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Vietnam's state budget collection up nearly 15% in five months

Total state budget collection in the first five months of 2024 was estimated to reach 898.4 trillion VND (35.2 billion USD), equivalent to 52.8% of the yearly estimate, representing a year-on-year rise of almost 15%, according to the Ministry of Finance (MoF).

Domestic revenue was estimated at 757.5 trillion VND, equivalent to 52.4% of the estimate and up 16.8% year-on-year. (Photo: VNA)
Domestic revenue was estimated at 757.5 trillion VND, equivalent to 52.4% of the estimate and up 16.8% year-on-year. (Photo: VNA)

Hanoi (VNA) - Total state budget collection in the first five months of 2024 was estimated to reach 898.4 trillion VND (35.2 billion USD), equivalent to 52.8% of the yearly estimate, representing a year-on-year rise of almost 15%, according to the Ministry of Finance (MoF).

Of the sum, collection from crude oil was about 24.7 trillion VND, equal to 53.6% of the estimate and equal to the figure in the same period last year, while domestic revenue was estimated at 757.5 trillion VND, equivalent to 52.4% of the estimate and up 16.8% year-on-year, the ministry reported.

Particularly, revenues from housing and land taxes and fees were estimated at 90.6 trillion VND, equivalent to 35.2% of the estimate, up 78.2% over the same period last year. It is attributable to the fact that localities have well organised land auctions and allocated land to projects since the end of 2023, generating land use fee payments in early 2024.

According to the MoF, a surge in domestic revenues reflected an economic recovery. The implementation of policies on the exemption and reduction of taxes, fees and charges have left positive impacts on the performance of businesses and state budget collection as revenues from three economic sectors was estimated to reach 54.1% of the estimate, a year-on-year increase of 12.7%.

Minister of Finance Ho Duc Phoc said that in the coming time, the finance sector will continue to roll out measures to collect enough state budget revenue for the whole year. Accordingly, state budget revenue management agencies will continue to strengthen revenue management, inspection and sources, prevent revenue loss, especially relating to real estate business activities, financial service activities, banking, restaurants, hotels, e-commerce, and trade on cross-border digital platforms.

At the same time, the tax sector will inspect and strictly control value-added tax refunds, ensuring its compliance with the provisions of laws, focusing on promoting digital transformation, modernising tax collection, and expanding the implementation of e-invoices, the minister added./.

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