 85.6% of the annual target,according to the Ministry of Finance.
In the reviewed period, domestic collection reached 954.6 trillion VND, up15.9% year-on-year, accounting for 81.1% of the yearly estimates.
The ministry said 60 out of 63 provinces and cities have met over 68% of their targets, and 49 localities have collected higher taxrevenues than the same period last year.
The country’s state budget expenditure in the January – August period reached956.4 trillion VND, equivalent to 53.6% of the year's estimate and up 4.2%year-on-year. Of the sum, investment for development was 212.2 trillion VND.
Up to 2.4 trillion VND from the central budget’s reserves in2022 has been spent on pandemic prevention and control and to assist people whoare facing difficulties due to the pandemic, as well as plant varieties andlivestock support to restore production in areas damaged by natural disastersand epidemics.
About 27,600 tonnes of rice were allocated from the nationalreserve to the needy affected by natural disasters, epidemics and between-crop food shortage.
Given rising inflation and interest rates that might affectbudget revenue, Minister of Finance Ho Duc Phoc suggested that it is necessaryto continue to operate a flexible and effective fiscal policy. He highlightedthe need to strengthen tax revenue from e-commerce and digital platforms, alongwith VAT refunds./.
