However, the budget revenue forecast for 2024 is high. Therefore, in the coming period, the Ministry of Finance will implement many solutions to complete this challenging task.
Tax revenue for the first quarter of 2024 from the non-state enterprise sector was 33.7 trillion VND. (In the photo: Automated machinery production at Tan Phat Equipment Technology Joint Stock Company (Thanh Tri district)).
Domestic revenue collection performed well.
According to data from the General Statistics Office, total state budget revenue in the first quarter of 2024 reached VND 539.5 trillion, equivalent to 31.7% of the annual forecast and an increase of 9.8% compared to the same period last year. Of this, domestic revenue reached VND 467.5 trillion, equivalent to 32.4% of the annual forecast and an increase of 13.5% compared to the same period last year...
Locally, according to the Hanoi City Statistics Department, total state budget revenue in the first three months of 2024 is estimated at 146.9 trillion VND, equivalent to 36% of the annual legal budget estimate and an increase of 3.9% compared to the same period last year. Of this, domestic revenue amounted to 140.7 trillion VND, reaching 37.2% of the budget estimate and increasing by 4.6%...
Some of the main revenue sources in domestic revenue collection over the past three months include: the state-owned enterprise sector, which collected 30.3 trillion VND, equivalent to 42.9% of the annual budget and an 8% increase compared to the same period last year; the non-state enterprise sector, which collected 33.7 trillion VND, equivalent to 42.8% and a 14.3% increase; the foreign-invested enterprise sector, which collected 9.8 trillion VND, equivalent to 36.7% and a 12.3% increase; fees and charges, totaling 5.7 trillion VND, equivalent to 29.3% and a 31.1% increase; and land use fees, totaling 4.8 trillion VND, double the amount collected in the same period last year...
Economist and financial expert Dinh Trong Thinh assessed that the budget revenue results for the first quarter of 2024 were relatively high, especially considering these were the early months of the year. Notably, the good results in domestic revenue show that the application of electronic invoices and the connection of payment data with the tax authorities are proving effective; the production and business activities of enterprises have improved; and the economy is experiencing positive growth. In the first quarter of 2024, the pillars of the economy such as investment, exports, and consumption were all quite good; in particular, total social investment increased by 5.2% compared to the same period last year, reflecting the recovery of production and business in many sectors and fields.
According to the General Department of Taxation, from the early months of the year, the tax sector launched a campaign to strive to complete the state budget revenue target for 2024; implemented comprehensive and decisive solutions to strengthen revenue management and combat tax evasion, coupled with promoting administrative procedure reform to facilitate businesses and taxpayers; and focused on inspection and auditing, combined with communication, dialogue, and addressing business concerns. The tax authorities also proposed groups of solutions for managing tax debt regularly and continuously, avoiding risks and limiting debt accumulation…
Citizens complete tax procedures at the Ba Dinh District Tax Office. Photo: Nguyen Quang
A breakthrough is needed in revenue collection.
However, the task of collecting budget revenue in the coming period is not easy because the projected budget revenue for 2024 is very large, at 1,700.9 trillion VND, an increase of about 5% compared to the projected and estimated actual revenue of 2023. Meanwhile, the global economy has not recovered, the domestic market is facing difficulties, and many businesses are downsizing or ceasing operations.
To fulfill its revenue collection nhiệm vụ, the Tax Department is implementing numerous solutions. In particular, it is paying special attention to flexible and timely policy responses, proactively advising the Ministry of Finance and the Government on scenarios and proactive solutions for managing state budget revenue collection. In addition, the Tax Department continues to implement government support packages for businesses and individuals, thereby fostering sustainable revenue sources for the state budget.
Another solution that the Tax Department and relevant units are focusing on is planned inspections and audits combined with thematic inspections and audits to combat tax evasion in high-risk tax areas such as: related party transactions, capital transfers, e-commerce, value-added tax refunds, fraudulent use of electronic invoices, resource and mineral exploitation, and service businesses; continuing to manage taxes, review and urge foreign suppliers to register for tax, declare taxes, and pay taxes on the General Department of Taxation's electronic portal…
According to expert Dinh Trong Thinh, state management agencies need to consider further improving the investment and business environment, thereby increasing the attraction of foreign and private investment capital into the economy. Along with that, they should review mechanisms and policies that impact production and business to support businesses in recovering and growing. "The recovery of production and business will contribute to increasing revenue for the budget," said Mr. Dinh Trong Thinh.
With a high budget revenue forecast, Minister of Finance Ho Duc Phoc stated that without innovation in collection methods, it would be difficult to achieve the target. The Tax Department has been innovative in implementing electronic invoices, data connectivity, collecting real estate taxes, and collecting cross-border e-commerce taxes, but breakthroughs are needed for more effective management. Regarding customs, the Minister emphasized the need to continue upgrading information technology systems, accelerating administrative procedure reforms, and combating smuggling and trade fraud.
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