State Budget Revenue Reaches 32.5% of Estimates in Jan-Apr

The State budget revenue was estimated at VND89 trillion (US$3.8 billion) in April, totaling VND491.38 trillion (US$21 billion) from January to April, equal to 32.5% of the full-year estimate, down 5.9% from a year ago.

Of the sum, domestic revenue was VND408.76 trillion, equal to 32.3% of the estimate, down 3.7% from the same period in 2019.

The General Department of Taxation instructed local authorities to urgently execute Government's Decree 41/2020/ND-CP dated April 8, 2020 on extended deadline for payment of taxes and land rents for businesses, organizations, households and individuals affected by the Covid-19 pandemic; to inform and disseminate policies and guidance; facilitate tax payers to declare and send requests for extended payment deadline electronically (via the electronic portal of tax authorities, the electronic portal of the national public service centers), by post or in person at tax offices; and solve the deadline extension for taxpayers under the law.

Forty-seven out of 63 provinces and cities fulfilled over 30% of the estimate, with 32 fetching more than 34% of the estimate. 28 localities collected more than a year ago, and 35 localities collected less than that of the same period.

Tax revenue from crude oil was projected at VND18.3 trillion in the first four months, equaling 52.1% of the estimate, up 0.9% year on year.

The average crude oil price was US$58 per barrel from January to April, US$2 lower than the estimated price, equal to 82% of the price in the same period in 2019. The crude output was 3.2 million tons, equal to 35.4% of the plan.

Import and export activity brought VND63.9 billion to the State coffers in the four months, equaling 30.8% of the estimate, down 19% year on year. Total tax revenue was forecast at VND101 trillion, equal to 29.9% of the estimate, down 12.3% year on year. VAT refund was about VND37 trillion, equal to 28.5% of the estimate.

In the first four months, the import and export value was forecast to rise 3.4% year on year to US$162.8 billion. The import value of some major commodities dipped, with petroleum products falling by 40.5%, automobiles by 36.6%, and iron and steel by 6.4%. Customs authorities actively enhanced post-clearance inspection; closely coordinated with authorities to fight against smuggling, trade fraud and counterfeiting; and actively handled and recovered tax debts.

Source: Vietnam Business Forum