Many positive signals

However, the budget revenue estimate for 2024 is high. Therefore, in the coming time, the Finance sector will deploy many solutions to complete this difficult task.

Tax collection in the first quarter of 2024, the non-state enterprise sector is 33.7 trillion VND. In the photo: Automatic machine production at Tan Phat Equipment Technology Joint Stock Company (Thanh Tri district).

Domestic revenue achieved good results

According to data from the General Statistics Office, total state budget revenue in the first quarter of 2024 reached VND539.5 trillion, equivalent to 31.7% of the annual estimate and up 9.8% over the same period last year. Of which, domestic revenue reached VND467.5 trillion, equivalent to 32.4% of the annual estimate and up 13.5% over the same period last year...

Locally, according to the Hanoi Statistics Office, the total state budget revenue in the first 3 months of 2024 is estimated at 146.9 trillion VND, equal to 36% of the annual ordinance estimate and up 3.9% over the same period last year. Of which, domestic revenue is 140.7 trillion VND, reaching 37.2% of the estimate and up 4.6%...

Some major revenue sectors in domestic revenue in the past 3 months were: State-owned enterprise sector implemented 30.3 trillion VND, equal to 42.9% of the annual estimate and increased by 8% over the same period last year; non-state enterprise sector implemented 33.7 trillion VND, equal to 42.8% and increased by 14.3%; foreign-invested enterprise sector implemented 9.8 trillion VND, equal to 36.7% and increased by 12.3%; fee and charge collection 5.7 trillion VND, equal to 29.3% and increased by 31.1%; land use fee collection 4.8 trillion VND, double the same period last year...

Economic and financial expert Dinh Trong Thinh assessed that the budget collection results in the first quarter of 2024 were relatively high, especially since these were the first months of the year. Notably, the good results of domestic revenue collection showed that the application of electronic invoices and the connection of payment data with tax authorities were effective; production and business activities of enterprises were better; the economy grew positively. In the first quarter of 2024, the pillars of the economy such as investment, export, and consumption were all quite good; in which the total social investment capital increased by 5.2% over the same period last year, reflecting the recovery of production and business in many industries and fields.

According to the General Department of Taxation, since the first months of the year, the Tax sector has launched an emulation movement to strive to complete the state budget revenue estimate for 2024; synchronously and drastically deploy solutions to strengthen revenue management, prevent revenue loss associated with promoting administrative procedure reform, creating favorable conditions for businesses and taxpayers; focusing on inspection and examination, associated with propaganda, dialogue, and answering questions of businesses. The tax authority has also proposed groups of solutions to manage tax debts regularly and continuously, avoid risks, limit debt occurrence...

People do tax procedures at the Ba Dinh District Tax Department. Photo: Nguyen Quang

Need a breakthrough in budget collection

However, the task of collecting the budget in the coming time is not easy because the estimated budget revenue in 2024 is very large, 1,700.9 trillion VND, an increase of about 5% compared to the estimate and estimated implementation in 2023. Meanwhile, the world economy has not improved, the domestic market is difficult, many businesses have reduced their scale or stopped operating.

To complete the task of budget collection, the Tax sector has implemented many solutions. In particular, it pays special attention to flexible and timely policy responses, proactively advising the Ministry of Finance and the Government on scenarios and proactive solutions in managing state budget collection. In addition, the Tax sector continues to implement the Government's support packages for businesses and people, thereby nurturing sustainable revenue sources for the state budget.

Another solution that the Tax sector and units focus on is to conduct planned inspections and audits combined with specialized inspections and audits to prevent revenue loss in areas with high tax risks such as: Related transactions, capital transfers, e-commerce, value-added tax refunds, fraudulent use of electronic invoices, exploitation of resources, minerals, and service business; continue to manage taxes, review, and urge foreign suppliers to register for taxes, declare taxes, and pay taxes on the General Department of Taxation's electronic information portal...

According to expert Dinh Trong Thinh, state management agencies need to consider continuing to improve the investment and business environment, thereby increasing the attraction of capital from foreign investors and private investors into the economy. Along with that, it is necessary to consider mechanisms and policies affecting production and business to support enterprises to recover and grow. "The recovery of production and business will contribute to increasing revenue for the budget," said Mr. Dinh Trong Thinh.

With the budget revenue estimate at a high level, Minister of Finance Ho Duc Phoc said that if there is no creativity in the collection method, it will be difficult to complete the task. The Tax sector has been creative in implementing electronic invoices, connecting data, collecting real estate taxes, collecting cross-border e-commerce taxes... but needs to make breakthroughs to manage more effectively. Regarding the customs sector, it is required to continue upgrading the information technology system, promoting administrative procedure reform, and combating smuggling and trade fraud.

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