The economy is improving, the provincial budget revenue at the beginning of the year increased quite a bit.

According to the Provincial Tax Department, the state budget revenue in the first two months of 2024 is estimated at VND 2,170 billion, equal to 21.7% of the estimate (VND 10,000 billion) and an increase of nearly 126% over the same period (VND 1,735 billion).

Positive signal

The province's economic situation in the first two months of the year still maintained a positive growth momentum from the end of last year. In particular, favorable factors creating momentum for the province's economy to continue growing, namely the removal of traffic "bottlenecks" on the two expressways Vinh Hao - Phan Thiet and Phan Thiet - Dau Giay, making Binh Thuan an attractive location for investors to choose to invest in large-scale projects. The positive impact of the goods consumption market during the Lunar New Year: the tourism industry flourished, production and business were enhanced, and people's purchasing power also increased due to the Lunar New Year taking place in February 2024... contributed to increasing the province's domestic budget revenue.

Tourism continues to grow strongly, contributing positively to the state budget.

According to statistics from the Provincial Tax Department, in January 2024, total state budget revenue (including import-export tax) reached VND 1,520 billion, an increase of 50.46% over the same period; of which domestic revenue reached VND 1,466 billion, an increase of 59.24%. Meanwhile, February fell during the Lunar New Year holiday, estimated state budget revenue reached VND 114 billion. As of February 19, 2024, excluding types of revenue due for tax payment (periodically on the 20th of each month), the province's domestic revenue in the first two months of the year was VND 1,544 billion, reaching 63.87% of the quarterly target (VND 2,417 billion).

In the first two months of the year, the tax authority focused on collecting corporate income tax (CIT), personal income tax (PIT), value added tax (VAT)... Of the 18 types of revenue, 6 types were above the average (17.14%), of which 5 types of revenue increased compared to the same period. Specifically, this year's non-state revenue is estimated to be 1,659 billion VND, estimated to be collected in 2 months at 417 billion VND, equal to 25.12% of the estimate, and increased by 21.02%. This revenue source increased mainly from enterprises paying CIT from real estate transfer activities and VAT such as: Delta - Valley Binh Thuan Company Limited paid CIT from real estate transfer activities of 96.2 billion VND; Nam Ha - Duc Linh Company Limited paid 33.3 billion VND (of which CIT from real estate transfer activities was 29.4 billion VND); Ha Do Binh Thuan Company Limited paid 16.6 billion VND... Lottery revenue reached 551 billion VND, up 46.01% over the same period; land and water surface rental revenue reached 47 billion VND, up 487.7%... By area, 4/10 areas had revenue above the average of the district block by 19.23%, including Phan Thiet city, Ham Tan district, Duc Linh and Phu Quy.

Tax management of petroleum business activities

Strengthening the fight against budget loss

In parallel with the implementation of the collection task, the tax authority has also strengthened solutions to prevent revenue loss. From the beginning of the year to February 19, 2024, the Tax Department issued 7 decisions to inspect 439 enterprises, collect and fine 294.2 million VND to the State budget; inspected 72 tax declarations at the tax authority's headquarters with 37 taxpayers (NNT), resulting in an adjustment to increase revenue by 77.8 million VND; and reduce deduction by 2.97 million VND.

Right from the beginning of the year, the tax sector launched a movement to strive to exceed the state budget revenue estimate; at the same time, it continued to effectively implement solutions to support people and businesses to overcome difficulties and nurture revenue sources. In revenue management and administration, it reviewed revenue sources, strengthened tax management for activities such as petroleum business activities, tourism service business activities... to ensure full and timely mobilization of revenues to the state budget in accordance with the provisions of law, contributing to increasing local budget revenue.

The tax authority continues to implement policies to support businesses and people in overcoming difficulties in production and business activities, recovering and developing the socio-economy. In this March and the coming time, the tax sector will continue to focus on timely and effectively implementing solutions on tax extension, exemption and reduction, and land rent that have been issued and come into effect in 2024 to support taxpayers, contributing to helping taxpayers quickly recover production and business, creating momentum for economic development, and nurturing revenue sources. The tax sector will step up the application of measures to urge debt collection and enforce tax debt in order to strive for the total tax debt to not exceed 8% of the total actual revenue to the State budget in 2024 by December 31, 2024, in order to promptly mobilize resources for the State budget. Total estimated tax debt as of February 19, 2024 is VND 1,428.6 billion, a decrease of VND 207.5 billion, equivalent to a decrease of 12.7% compared to December 31, 2023 (VND 1,428.6 billion/VND 1,636.1 billion). At the same time, continue to strengthen control of electronic invoice data to ensure that taxpayers use invoices in accordance with regulations and promptly prevent violations and tax fraud.

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