Financial sector’s State budget collection expected to hit 58.4 bln USD
The financial sector expects to collect over 1.343 quadrillion VND (58.4 billion USD) for the State budget in 2021, equivalent to 15.5 percent of the country’s gross domestic product (GDP), said the Ministry of Finance.
The financial sector’s State budget collection expected to hit 58.4 bln USD in 2021 - Illustrative image (Photo: VNA)
Hanoi (VNA) - The financial sector expects to collect over 1.343 quadrillion VND (58.4billion USD) for the State budget in 2021, equivalent to 15.5 percent of thecountry’s gross domestic product (GDP), said the Ministry of Finance.
The proportion of domestic revenues and revenues from crude oil and import-export activities are expected to account for 84.4 percent, 1.7percent and 13.3 percent of the total, respectively.
Meanwhile, the year’s budget spending is forecast to reach 1.687 quadrillionVND, 60.1 trillion lower than the estimate in 2020.
In the 2021-2023 period, the sector aims to collect 4.33 quadrillion VND (187.6billion USD) for the State budget, equivalent to 15.5 percent of the GDP.
Domestic revenue ishoped to account for 85-86 percent of the State budget’s revenue by 2023.
Budget spending isexpected to stand at 5.4 quadrillion VND, while State budget overspending is equivalent to 3.8 percent of the GDP. Public debtwill be equivalent to 48.1 percent of the GDP by 2023.
The ministry said serious impacts from the COVID-19 pandemic has caused challengesto the midterm State budget plan in 2021-2023 in ensuring the roadmap of implementationof wage reform and adjustments of social allowances and poverty standards.
In order to fulfill the State budget-finance tasks in 2021, the financialsector will continue to fine-tune the system of collection policies andinstitutions, create a favourable, transparent and fair investment and businessclimate, and consider implementing tax and fee exemptions and reductions andextension policies to support enterprises amid difficulties caused by the COVID-19pandemic.
Due attention will also be givento strengthening the management of revenues, combating revenue losses, and promptlydetecting and strictly handling acts of smuggling, trade frauds, production ofand trading in counterfeit goods, transfer pricing, tax invasion and tax fraud,and abuse of tax refund policies.
The MoF will also focus on speeding up the disbursement of public investment, especiallyfor key projects of the country and those serving interregional socio-economicdevelopment./.
State budget revenue has reached over 1.3 quadrillion VND (59.5 billion USD) so far this year, representing 91.14 percent of the annual estimate, according to the Deputy General Director of the State Treasury, Nguyen Quang Vinh.
The disbursement of State budget capital reached an estimated 91.1 percent of the plan set for the year and rose 34.5 percent year-on-year, the highest rate in the 2011-2020.
Total tax collection in 2020 is estimated at over 1.26 quadrillion VND (54.37 billion USD), equivalent to 100.6 percent of the estimate, Deputy Director of the General Department of Taxation Dang Ngoc Minh said on December 31.
More than 1.48 quadrillion VND (64.2 billion USD) was collected for the State budget in 2020, equivalent to 98 percent of the target, according to the Ministry of Finance.
The Government has recently issued Resolution No.01/NQ-CP on key measures to carry out the 2021 socio-economic development plan and State budget estimate.
Nearly 1.279 quadrillion VND (55.3 billion USD) in taxes was collected for the State budget in 2020, almost 24.35 trillion VND, or 1.9 percent, higher than the annual target and 175.85 trillion VND more than the estimate reported to the National Assembly (NA).
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The financial sector’s State budget collection expected to hit 58.4 bln USD in 2021 - Illustrative image (Photo: VNA) 
