Budget revenues on track

State budget revenue in the first five months of 2024 is estimated at VND898.4 trillion, 52.8 percent of the annual targets and an increase of nearly 15 percent year-on-year.

>> Increase of almost 15% in five months in budget revenues

Regarding the structure of budget revenues, from January to May 2024, crude oil contributed approximately 24.7 trillion VND, or 53.6% of the annual targets, a result equivalent to the figure for the same period of the last year. Domestic revenue was estimated at 757.5 trillion VND, or 52.4% of annual targets and an increase of 16.8% year-on-year, the Ministry of Finance informed.

Revenues from property and land taxes and fees have particularly increased. They were estimated at 90.6 trillion dong, or 35.2% of the annual targets, up 78.2% in one year.

Tax exemption and reduction

According to the Ministry of Finance, the increase in domestic revenue reflects the economic recovery. The implementation of policies of exemption and reduction of taxes, fees and charges has had positive impacts on the performance of enterprises and on budget revenues.

Finance Minister Ho Duc Phoc said that in the coming time, the financial sector will continue to implement measures aimed at collecting enough state budget revenue for the whole year. Accordingly, the relevant management agencies will continue to strengthen management, inspection and sources of revenue and prevent losses, particularly with regard to real estate, banking-financial, hotel and catering activities, e -trade and cross-border trade.

Total revenue from import-export activities reached nearly VND165.7 trillion in the first five months of 2024, 44.2 percent of the assigned target and a growth of 7.4 percent compared to the same period last year.

For 2024, the National Assembly has tasked the General Department of Customs to collect 375 trillion VND for the state budget, with balanced revenue from import-export activities set at 204 trillion VND.

The Linh/CVN