Domestic budget revenue - Driving force for economic development

Tax Department of Region VIII promotes comprehensive digital transformation, creating favorable conditions for people and businesses. Photo: Nguyen Luong

With the target of domestic budget revenue reaching more than 22 trillion VND in 2025, the province is implementing many policies to ensure stable revenue sources, reduce tax losses and enhance transparency in budget management.

Domestic revenue comes from many different sectors, of which the business sector contributes a large proportion through corporate income tax, value added tax and other taxes and fees.

One of the factors driving the increase in budget revenue is the strong development of industrial zones, attracting large domestic and foreign investors. Enterprises not only generate direct revenue from business activities but also indirectly help increase revenue through job creation, promoting consumption and contributing to the expansion of related services.

A typical enterprise that has contributed greatly to the provincial budget revenue in recent years is Honda Vietnam . With a factory located in Vinh Phuc, Honda Vietnam not only brings in large revenue from corporate income tax but also contributes to value added tax and import and export.

The company has created jobs for tens of thousands of local workers, helping to increase people's income and positively impact the provincial economy . The development of Honda Vietnam has also led to the expansion of the supply chain of components and auxiliary production, thereby increasing revenue from related taxes and fees.

Honda Vietnam's contribution is a clear demonstration of the link between business development and domestic revenue, promoting the local economy in a sustainable direction.

To ensure sustainable and continuous revenue growth, the province has been implementing many administrative reform measures to optimize tax management. The application of digital technology in tax declaration helps reduce processing time, increase transparency and limit fraud.

Businesses can fulfill their tax obligations online, reducing paperwork and procedural costs, and helping tax authorities better monitor financial transactions.

In addition, the province also continues to simplify investment procedures, creating a favorable environment to attract capital from foreign investors, thereby increasing budget revenue in the future.

Domestic revenue not only impacts the economy but also has a profound impact on people's lives. When the local budget is strong, the province has the conditions to invest heavily in infrastructure, from roads, schools to hospitals, helping to improve the quality of public services.

Roads in the area have been expanded, traffic is more convenient, helping businesses transport goods easily and increase economic efficiency. The education system has also received investment attention, with new schools being built or upgraded, creating better learning conditions for the younger generation.

In the health sector, budget revenue helps the province invest in renovating and expanding hospitals, purchasing modern medical equipment for medical examination and treatment, improving the quality of health care, and ensuring people have access to modern medical services.

However, domestic revenue management also faces many challenges. One of them is economic fluctuations, which can affect business revenue and budget revenue. When the global market fluctuates, local export businesses will be affected, thereby affecting the province's revenue.

Besides, the competition to attract investment between neighboring provinces and cities also puts pressure on the province to continuously improve the business environment to retain investors.

Although applying technology to tax management is effective, it also requires the province to invest heavily in technical infrastructure and personnel training to operate the system optimally.

To ensure stable revenue, the province is implementing many drastic solutions. One of the important strategies is to continue reforming the tax system, simplifying the declaration process and creating favorable conditions for businesses to fulfill their financial obligations.

Continue to promote foreign investment attraction, expand the manufacturing industry to create new sources of revenue. Strengthening tax inspection and examination, and strictly handling fraud cases will help ensure fairness and transparency in the implementation of financial obligations.

In the long term, the province's economic prospects are always positive and Vinh Phuc is gradually affirming its position as a locality with a strongly developing economy, combining effective financial policies and smart investment attraction strategies.

At the same time, continue to maintain sustainable development policies, not only ensuring stable budget revenue but also creating conditions for stronger economic development, improving people's quality of life.

Thanh An

Source: http://baovinhphuc.com.vn/Multimedia/Images/Id/127846/Thu-ngan-sach-noi-dia---Dong-luc-phat-trien-kinh-te