The State budget’s domestic revenue in the first eight months of 2019 is estimated at 808.8 trillion VND (34.8 billion USD), according to the Ministry of Finance (Photo: petrotimes.vn) Hanoi (VNS/VNA) - The State budget’s domestic revenue in thefirst eight months of 2019 is estimated at 808.8 trillion VND (34.8 billion USD),according to the Ministry of Finance.
The figure is equal to 68.9 percent of the full-year plan and up 13.9 percentyear on year.
The domestic revenue is made up of a variety of taxes and charges, andcollected from different sources such as State-owned, FDI and privateenterprises, agricultural land use, personal income and vehicle registration.
It is also estimated that domestic revenues collected by 55 of all 63 provincesand cities have beat the full-year target, which is set at 65 percent. Of thefigure, 46 provinces and cities recorded that their domestic revenues fulfilled68 percent of the year’s target.
Besides domestic revenue, State budget collection from exports rose 10.3 percentyear on year to 147.2 trillion VND in the first eight months, fulfilling 77.8 percentof the full-year target. Tax deduction is estimated at 85.9 trillion VND, equalto 77.2 percent of the year’s plan.
However, revenue from oil production and exports in January-August fell 6.8 percentyearly to 38.78 trillion VND, which accounts for 87 percent of the 2019 target.
As of the end of August, it was recorded that eight of 12 State budget revenueitems had fulfilled at least 68.9 percent of their full-year plans. The itemswith high State budget revenues were land and housing (88 percent of the year’starget), lottery (83.9 percent), and licensing of mining and water businesses(126.6 percent).
State budget revenue in four of the 12 items was less than expected, which wereState-owned enterprises, FDI companies and private firms with fulfilment ratesof 62.1 percent, 64.9 percent and 66.2 percent, respectively.
According to the Ministry of Finance, the general tax department pushed itsagencies to improve tax collection, monitor local tax payers and administratebusinesses over their tax payments.
In addition, the General Department of Customs worked closely with localauthorities and other Government agencies to fight State budget losses,smuggling, trade fraud and fake goods. The customs office also modernised itsadministrative system to speed up the processing of customs procedures.
In the eight month period, total State spending was up 2.8 percent yearly to 901.35trillion VND, equal to 55.2 percent of the year’s plan.
The figure included spending for investment and development (161.27 trillionVND), interest payments (76.76 trillion VND) and regular spending (nearly 645trillion VND).
As of August 31, the State Treasury had settled 570.8 trillion VND worth ofState regular spending, 54.7 percent of the full-year target, and disbursed 153.8trillion VND worth of procurement, 41.5 percent of the plan.
In addition, a total of 152 trillion VND worth of Government bonds were raisedin the first eight months with average maturity of 13.48 years and averageper-annum yield rate of 4.89 percent.
Total State budget collection in the first eight months reached nearly 1quadrillion VND, up 12.4 percent year on year and equal to 71 percent of the year’splan./.
The figure is equal to 68.9 percent of the full-year plan and up 13.9 percentyear on year.
The domestic revenue is made up of a variety of taxes and charges, andcollected from different sources such as State-owned, FDI and privateenterprises, agricultural land use, personal income and vehicle registration.
It is also estimated that domestic revenues collected by 55 of all 63 provincesand cities have beat the full-year target, which is set at 65 percent. Of thefigure, 46 provinces and cities recorded that their domestic revenues fulfilled68 percent of the year’s target.
Besides domestic revenue, State budget collection from exports rose 10.3 percentyear on year to 147.2 trillion VND in the first eight months, fulfilling 77.8 percentof the full-year target. Tax deduction is estimated at 85.9 trillion VND, equalto 77.2 percent of the year’s plan.
However, revenue from oil production and exports in January-August fell 6.8 percentyearly to 38.78 trillion VND, which accounts for 87 percent of the 2019 target.
As of the end of August, it was recorded that eight of 12 State budget revenueitems had fulfilled at least 68.9 percent of their full-year plans. The itemswith high State budget revenues were land and housing (88 percent of the year’starget), lottery (83.9 percent), and licensing of mining and water businesses(126.6 percent).
State budget revenue in four of the 12 items was less than expected, which wereState-owned enterprises, FDI companies and private firms with fulfilment ratesof 62.1 percent, 64.9 percent and 66.2 percent, respectively.
According to the Ministry of Finance, the general tax department pushed itsagencies to improve tax collection, monitor local tax payers and administratebusinesses over their tax payments.
In addition, the General Department of Customs worked closely with localauthorities and other Government agencies to fight State budget losses,smuggling, trade fraud and fake goods. The customs office also modernised itsadministrative system to speed up the processing of customs procedures.
In the eight month period, total State spending was up 2.8 percent yearly to 901.35trillion VND, equal to 55.2 percent of the year’s plan.
The figure included spending for investment and development (161.27 trillionVND), interest payments (76.76 trillion VND) and regular spending (nearly 645trillion VND).
As of August 31, the State Treasury had settled 570.8 trillion VND worth ofState regular spending, 54.7 percent of the full-year target, and disbursed 153.8trillion VND worth of procurement, 41.5 percent of the plan.
In addition, a total of 152 trillion VND worth of Government bonds were raisedin the first eight months with average maturity of 13.48 years and averageper-annum yield rate of 4.89 percent.
Total State budget collection in the first eight months reached nearly 1quadrillion VND, up 12.4 percent year on year and equal to 71 percent of the year’splan./.
VNA
