H1 State budget revenue increases over 17%: MoF

Minister of Finance Hồ Đức Phớc. — VNA/VNS Photo

HÀ NỘI — More than VNĐ1 quadrillion (US$40.9 billion) was collected for the State budget in the first half of 2024, equivalent to 61 per cent of this year’s target and up 17.7 per cent from a year earlier, reported the Ministry of Finance (MoF).

The result was attributable to the effective implementation of support policies for people and enterprises, the positive H1 GDP growth of 6.42 per cent, and a six-month inflation rate of 4.08 per cent with the core inflation rising only 2.75 per cent year-on-year.

The MoF has assisted enterprises and tax payers under the policies approved by the National Assembly and Government, Minister Hồ Đức Phớc told the ministry’s meeting on July 15, noting that the extension of payment deadlines and the reduction of taxes, fees, charges, and land use levy worth up to VNĐ184 trillion have been carried out amid economic and public finance difficulties.

He stressed that in the time ahead, more thorough measures are needed to aid businesses and step up public investment disbursement so as to fuel growth and enterprise development, thereby fostering revenue sources for the State budget.

The minister asked the entire financial sector to invest efforts in removing institutional obstacles as well as other difficulties facing enterprises and people to facilitate production and business activities, and also help with socio-economic recovery and development.

To reach and surpass the budget revenue target, Phớc ordered the sector to enhance collection management, prevent losses, deal with tax arrears, strengthen the fight against smuggling and trade frauds, and address hindrances to public investment disbursement.

He particularly emphasised the need to accelerate digital transformation in tax collection and enhance the management of e-commerce transactions and foreign suppliers.

Besides, the official also requested continued efforts to perfect the legal framework and examination mechanisms to ensure stable and safe operations, along with transparent and efficient development of the financial, stock, and corporate bond markets. — VNS