State budget collection reaches 85.6% of yearly target hinh anh 1Illustrative image. (Photo: VNA)

Hanoi (VNA) – The total State budget collection in the first eight months of this year has been estimated at 1.2 quadrillion VND (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, up 15.9% 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 tax revenues than the same period last year. 

The country’s state budget expenditure in the January – August period reached 956.4 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 in 2022 has been spent on pandemic prevention and control and to assist people who are facing difficulties due to the pandemic, as well as plant varieties and livestock support to restore production in areas damaged by natural disasters and epidemics.

About 27,600 tonnes of rice were allocated from the national reserve to the needy affected by natural disasters, epidemics and between-crop food shortage.

Given rising inflation and interest rates that might affect budget revenue, Minister of Finance Ho Duc Phoc suggested that it is necessary to continue to operate a flexible and effective fiscal policy. He highlighted the need to strengthen tax revenue from e-commerce and digital platforms, along with VAT refunds./.