Budget revenue hits 70% of target

Thursday, Oct 12, 2017 08:49

People and company representatives pay their taxes at the State Treasury in Ha Long City, Quang Ninh Province. In the first nine months of the year, the State budget collected a total revenue of VND843 trillion (US$37 billion). — Photo baoquangninh.com.vn

State budget revenue in the first nine months of the year totaled VND843 trillion (US$37 billion), up 13.9 per cent year-on-year and equivalent to 69.5 per cent of the annual target.

The information was released by the Ministry of Finance (MoF) during a conference held in Ha Noi on Wednesday.

The finance ministry said direct revenues from production and business activities were low due to reductions in contributions from some major manufacturing sectors such as crude oil and gas, automobiles, mobile phones, and cigarettes.

Of the total, VND663.7 trillion came from domestic tax collections, up 11.4 per cent year-on-year and representing 67 per cent of the yearly target, the MoF said.

The MoF attributed the rise in total domestic revenue to higher indirect revenues, such as tax payments from housing and land (up 24.2 per cent), personal income tax (up 21.1 per cent), charges and fees (up 51.3 per cent), and income from lottery activities (up 12.4 per cent).

Forty-three out of the 63 localities nationwide collected over 72 per cent of the estimates and 58 reported higher budget collection than the same period last year.

Budget revenues from crude oil climbed 15 per cent year-on-year to reach VND34 trillion, hitting 88.9 per cent of the annual target.

Meanwhile, revenues from import and export activities reached VND214 trillion, equivalent to 75.1 per cent of the annual target, and up 10.5 per cent year-on-year.

Total State budget expenditure in the nine months stood at VND904.6 trillion, or 65.1 per cent of the year’s estimates, the ministry said.

Of the estimate, budget investment for development was VND166.6 trillion, an increase of 4.1 per cent year-on-year and accounting for 46.6 per cent of the yearly plan.

Regular expenditures over eight months were estimated at nearly VND660 trillion, equaling 73.6 per cent of the year’s estimate, up 7 per cent over the same period last year.

Payments for debts and aid totalled VND75.35 trillion in the period, meeting 76.2 per cent of the annual estimate. — VNS

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