5:16:20 PM | 24/10/2007
The National Assembly said it plans to raise the state budget revenues by 11.6 per cent to VND321.4 trillion (US$20 billion) next year, and its expenditure to increase 11.2 per cent on year to VND397.3 trillion.
The National Assembly, which started discussing state budget issues during its annual meeting early this week, said state collections of taxes and other incomes were slowly increasing this year, up just 2.1 per cent from this year’s plans, and the lowest growth rate in many years.
Earnings from the oil and gas industry are expected to be less than VND3.2 trillion from the target, and the tax collections from foreign-invested companies also fall VND663 billion, said the NA Budget and Finance Committee.
The committee noted that the state expenditures are expected to rise 3.1 per cent this year to VND368.34 trillion, because of high subsidies for domestic gasoline prices which will amount to VND8.2 trillion. (The Youth)
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