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Deputy PM tells MoF to hit revenue target

Update: July, 06/2017 - 09:30
Citizens submit taxes at the State Treasury in HCM City’s District 1. — VNS Photo Phạm Hậu
Viet Nam News

HÀ NỘI — Deputy Prime Minister Vương Đình Huệ has asked the financial sector to do its best to fulfill the budget collection goals set by the National Assembly, which were projected to increase from 5 to 8 per cent this year.

"In a bid to achieve the goals, tax offices nationwide should carry out measures to ensure high efficiency in tax collection and management, while focusing on carrying out anti-corruption measures," Huệ said, adding that customs authorities at all levels should also review and calculate reasonable import-export tariffs.

Huệ praised the efforts of the whole sector in implementing and fulfilling key tasks assigned by the National Assembly for the first half of this year.

According to the Deputy PM, in the first six months of 2017, the financial sector has been imposing a tight fiscal policy, ensuring state budget revenues and expenditures remain under schedule, all while implementing efficient and flexible price management policies. The sector continues to accelerate the administrative reform process in the fields of taxation and customs procedures with the ultimate objective to provide the favourable conditions for enterprises.

However, Huệ also expressed his anxiety about the sluggish allocation and disbursement of public investment in the first half of the year, resulting in lower-than-estimated economic growth.

According to the Ministry of Finance (MoF), by the end of June, disbursed investment capital fulfilled just 25.6 per cent of the target assigned by the National Assembly and 29.6 per cent of the plan approved by the Prime Minister.

Huệ said public investment has yet to be fully disbursed as estimated, and he ordered the MoF and the Ministry of Planning and Investment to accelerate the disbursement of public investment.

He also urged MoF to take measures to speed up the equitisation process and State capital divestment, besides improving the related laws to avoid negative flaws in the valuation of State’s assets and usage of public land.

He added that MoF should step up the restructuring of state-owned securities enterprises and insurance companies.

State budget revenue was estimated at VNĐ563.5 trillion (US$24.7 billion) in January-June, accounting for 46.5 per cent of the year’s estimates and increasing 13.9 per cent year-on-year, according to data from MoF.

Of the estimate, domestic tax collections rose up 12.4 per cent over the same period last year and representing 45.5 per cent of the yearly plan.

Budget revenue from crude oil climbed by 15.6 per cent year-on-year to reach 60.1 per cent of the annual plan.

Budget revenue from import and export activities completed 49.2 per cent of the yearly target, up 22.2 per cent compared with the same period of 2016.

Meanwhile, expenditure revenue in the first half reached VNĐ582.9 trillion ($25.7 billion), or 41.9 per cent of the year’s estimates. - VNS



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