Accumulated state budget revenue for 7 months equals 68.6% of the ordinance estimate

In July 2024, the total state budget revenue managed by the tax authority is estimated at VND 138,500 billion, reaching 9.3% of the ordinance estimate, equal to 101.3% over the same period. Accordingly, the total accumulated state budget revenue in the first 7 months of 2024 managed by the tax authority is estimated at VND 1,019,702 billion, equal to 68.6% of the ordinance estimate, equal to 114.9% over the same period.

Accumulated state budget revenue for 7 months is estimated at 1,019,702 billion VND.

The General Department of Taxation said that in July 2024, the total state budget revenue from tax authority The estimated revenue from state budget management in the first 7 months of 2024 managed by tax authorities is 1,019,702 billion VND, equal to 68.6% of the estimate from the ordinance, equal to 114.9% over the same period.

Of which: Revenue from crude oil is estimated at 34,377 billion VND, equal to 74.7% of the estimate, equal to 97.3% over the same period; Domestic revenue is estimated at 985,325 billion VND, equal to 68.4% of the estimate, equal to 115.7% over the same period. Domestic tax and fee revenue is estimated at 762,442 billion VND, equal to about 70.3% of the estimate, equal to 111.2% over the same period.

There are 14/20 revenue items and taxes that have achieved quite good results (over 65%), including some large revenue items such as: Revenue from foreign-invested enterprises is estimated at 66.7%; Revenue from non-state economic sectors is estimated at 72.7%; Personal income tax is estimated at 72.7%; fees and charges are estimated at 70.6%; Land and water surface rental revenue is estimated at 83.7%; Revenue from lottery activities is estimated at 76.1%;...

Central budget revenue in the first 7 months of 2024 is estimated at VND 481,263 billion, equal to 75.4% of the estimate, equal to 108.9% over the same period. Local budget revenue is estimated at VND 538,439 billion, equal to 63.5% of the estimate, equal to 120.9% over the same period.

With the above State budget revenue results, the central budget revenue in the first 7 months of 2024 is estimated at VND 481,263 billion, equal to 75.4% of the estimate, equal to 108.9% over the same period. Local budget revenue is estimated at VND 538,439 billion, equal to 63.5% of the estimate, equal to 120.9% over the same period.

Through the analysis of the State budget revenue results for the first 7 months, it can be seen that the economy has shown signs of gradual recovery, and production and business have improved. This result shows the positive impact of the Government 's policies on tax, fee and charge exemption, reduction and extension.

Implementation results policy and collaborate tax management

By July 15, 2024, the Tax authority had conducted 28,072 inspections and checks, reaching 42.13% of the 2024 plan and 94.53% over the same period; inspected 341,998 records, equal to 111.4% over the same period.

In July, the tax authority issued 1,747 value-added tax refund decisions with a total refund amount of VND 13,052 billion, compared to the refund amount in the same period in July 2023, equal to 130%.

Tax debt collection in July 2024 is estimated at VND 5,059 billion. Accumulated by the end of July 2024, it is estimated to collect VND 50,527 billion, an increase of 26% over the same period.

Regarding the implementation of electronic invoices, from the implementation date to July 19, 2024, the number of electronic invoices received and processed by tax authorities is estimated at 8.54 billion, of which 2.35 billion are invoices with codes and more than 6.19 billion are invoices without codes.

Tax authorities have reduced environmental protection tax on gasoline (except ethanol), diesel oil, fuel oil, lubricants, greases, kerosene, and jet fuel according to Resolution 42/2023/UBTVQH15 of the National Assembly Standing Committee, estimated to reduce about VND 19,792 billion.

In addition, the output VAT reduction policy in the tax reduction appendix attached to the declarations with tax period up to June 21, 2024 of taxpayers is reduced by VND 87,109 billion.

In addition, the implementation of tax payment extension according to Decree No. 64/2024/ND-CP on extension of payment deadline for value added tax, corporate income tax, personal income tax and land rent in 2024; Decree No. 65/2024/ND-CP on extension of payment deadline for special consumption tax on domestically manufactured or assembled automobiles dated June 17, 2024 of the Government, the result as of the end of July is estimated that the total amount of tax and land rent subject to extension is about 32,100 billion VND.

Efforts to complete the state budget collection task in 2024

The General Department of Taxation determined that the task in August and the last months of 2024 must continue to closely follow the direction of the Government, the Prime Minister, and the Ministry of Finance on tasks, solutions, and direction to implement the Socio-Economic Development Plan and the State budget estimate for 2024 to organize the implementation of solutions to strive to complete the task of collecting the State budget in 2024.

Closely monitor the collection progress, evaluate and analyze the collection situation in each locality, each collection area, revenue item and tax type. Forecast monthly and quarterly revenue in line with actual revenue to propose timely collection solutions. Review and accurately identify potential revenue sources, areas and types of taxes with revenue losses to promptly have solutions on policies and effective collection management; recommend the People's Committee to continue to maintain and strengthen the activities of the Steering Committee against revenue loss and tax arrears collection, tax authorities closely coordinate with the Steering Committee to direct branches and levels at local levels in revenue management, prevent state budget revenue loss, and recover arrears; promptly advise the Ministry of Finance and the Government on state budget revenue management, striving to complete the collection task in 2024.

Continue to review tax refund settlement work in localities and advise on measures to strengthen value added tax management, coordinate with units to remove difficulties and speed up tax refund settlement progress.

Focus on implementing the 2024 specialized inspection and examination plan; deploy and urge the implementation of the conclusions of the Central Inspection Committee, the Government Inspectorate, the State Audit, and the Ministry of Finance Inspectorate; develop a project to supplement the task of conducting a number of investigation activities for the Tax authority.

Continue to organize local working groups to focus on reviewing tax debt data; strengthen coordination with relevant departments and branches to improve the effectiveness of tax management; apply information technology to program virtual assistants in tax debt management; organize guidance, answer questions and handle professional problems according to regulations.

Continue to organize tax management for foreign suppliers: Support foreign suppliers to comply with tax laws in Vietnam; review and request foreign suppliers with cross-border service business activities in Vietnam to register, declare and pay taxes; coordinate and work with foreign suppliers to collect information and data on organizations and individuals doing business on digital platforms and social networks, review, analyze and transfer data to serve exploitation, management, inspection and examination.

Continue to closely monitor the implementation of electronic invoices for petroleum business activities nationwide; strictly handle violations in accordance with regulations; assess the impact of electronic invoice implementation for petroleum retail business activities on state budget revenue on a number of taxes such as value added tax, environmental protection tax and special consumption tax; receive, process finalization and refund of personal income tax for all personal income tax refund applications to ensure regulations for taxpayers.

Continue to implement the tasks in Project 06: Determine the residential address of individuals according to information from the residential management agency; report to the General Department on difficulties and problems in the process of implementing data cleaning; summarize problems arising in the information technology application system related to automatic tax refund processing, personal income tax refund, personal income tax settlement to continue upgrading and handling problems.

Closely follow and promote the implementation of the Strategy for Tax System Reform until 2030, simplify tax administrative procedures, maintain electronic tax declaration, payment, refund services, and electronic invoice system. Ensure the information technology system operates smoothly 24/7 to support taxpayers in fulfilling their obligations to the state budget from registration, declaration, tax payment, and online electronic tax refund without having to go directly to the tax authority.

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