Budget Revenue Totals VND1,464.3 Trillion in Jan-Oct

Budget revenue was forecast at VND1,464.3 trillion (US$61 billion) in the first 10 months of 2022, equal to 103.7% of the consensus estimate (fulfilling 103.6% of the central target and 103.8% of the local target) and up 16.2% over the same period of 2021.

Slowing domestic revenue

State budget revenue was estimated at VND130.3 trillion in October, according to the Ministry of Finance. Of the sum, domestic revenue was forecast at VND110.1 trillion, an increase of about VND37.1 trillion over September. Domestic revenue in October continued to decline because some industries, fields and consumption markets weakened owing to high costs, growing prices, rising interest rates, exchange rates, and global economic decline. Besides, revenue from crude oil was forecast at VND6.2 trillion, almost equal to the previous month. Budget revenue from import-export balances was estimated at nearly VND14 trillion.

Budget revenue accumulated at VND1,464.3 trillion (US$61 billion) in the first 10 months of 2022, equal to 103.7% of the consensus estimate (fulfilling 103.6% of the central target and 103.8% of the local target) and up 16.2% over the same period of 2021. Of the sum, domestic revenue was estimated at VND1,157.7 trillion, equaling 98.4% of the target. Given land use tax, lottery tax, capital recovery, dividends and profit sharing excluded, the result met 96.3% of the estimate. Revenue from crude oil was forecast at VND65.5 trillion. Budget revenue from import and export balances was forecast at nearly VND236.1 trillion, equal to 118.6% of the estimate and up 21.9% year on year.

VND172.3 trillion for tax and fee exemption, reduction and extension

In October, tax and customs authorities continued to implement policies on tax and fee extension, exemption and reduction to support businesses and people. Accumulated till the end of October, as much as VND172.3 trillion of taxes and fees was exempted, reduced and extended, including VND104.3 trillion extended and VND68 trillion exempted or reduced.

At the same time, the authorities continued to intensify revenue management, combat revenue loss and commercial fraud, and improve the efficiency of tax management for e-commerce, business on digital platforms, cross-border transactions. They also urged the handling and recovery of overdue taxes; further reformed administrative procedures, modernized tax collection, expanded the application of electronic invoices, provided electronic services for taxpayers, facilitated and ensured the safety and confidentiality of information.

Besides, as of October 15, 2022, tax authorities performed nearly 53,000 inspections and checked 546,300 tax declarations filed by enterprises. They recommended handling VND48.35 trillion, including VND11.56 trillion paid to the State Budget and VND36.8 trillion collected from revoked refunds and falsified losses. Tax authorities also pressed the recovery and handling of overdue tax, estimated at VND27.94 trillion by late October and rescheduled repayment terms for loans of VND2.41 trillion in October, totaling VND34.9 billion from July 1, 2020 to the end-October of 2022, as per Resolution 94/2019/QH14 of the National Assembly dated November 16, 2019.

By Le Hien, Vietnam Business Forum