It is unlikely that State budget revenue will reach the 2020 target approved by the National Assembly of over VND1.51 quadrillion (US$64.89 billion) due to the impact of COVID-19, Minister of Finance Dinh Tien Dung has said.
VOV.VN - The State budget revenue of Ho Chi Minh City suffered a sharp fall, despite recording an increase in spending during the first half of the year, largely due to the impact of the novel coronavirus (COVID-19), the municipal Statistics Office reports.
The Ministry of Finance (MoF) has proposed to cut environmental protection tax on jet fuel by 30%, from VND3,000 to VND2,100 per litre.
The tax sector’s state budget revenue was estimated at nearly VND500 trillion (US$21.73 billion) in the first five months of this year, equal to 97.6% of the figure of the same period last year.
The State budget revenue in January – April was estimated to total VND491.38 trillion (US$21.05 billion), representing a drop of 5.9% against the same period last year, as the Government offered tax relief to support those affected by the COVID-19 pandemic, according to the Ministry of Finance.
The General Department of Customs hopes to collect 338 trillion VND (14.6 billion USD) for the State budget this year, a year-on-year increase of 12.5 percent.
Collection of the State budget between 2016 and 2020 is expected to meet the target of 6.8 quadrillion VND (nearly 293 billion USD), the Ministry of Finance (MoF) reported on October 21.
The state budget revenue is estimated at 144.6 trillion VND (over 6.2 billion USD) in January, up 7.5 percent from a year earlier, the Ministry of Finance said on February 1.
The year 2018 ended with many remarkable events occurring in the financial sector, including the higher-than-expected State budget revenue, the hike in environmental protection tax, and the property tax proposal, among others.
The Ministry of Finance (MOF) has submitted to the government a plan to lower the corporate income tax (CIT) rate to 17% for small and medium sized enterprises (SMEs).
Vietnam’s export growth rate was modest at 5.7% in the first half of 2016, the lowest in the last five years. This has raised concerns that the 6.7% GDP growth rate may be unattainable, while state budget revenue will shrink.
About 14.7% of the State budget revenue, or VND150 trillion (US$6.7 billion), will be spent on paying debt in 2016, the Ministry of Finance (MoF) revealed on March 22.
The total State budget revenue topped VND160 trillion (US$7.27 billion) in the first two months of this year, up 2.4% annually, according to the Finance Ministry.
State budget revenue dropped by 1.9 percent in the first two months of the year to US$5.52 billion, accounting for 14.1 percent of the year’s estimated total.
A sharp fall in the import value and number of cars sold caused a drop in the State budget revenue in first months of the year, the Ministry of Finance said.