MoF strives to collect budget revenue exceeding estimates

A customer fulfills payment obligations to the State at a desk assigned to collect money for the budget at a branch of the Joint Stock Commercial Bank for Foreign Trade of Việt Nam (Vietcombank). — VNA/VNS Photo

HÀ NỘI — The tax sector has striven to achieve and surpass the assigned State budget revenue targets, thereby ensuring funding for fulfilling the budget’s tasks and urgent emerging tasks from now until the end of the year, according to Minister of Finance Hồ Đức Phớc.

State budget revenue has reached 68.5 per cent of the estimate as of mid-July, a year-on-year increase of about 15 per cent.

The minister said that thanks to the simultaneous implementation of solutions and many initiatives and creativity in the past four years, the entire financial sector has exceeded budget revenues.

State budget revenues were over by nearly 15 per cent in 2021, by 26.4 per cent by 2022 and last year revenue exceeded by more than eight per cent, with an equivalent amount of more than VNĐ131 trillion (US$5.41 million) allocated to investment projects.

Therefore, preparing State budget estimates for 2025 and for the next three years was extremely important, said the minister.

He has requested localities to estimate revenue and expenditure sources, forecast the production and business situation of the enterprise so that when making estimates, it must be close to reality.

Nguyễn Minh Tân, Deputy Director of the State Budget Department under the Ministry of Finance, said that when developing State budget revenue estimates for next year, the ministry set a target to strive for domestic revenue to increase by at least about 5-7 per cent next year compared to the estimated assessment performed this year.

Therefore, central ministries and agencies responsible for sector management should consider reviewing and eliminating overlapping, redundant and ineffective policies, especially social welfare policies, when drafting budgets.

In addition, the deputy director asked them to only propose to promulgate new policies, projects and tasks when the implementation resources were balanced, fully anticipating State budget needs according to decentralisation to implement new policies, regimes and tasks that have been decided by competent authorities. — VNS