return icon Vietnamnet.vn

Four-month State budget revenue posts drop as Gov’t offers tax relief

The State budget revenue in January – April was estimated to total VND491.38 trillion (US$21.18 billion), representing a drop of 5.9 per cent against...

 

The State budget revenue in January – April was estimated to total VND491.38 trillion (US$21.18 billion), representing a drop of 5.9 per cent against the same period last year. — Photo nld.com.vn

 

The State budget revenue in January – April was estimated to total VND491.38 trillion (US$21.18 billion), representing a drop of 5.9 per cent against the same period last year, as the Government offered tax relief to support those affected by the COVID-19 pandemic, according to the Ministry of Finance.

In April, domestic collection to the State budget decreased by nearly 25 per cent over March to VND72.5 trillion, equivalent to just 65 per cent of the figure of the same period last year.

The General Department of Taxation asked local tax departments to hasten the effort of implementing the Government’s Decree No 41/2020/ND-CP dated April 8 about extension of deadlines for tax and land use fee payments.

Statistics showed that the General Department of Taxation has received more than 90,000 applications for postponement of tax and land use fee payments, worth totally VND26.2 trillion.

State budget revenue from crude oil in April was estimated at VND2.5 trillion, VND2.9 trillion lower than March as crude oil prices plunged.

In the four-month period, collection from crude oil totalled VND18.3 trillion, or 52.1 per cent of the plan and up 0.9 per cent over the same period last year. Crude oil prices averaged $58 per barrel in January – April, $2 lower than the price estimated in the State budget collection plan.

Revenue from imports and exports in April was estimated at VND13.9 trillion, VND5.8 trillion lower than the previous month. The total in the four-month period was VND63.9 trillion, a fall of 19 per cent against the same period last year, due to the impact of the virus which caused trade to collapse.

According to the ministry, the State budget revenue this year might see a drop of VND150 trillion due to the impact of the virus, or even bigger if the country’s gross domestic product growth rate was below 5 per cent as per the forecasts of some international organisations.

The drop in revenue would mainly be attributed to the fallout of sectors heavily affected by COVID-19, like services, tourism, trade and logistics.

The ministry estimated that budget deficit might widen by 1.5-1.6 per cent of GDP to 5-5.1 per cent GDP this year.

Dang Ngoc Minh, deputy director of the General Department of Taxation, said that focus would be placed on hastening reforms to create favourable conditions for taxpayers and improve the business climate which would promote production and business.

Inspection would be enhanced to prevent tax evasion, Minh said. In addition, the management on e-commerce would be improved to increase tax collection. — VNS

MORE NEWS

Opportunities for e-commerce in Vietnam to boom

Recently, e-commerce in Vietnam is assessed to grow robustly. It is forecasted that Vietnam's internet economy will reach US$57 billion by 2025, ranking second in Southeast Asia, after Indonesia.

Vietnam has choices under new global trends

The world today is being affected constantly by the ripple effects of global problems and occurrences such as the ongoing US-China trade war, the recent lengthy Covid-19 pandemic, and now the current fierce Russia-Ukraine conflict.

Muoi Sau sweet soups- the quintessence of Hanoi’s nosh

Muoi Sau (Sixteen) Dessert Soup Stall in Hanoi’s downtown is a well-known place for those who love the sweetness of Hanoi desserts.

Leading cueists gather in HCM City for Billiard World Cup 3-Cushion 2022

The world’s leading cueists have returned to Ho Chi Minh City for the Billiard World Cup 3-Cushion 2022 after the tournament was postponed for the two years due to the COVID-19 pandemic.

Control inflation to protect the poor

President Nguyen Xuan Phuc has said that the economic stimulus package needs to be “brought into life” to help people and businesses, and that inflation should not be allowed to “sweep the poor away”.

VIETNAM BUSINESS NEWS MAY 27

Vietnam to have 184 fishing ports by 2050: draft plan

Omicron subvariants under close scrutiny in Vietnam

The Vietnamese Ministry of Health said it is closely monitoring the emergence of new sub-lineages of the Omicron variant that causes the COVID-19 disease worldwide to promptly adopt control measures if they are reported in Vietnam.

Vietnam elected as member of two ESCAP Regional Center Executive Councils

Two Vietnamese agencies have won election to the Executive Councils of the UN Statistical Institute for Asia and the Pacific and Centre for Sustainable Agricultural Mechanisation under the UN Economic and Social Commission for Asia and the Pacific.

VIETNAM NEWS HEADLINES MAY 27

Dien Bien rushes to evacuate 26 more households over landslide risk

Shelter cares for 20 breast cancer patients in HCM City

No longer allowed to stay in a hospital, a breast cancer patient sold her house to rent and provide a shelter for 20 patients coming from all over the country to Ho Chi Minh City for chemotherapy and radiation treatment.

G&P Global Ratings raises Vietnam’s sovereign credit rating

The S&P Global Ratings on May 26 raised its long-term sovereign credit rating on Vietnam to “BB+” with a “stable” outlook on the back of strong economic recovery, according to the Ministry of Finance.

Domestic airlines offer millions of tickets for summer travel season

Anticipating that travel demand during the upcoming summer will rise sharply, and even higher than the pre-pandemic levels, local carriers are offering millions of air tickets.

American doctor’s endless love for Vietnamese ethnic minority cultures

When listening to him talk for hours and hours about the objects he found by chance on trips to different mountainous regions, it is easy to see Mark Rapoport's passion for the ethnic groups of Vietnam.

Two new Viettel inventions granted exclusive protection certificate in the US

Viettel Aerospace Institute (VTX), a member of Viettel Group, was officially granted an exclusive protection certificate by the US Patent and Trademark Office (USPTO) for two works in the field of optoelectronics and materials industry.

SEA Games 31 fuels recovery of local tourism industry

The hosting of the recent 31st Southeast Asian Games (SEA Games 31) between May 12 and May 23 can be viewed as a golden chance for the local tourism industry to recover after months of little activity due to the impact of the COVID-19 pandemic.
back_to_top