State budget revenue: Encouraging figures

With the implementation of synchronous and drastic solutions, the state budget revenue in the province in the first 6 months of the year has achieved encouraging results: According to the synthesis of the Provincial State Treasury, the total state budget revenue is estimated to reach at over VND 22,029 billion, seeing an increase of 43.6% over the same period last year and reaching 67.12% of the estimate assigned by the Provincial People's Council for the whole year. The state budget revenue results have a positive impact on the socio-economic development situation.

Production at Ngoc Diep Aluminum Joint Stock Company (Van Lam)

In 2024, the Provincial People's Council assigned the state budget revenue estimate in the area to be VND 32,823 billion, of which: Domestic revenue is VND 29,123 billion; Revenue from import and export activities is 3,700 billion VND. The province continues to be assigned to ensure the balance of state budget revenue and expenditure and regulate it to the Central Government. According to the analysis of the competent authorities, in the first 6 months of 2024, the province's investment environment has improved, attracting large investment capital, creating momentum to promote economic growth, positively affecting the state budget revenue results. However, in the context of many fluctuations in the world, it has affected the production and business of a number of enterprises; import and export activities have recovered slowly; exchange rates, prices of raw materials, fuels and materials have increased; the real estate market has not recovered, leading to a decrease in state budget contributions in a number of areas.

Regarding domestic budget revenue, the estimated revenue in 2024 increased by 9,902 billion VND compared to 2023. This is the year with the highest estimated domestic budget revenue ever. Based on the assigned budget, the Provincial Tax Department reviews and evaluates revenue and tax revenues to assign quarterly and monthly revenue estimates to each affiliated unit. Accordingly, regional Tax Branches and functional departments nurture and effectively exploit revenue sources, prevent revenue loss, strive to collect correct, sufficient and timely taxes, fees, charges and other revenues to the State budget. Tax agencies promote the application of information technology, modernize the tax management software system, simplify administrative procedures, improve service quality, and create favorable conditions for taxpayers to declare and pay taxes promptly according to regulations. The whole sector focuses on reforming administrative procedures, reducing tax declaration and payment hours; the review and management of taxpayers are carried out promptly; the tax management process is implemented through the information technology system according to regulations of the General Department of Taxation. At the same time, tax agencies quickly and promptly handle tax refund dossiers of taxpayers with complete procedures. The entire tax sector has stepped up the review and reduction of administrative procedures, upgraded the application of the electronic invoice system, deployed electronic invoices for gasoline retail activities, promoted the application of big data analysis and artificial intelligence (AI) in tax management, invoice management, contributing to the control and rapid detection of fraud in invoices and tax declarations... By the end of June 2024, the provincial tax sector has collected an estimated state budget revenue of over VND 19,897 billion, seeing an increase of 45.7% over the same period last year and reaching 68.32% of the annual estimate. Some revenue items and taxes that increased compared to the same period last year are: Revenue from state-owned enterprises; revenue from foreign-invested enterprises; revenue from the non-state enterprise sector; fees and charges; personal income tax collection... The highlight of the domestic revenue structure is the budget collection from the non-state enterprise sector of over VND 7,253 billion, reaching 120% of the annual estimate.

Regarding state budget revenue from import and export activities, this year's assigned estimate decreases by VND 1,000 billion compared to last year. Implementing the assigned estimate, Hung Yen Customs Branch has strengthened the Customs - Business partnership, facilitated import and export activities and accompanied businesses. The unit has promoted administrative procedure reform, effectively implemented the online public service system, the electronic tax payment project and 24/7 customs clearance. In addition, it has closely reviewed data on the Customs software system to promptly detect items with signs of trade fraud to handle and collect enough tax according to regulations. In the first 6 months of the year, Hung Yen Customs Branch has collected an estimated state budget revenue of over VND 2,132 billion, seeing an increase of 26.7% and reaching 57.63% of the estimate assigned by the Provincial People's Council. Thus, in general, the state budget revenue results in the first two quarters of 2024 are quite good, which is an encouraging signal in the process of implementing the state budget revenue estimate for the whole year.

In the last 6 months of the year, a series of policies to support businesses continue to be applied, boosting business recovery and development, thereby expecting a positive impact on state budget revenue. At the same time, a number of new tax policies on value-added tax reduction applied from July 1, 2024 to December 31, 2024 are forecasted to reduce state budget revenue. To ensure the comprehensive completion of the state budget revenue estimate for the whole year, based on forecasts of challenges and advantages, the Provincial Tax Department and Hung Yen Customs Branch need to proactively develop and implement specific budget collection plans in situations, suitable to the actual situation. Accordingly, it is necessary to regularly monitor the business performance, grasp the revenue sources in the area, focus on analyzing, evaluating and forecasting revenue sources. Thereby, identify potential revenue sources, promptly propose the Provincial People's Committee to direct local sectors and levels to coordinate to strengthen tax management. To closely coordinate with police agencies, market management agencies to strictly control commodity prices, e-commerce activities, business via the Internet, etc. to contribute to preventing budget losses. To resolutely and synchronously carry out debt management measures, collect tax arrears, and enforce tax debts according to the provisions of law.