At a tax collection point in Vietcombank. — VNA/VNS Photo

The State budget revenue was estimated at over VNĐ1.2 quadrillion (US$50.8 billion) in the first nine months of this year, or 75.5 per cent of the estimate, marking an annual decrease of 8.3 per cent, according to the Ministry of Finance.

Specifically, domestic revenue managed by the tax authorities in September totalled VNĐ75.6 trillion, bringing the nine-month figure to more than VNĐ1 quadrillion, or 76 per cent of the estimate, down 3.2 per cent year-on-year, reported Director General of the General Department of Taxation Mai Xuân Thành.

Thành attributed that to the difficulties faced by businesses in their operations and the enforcement of financial support policies for people and firms.

As of the late September, about VNĐ49.6 trillion in taxes were exempted and reduced while payment obligations worth VNĐ102.9 trillion had their deadlines extended, he said, predicting that the State budget collection will still meet difficulties in the final quarter.

He said the sector will focus on measures to increase State budget collection, ensure accurate and timely collection, enhance the recovery of overdue debts, thus striving to meet and exceed the assigned revenue target.

Addressing a meeting in Hà Nội last week to launch the sector's tasks for October and the remaining months of this year, Deputy Minister of Finance Nguyễn Đức Chi asked relevant units to fine-tune laws and ensure the schedule and quality of schemes and programmes previously set.

They were also urged to strengthen price management, especially prices of necessities such as petrol and electricity to curb inflation while enhancing the supervision of the stock and corporate bond markets to ensure their transparent and legal operations. — VNS