Illustrative image (Photo: VNA) Hanoi (VNA)🧜 – Total State budgetcollection was estimated at over 1,803 trillion VND (76.6 billion USD) in 2022, equivalent to 127.8% of the estimate, up 15% year on year, reported the Ministry of Finance (MoF)on January 3.
The domestic revenues to theState budget were 21.8% higher than the estimate, marking an annual increase of9.9%. Meanwhile, those from crude oil and exports-imports rose by 74.3% and32.7% year-on-year, respectively. The higher-than-estimate budget collection was thanks to a 8.02% GDP growth andhikes of 19.8% in total retail, 7.8% in industrial production index, 10.6%in exports, 8.4% in imports, and trade surplus worth 11.2 billion USD. Rising pricesof petrol and input materials also pushed up revenues from crude oil and exports-imports. Several revenues were higher than theestimates, such as individual income taxes up 38.5%, housing and land use feesand taxes up 54.5%. The recovery of capital and collection of dividends andpost-tax profits of the State Bank went up 17% thanks to recovering productionand trade. The taxation and customs sectors also builtdatabases to trace frauds and collect more revenues from e-commerce and realestate transfer activities. So far, 42 foreign suppliers have filed taxdeclarations with a total paid tax of 3.44 trillion VND. Revenues from lottery, State-owned,foreign-invested and non-State enterprises also exceeded estimates by between 14.3% and 21.5%. Collection of environmental protection taxes was only 72% of the estimate, equivalent to 73.3% from the same period last year. The total expenditure was estimated at 1.562 trillionVND, or 87.5% of the estimate, up 8.1% year-on-year. Disbursement of development investment capitalwas 75.1% of the plan assigned by the Prime Minister. Twelve ministries andcentrally-run agencies and 17 localities estimated their disbursement at over 80% of the plan while 17 ministriesand centrally-run agencies and 7 localities reported disbursement below 50% ofthe target. Last year, up to 214.7 trillion VND worth ofGovernment bonds were issued, with an average maturity of 12.67 years and annual interestrates of 3.48%. As of the end of 2022, public, Government andsovereign debts reached 38%, 34.7% and 36.8% of the country's GDP, respectively. TheGovernment’s direct debt obligations were 16.3% of the total State budgetcollection, within the scope permitted by the National Assembly. According to the MoF, about 105.9 billion VNDworth of taxes was for delayed payment last year, some 78.5% of the estimate./.
VNA
