Breakthrough in revenue sources, creating motivation to implement support policies

Many initiatives to collect budget revenue, increase revenue in areas that have not been collected for a long time. Illustration photo: Hai Nguyen.

State budget revenue growth is good.

In recent times, fiscal policy has contributed to the realization of socio-economic development goals, achieving many positive results. Production and business activities, economic growth have recovered, GDP growth has always remained positive, inflation has been maintained, ensuring the macro economy.

Not only has the Ministry of Finance effectively implemented tax and fee exemption policies to support businesses and people, it has also enhanced the effective and creative implementation of budget collection solutions, especially increasing budget collection in areas that have not been collected before.

From 2021, the total annual state budget revenue will reach more than VND 1,563 trillion, exceeding the estimate by VND 219.9 trillion.

In 2022, the total accumulated state budget revenue reached nearly 1,785 trillion VND, equal to 126.4% of the estimate and an increase of 13.8% over the previous year.

In 2023, in the context that our country's economy continues to face many difficulties and challenges, with economic growth slowing down compared to 2022, to accompany businesses and people, a series of tax and fee reduction policies have been promptly issued and effectively implemented. As a result, the state budget revenue in 2023 decreased slightly compared to 2022, but still exceeded the estimate by about 8.12%. As of December 31, 2023, it is estimated to reach more than 1,752 trillion VND.

In the first 6 months of 2024, economic support policies will continue to be maintained. State budget revenue will reach about 1,038 trillion VND, equal to 61% of the estimate.

Increase budget revenue from long-uncollected revenues

To harmonize all factors, increase budget revenue without affecting business health, the Ministry of Finance has implemented many solutions, being creative in finding ways to collect potential revenues, managing modern revenues, especially collecting previously uncollected revenues such as from cross-border e-commerce platforms, collecting taxes from real estate transfers, and e-commerce businesses.

The explosive growth of the digital economy with cross-border services has posed many difficulties for tax management as controlling business transactions in the 4.0 technology era, as well as determining the basis for tax calculation, is no longer as easy as traditional business transactions.

Since March 2022, the Ministry of Finance has officially launched the Electronic Information Portal for Foreign Suppliers (NCCNN) to modernize tax management, create convenience, equality, and transparency in tax registration, tax declaration, and tax payment in line with international tax management trends.

The electronic information portal is the address for NCCNN to register, declare and pay taxes as well as to look up information and learn about the Vietnamese tax law and policy system. With this new tax collection method, Vietnam has become one of the first four countries in the ASEAN region to affirm the State's sovereignty over tax collection for foreign organizations and individuals conducting cross-border e-commerce business activities in our country.

In the first 6 months of 2024, 26 new foreign-invested enterprises registered, declared and paid taxes in Vietnam via the Foreign-invested Enterprises Electronic Information Portal.

Up to now, there have been 101 NCCNNs registering, declaring and paying taxes via the Electronic Information Portal from many countries such as the US; Netherlands; Korea; Singapore; Hong Kong (China); Ireland; Switzerland, Australia; UK; Switzerland...

In particular, the goal of increasing tax collection for online trading is a goal that Minister of Finance Ho Duc Phoc highly values.

Accordingly, the Ministry of Finance has connected the tax authority database to the population database of the Ministry of Public Security and coordinated with the State Bank to control payments on e-commerce platforms; requested the State Bank of Vietnam to increase non-cash payments. These solutions are expected to help increase tax revenue from the online trading sector, because in just the last two quarters, nearly VND50,000 billion has been collected from this sector.

In addition, with the rapid implementation of electronic invoices for each sale for 100% of gas stations nationwide, experts believe that this year's budget collection will have good results. The data will be directly connected to the tax authority's data.

It is known that the Ministry of Finance has built software to control electronic invoices and online electronic invoices to prevent fraud in VAT refunds. Notably, there is a solution to spin invoices according to lucky invoice codes to encourage people to get invoices, if they win the code, they will be rewarded.

Source: https://laodong.vn/kinh-doanh/dot-pha-nguon-thu-tao-dong-luc-thuc-hien-chinh-sach-ho-tro-1383031.ldo