Budget collection outstrips forecast

10:59 | 25/12/2014

VGP – As of December 22, 2014, budget collection reached VND 831.19 trillion, equivalent to 106.2% of forecast, according to the Ministry of Finance (MoF).

Illustration photo

The figures were announced recently at a conference on the MoF’s 2015 tasks.

According to Deputy Minister Tran Xuan Ha, in 2014, the financial sector has deployed a series of measures on finance and State budget to extricate difficulties in business and production.

Domestic collection met 105% of forecast or  equivalent to 98.6% of the level reported to the National Assembly (NA), of which the sum from crude oil represented 118.4% of forecast; and that from trade activities, 104.5%.

Budget collection was estimated at VND 846.4 trillion, equal to the sum submitted to the NA. Almost all localities attained or surpassed the set goals on budget collection.

Mr. Ha attributed the promising outcome to the close coordination among ministries, agencies and localities.

It was also the result of tightened management of loss of revenue; strengthened investigations; settlement of tax debts; close supervision of VAT refunds, temporary import for re-export; anti-trade frauds; prevention of smuggling; investigations and charges of trade infringements.

In 2015, localities suggested the MoF continue to extricate difficulties for businesses; propose a cut in land tax required for the 2011-2012 period; and apply debt elimination for extremely difficult cases including suspended, dissolved or loss-ridden business.

Addressing the event, Minister Dinh Tien Dung suggested ministries and localities implement budget collection tasks in accordance with the regulations and strive for higher budget collection to offset declining revenues from crude oil export.

The Minister also asked for the sector to keep over-budget spending to less than 5% of GDP./.

By Khanh Phuong