Solutions to ensure budget collection plan

The tax sector has devised multiple measures to ensure the budget collection target is met in the second half of this year.

Accordingly, local taxation departments review and propose to provincial People’s Committees and relevant ministries policies and mechanisms to create a favourable business climate to support the development of enterprises. 

The agencies will give advice to local authorities on the establishment of a steering committee on boosting and managing the state budget collection. They also target a year-on-year increase of 14%-16% in budget collection. 

Other efforts include enhancing forecast and analysis abilities to make timely assessments on factors that may affect the plan, and creating a feasible projection of budget collection based on data on economic situation and collection policies. 

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Weekly exchanges with taxpayers will be organised to address difficulties faced by enterprises, contributing to improving the investment environment. Classification of taxpayers will also be conducted for better management. 

According to the General Department of Taxation, state budget collection in the first half of this year was estimated at VND393.55 trillion (about US$17.7 billion), an increase of 6.3% over the same period last year.

The amount represents 48.6% of the whole year’s estimate.

Among the 63 localities across the nation, 45 attained at least 50% of the year’s estimate for domestic collection, while 57 exceeded their collection for the same period last year. 

The shortfalls seen in the other localities mainly stem from increasing numbers of company dissolutions, bankruptcies and halting of operations. Other factors include natural calamities and the plunging price of crude oil.

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