State budget collection reaches 85.6% of yearly target
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.
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, alo꧒ngwith VAT refunds./.
State budget collection in 2022 is expected to reach over 1.41 quadrillion VND (61.7 billion USD), while expenditure is estimated at about 1.78 quadrillion VND (78.05 billion USD), up 4.5 percent compared to that in 2021, according to a report on State budget estimates for 2022 that has been made public by the Ministry of Finance.
State budget collection was estimated to exceed 276.66 trillion VND (12.11 billion USD) in the first two months, up 7.7 percent from the same period last year, according to the General Department of Taxation.
Revenues of the State budget in the first six months of this year stood at about 941.3 trillion VND (40.3 billion USD), equivalent to 66.7% of the yearly estimates, it was reported at the Finance Ministry’s review conference on July 7.
Measures taken to bring down petrol prices could reduce State budget collection by 32.5 trillion VND (1.4 billion USD) this year, according to Deputy Minister of Finance Nguyen Duc Chi.
The tax sector collected 911.02 trillion VND (38.9 billion USD) of State budget in the first seven months of this year, a year-on-year rise of 17.2%, and equivalent to 77.5% of its yearly estimate, according to the General Department of Taxation.
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Illustrative image. (Photo: VNA) 
