Topic: budget revenue

The city had been assigned to collect over VND386.6 trillion ($16 billion) in State budget revenue in 2022.

The Minister of Finance has urged the tax sector to speed up digitization, in which a tax data and e-invoice data center should be developed.

Ho Chi Minh City’s budget revenue in 2023 has been forecast at about VND496 trillion ($20.6 billion). This figure is overwhelming for a city that has only recently overcome the Covid-19 pandemic. According to the Ministry of Finance, the city’s budget revenue in 2022 is estimated at VND427 trillion ($17.7 billion); the highest on record since the pandemic began.

The Ministry of Finance has said that of the five revenue sources that exceeded estimates in the first nine months, the collection of house and land taxes did so by 18.4 per cent and the collection of personal income taxes by 8.8 per cent. However, many analysts believe that budget revenue from land is still quite low compared to many other countries.

A report presented at the Thanh Hoa Provincial People’s Committee’s regular September meeting noted record State budget revenue in the first nine months of the year, exceeding the estimate and rising sharply year-on-year. The north-central province’s total State budget revenue in the period was some VND39.325 trillion ($1.65 billion), 133 per cent of the estimate, up 56 per cent, and a new record.

The Ministry of Finance has reported that reductions to floor levels in environmental protection taxes for gasoline, oil, and grease will cut State budget revenue this year by more than VND33 trillion ($1.4 billion).

Total State budget revenue reached more than VND1.2 quadrillion ($51.3 billion) in the first eight months of this year, up 19.4 per cent year-on-year and representing 85.6 per cent of the annual estimate. State budget expenditure, meanwhile, stood at VND956.5 trillion ($40.89 billion), for a surplus of nearly VND252 trillion ($10.77 billion); the highest for many months.

Vietnam had six localities posting budget revenue of VND50 trillion ($2.14 billion) or more last year. Thanh Hoa is about to join this group, as its budget revenue for 2022 is expected to come in at between VND50 trillion and VND55 trillion ($2.14 billion and $2.35 billion), exceeding the annual estimate by some 40 per cent.

According to the Ministry of Finance, total State budget revenue in June was estimated at VND114.3 trillion ($4.8 billion). Revenue in the first half reached about VND930 trillion ($39 billion), for 66.1 per cent of the annual estimate and increasing 18.8 per cent year-on-year.