The total state budget revenue of the province in 2024 is estimated to reach nearly 30.5 trillion VND, equal to 96% of the estimate and 101% compared to 2023. This is a result achieved thanks to the efforts, striving, and high determination of all levels, sectors and localities in the context of many difficulties in the world and domestic economy .
In 2024, the world and regional economies will continue to have complex and unpredictable developments, with slow growth and recovery. Along with that are objective factors due to unusual weather developments, especially storm No. 3 (Yagi), which has caused significant damage, directly affecting the production and business of most enterprises in the province... The pressure to ensure a balance of revenue and expenditure and complete the assigned budget estimate becomes even more difficult.
In that situation, with the drastic direction, flexible and proactive management of the Provincial Party Committee and Provincial People's Committee, the province's socio-economy gradually regained stable growth momentum and strong recovery.
Toyota Vietnam Automobile Company is a major contributor to the annual State budget revenue. Photo: The Hung
Determined to strive to achieve the highest level of the 2024 budget targets and tasks, from the beginning of the year, the Provincial People's Committee directed functional branches and districts and cities to focus on analyzing and reviewing revenue sources with room for growth, expanding new revenue bases with potential to have measures to nurture and exploit to increase revenue for the State budget.
Continue to improve legal policies on state budget collection, synchronously implement management solutions, prevent revenue loss, ensure correct, full and timely collection of tax revenues according to regulations.
Strengthen coordination, effectively implement key solutions and tasks, promote administrative procedure reform, improve investment and business environment, attract investment, and enhance provincial competitiveness.
Actively transform digitally, promote the application of information technology to improve the effectiveness and efficiency of management, declaration, collection and refund of taxes electronically.
Expanding the deployment of electronic invoices generated from cash registers for businesses, business households, providing goods and services directly to consumers, especially food and beverage services... contributes to reducing costs and creating convenience for people and businesses.
Focus on implementing fiscal and monetary policy solutions, especially implementing support mechanisms and policies of the Government as well as the province to promptly remove difficulties, promote production and business, control inflation, maintain growth momentum and ensure major balances of the economy.
In 2024, Vinh Phuc was assigned by the Central Government to collect a state budget revenue of more than 30.4 trillion VND, and the Provincial People's Council assigned to collect nearly 31.8 trillion VND. It is estimated that the whole province's budget revenue for the year will reach nearly 30.5 trillion VND, reaching approximately 96% of the estimate assigned by the Provincial People's Council and equal to 101% compared to 2023.
Of which, domestic revenue is estimated at more than 25 trillion VND, reaching 95% of the estimate and equal to 98% compared to 2023; revenue from import and export activities is estimated at 5.4 trillion VND, reaching 100% of the estimate and increasing by 17% compared to 2023.
Some tax revenues achieved high results such as non-state tax (estimated for the whole year to reach more than 2 trillion VND, exceeding 49% of the estimate, up 20% over the same period); personal income tax (estimated for the whole year to reach nearly 1.7 trillion VND, exceeding 31% of the estimate and up 31% over the same period)...
However, some important taxes have not yet been achieved, such as revenue from foreign-invested enterprises estimated to reach more than 17 trillion VND for the whole year, equal to 90% of the estimate and 92% compared to the same period.
The reason is that the province's revenue is still concentrated in two automobile manufacturing and assembling enterprises, Toyota Vietnam Automobile Company and Honda Vietnam Company. Meanwhile, the production and business activities of these two units are still facing many difficulties due to fierce competition with product lines of many other car manufacturers.
With this estimated revenue, the provincial budget in 2024 will have a deficit of about 600 billion VND. To ensure resources allocated to departments, branches, and localities, the Department of Finance has reported to the Provincial People's Committee to propose that the Provincial People's Council not adjust or cut spending tasks according to the budget assigned to the units.
At the same time, the Department of Finance also proactively developed a plan to compensate for the deficit in the provincial budget revenue in 2024 by drawing from sources in the provincial budget estimate for 2024 and other legal sources to compensate for the deficit in the state budget revenue in 2024.
Along with efforts to ensure revenue sources, the management of state budget expenditures is strictly managed by the Finance sector in a spirit of thoroughness and thrift in accordance with prescribed regimes, standards, and norms and within the assigned budget, ensuring strictness and efficiency.
Electronic component manufacturing enterprises are increasingly participating more deeply in the global supply chain, contributing to promoting the socio-economic development of the province. Photo: The Hung
Right from the beginning of the year and throughout the operation process, the tasks of regular expenditure estimates have been cut and saved by 5% according to Directive No. 01 dated January 4, 2024 of the Prime Minister on enhancing savings in state budget expenditures and Resolution No. 119 dated August 7, 2024 of the Government on the scope and subjects of saving 5% of regular expenditures in 2024. This helps functional sectors focus resources to implement salary reform policies and social security policies and regimes...
The province's budget expenditure for the whole year is estimated to reach nearly 21 trillion VND, equal to 98% of the estimate and 94% compared to the same period. Of which, development investment expenditure is estimated to reach nearly 9.2 trillion VND, exceeding the estimate by 6% and equal to 76% of the same period; regular expenditure for the whole year is estimated to reach nearly 12 trillion VND, exceeding the estimate by 2% and increasing by 16% compared to the same period.
In the context of many difficulties in the domestic economy, the results of management and balancing of state budget revenue and expenditure in the province demonstrate the drastic direction of the provincial leaders, the synchronous participation of the entire political system and the efforts and determination of all levels, sectors, localities, businesses and people in implementing the socio-economic development tasks in 2024.
Viet Son
Source: https://baovinhphuc.com.vn/Multimedia/Images/Id/121132/No-luc-can-doi-thu-chi-ngan-sach-trong-boi-canh-nen-kinh-te-con-nhieu-kho-khan
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