State budget revenue surpassed the yearly target to hit 831.19 trillionVND (38.7 billion USD) as of December 22 despite economic troubles,Deputy Finance Minister Tran Xuan Ha informed a conference in Hanoi onDecember 24.
Of the extra revenue, 10 trillion VND (476million USD) will be transferred to 2015 to spend on State payroll andthe remaining will be used for debt payment.
The deputyminister noted that overspending this year has been kept within 5.3percent of the GDP as set by the National Assembly.
Reforms intax filing and customs formalities have helped businesses save time andcosts, from 537 hours to 247 hours, Finance Minister Dinh Tien Dungtold the conference reviewing the State financial-budget activities 2014and setting orientations for 2015.
Regarding inflationcontrol, the minister attributed the low CPI growth of over 4 percent tothe close management of market prices.
He reported that as ofNovember, 90 out of 108 State economic groups and corporations hadtheir restructuring schemes approved. During the 11-month period, 115State-owned enterprises were equitised while 62 others were merged.
SOEs have withdrawn over 2.4 trillion VND (114 million USD) fromnon-core business activities, up 2.5 times from last year’s same period.
However, the pace of divestment and equitisation remains slow, Deputy Minister Ha acknowledged.
At the same time, Minister Dinh Tien Dung pointed out issues that ledto losses of State revenues, such as violations in value-added taxrefund, smuggling, trade frauds and transfer pricing.
Theamount of corporate tax debt currently stands at approximately 71trillion VND (3.3 billion USD), higher than the 2013 figure. Since thebeginning of this year, the financial sector has collected about 30trillion VND (1.4 billion VND) worth of corporate tax debt and thecustoms sector collected more than 1.7 trillion VND (85 million USD).
The large outstanding debt amount is put down to ailing demandthat resulted in large inventories, pushing a number of firms into taxdefault.
The financial sector set the 2015 goal of collecting911.1 trillion VND (43.3 billion USD) for the State budget, withoverspending at 5 percent of the GDP as approved by the NationalAssembly.
Minister Dung vowed to keep a close tab on Statebudget spending, market prices and public debts in order to meetliabilities, while fine-tuning policies in taxation, customs, budget,corporate financial management, securities market, and accounting-auditservices in line with economic restructuring.
He alsorequested keeping market prices during the Tet (Lunar New Year) holidayin check and ensuring sufficient supply of essentials.-VNA
Of the extra revenue, 10 trillion VND (476million USD) will be transferred to 2015 to spend on State payroll andthe remaining will be used for debt payment.
The deputyminister noted that overspending this year has been kept within 5.3percent of the GDP as set by the National Assembly.
Reforms intax filing and customs formalities have helped businesses save time andcosts, from 537 hours to 247 hours, Finance Minister Dinh Tien Dungtold the conference reviewing the State financial-budget activities 2014and setting orientations for 2015.
Regarding inflationcontrol, the minister attributed the low CPI growth of over 4 percent tothe close management of market prices.
He reported that as ofNovember, 90 out of 108 State economic groups and corporations hadtheir restructuring schemes approved. During the 11-month period, 115State-owned enterprises were equitised while 62 others were merged.
SOEs have withdrawn over 2.4 trillion VND (114 million USD) fromnon-core business activities, up 2.5 times from last year’s same period.
However, the pace of divestment and equitisation remains slow, Deputy Minister Ha acknowledged.
At the same time, Minister Dinh Tien Dung pointed out issues that ledto losses of State revenues, such as violations in value-added taxrefund, smuggling, trade frauds and transfer pricing.
Theamount of corporate tax debt currently stands at approximately 71trillion VND (3.3 billion USD), higher than the 2013 figure. Since thebeginning of this year, the financial sector has collected about 30trillion VND (1.4 billion VND) worth of corporate tax debt and thecustoms sector collected more than 1.7 trillion VND (85 million USD).
The large outstanding debt amount is put down to ailing demandthat resulted in large inventories, pushing a number of firms into taxdefault.
The financial sector set the 2015 goal of collecting911.1 trillion VND (43.3 billion USD) for the State budget, withoverspending at 5 percent of the GDP as approved by the NationalAssembly.
Minister Dung vowed to keep a close tab on Statebudget spending, market prices and public debts in order to meetliabilities, while fine-tuning policies in taxation, customs, budget,corporate financial management, securities market, and accounting-auditservices in line with economic restructuring.
He alsorequested keeping market prices during the Tet (Lunar New Year) holidayin check and ensuring sufficient supply of essentials.-VNA
