Budget revenue exceeds estimate


Budget revenue exceeds estimate

By the end of November 2022, budget revenue exceeded the estimate by 16%. Photo: Internet.

60/63 localities have collected over 95% of the estimate in 11 months

According to data from the Ministry of Finance, by the end of November 2022, state budget revenue is estimated at 1,638.9 trillion VND, equaling 116.1% of the estimate (the central budget reached 114.9% of the estimate; the local budget reached 117.4% of the estimate), an increase of 17.4% over the same period in 2021. Domestic revenue is estimated at 1,300.7 trillion VND, equaling 110.5% of the estimate, up 13.5 % over the same period in 2021. Excluding land-use levy, lottery collection, capital recovery, dividend collection, profit after tax and the difference between revenues and expenditures of the State Bank, domestic tax and fee collection reached 110.5% of the estimate, up 11.5% over the same period.

By the end of November 2022, 10 revenues were exceeding the estimate, of which house and land revenues reached 136.1%; revenue from lottery activities reached 110.7%, and direct revenues from production and business activities in 3 economic sectors (revenue from state-owned enterprises reached 104.3% of the estimate, up 7.1%; revenue from the foreign-invested enterprise sector reached 106.4% of the estimate, up 10.2%; revenue from the non-state economic sector achieved 111.6% of the estimate, up 9.2%).

Notably, it is estimated that 60/63 localities have collected domestic revenue in 11 months, reaching over 95% of the estimate; 50/63 localities collected higher than in the same period, and 13 localities collected lower than in the same period. About revenue from crude oil, by the end of November 2022, revenue from crude oil was estimated at 68.97 trillion VND, exceeding 144.6% of the estimate, up 77.6% over the same period in 2021.

Meanwhile, the balanced revenue from import-export activities is estimated at nearly 263.5 trillion VND, equaling 132.4% of the estimate, up 25.1% over the same period in 2021 based on the total estimated tax revenue of 402.4 trillion VND, equaling 114.3% of the estimate; VAT refund under the regime is 138.95 trillion VND, equal to 90.8% of the estimate. Positive results in budget revenue made by the Customs sector is due to the increase in import-export turnover, especially import-export turnover with tax. According to the Ministry of Finance, by November 15, 2022, the import-export turnover of goods reached about 644.68 billion USD; import-export turnover with tax increased by 13.69% over the same period. Import turnover of items that contributed a large amount of revenue to the state budget increased sharply, such as: crude oil (up 147.3%), gasoline (up 35%), plastic raw materials (up 10.1%); iron and steel of all kinds (up 30.7%); machinery, equipment, tools and spare parts (up 5%), CBU cars of all kinds (up 6.1%), etc. Besides, the Customs sector strengthened collection management and implemented solutions to remove difficulties, create favourable conditions for businesses to clear goods, and promote import-export activities. As a result, by November 15, 2022, the Customs sector had carried out more than 2.8 thousand inspections, examinations and processing revenues into the state budget of nearly VND 394.12 billion; closely coordinated with functional forces to fight against smuggling, and commercial fraud and counterfeit goods, arresting 13.8 thousand violations with the value of goods about 4.8 trillion VND, handling revenue into state budget are about 266.2 billion VND.

Striving to get the highest collection

Budget revenue in 11 months exceeded the estimate and increased compared to the same period in 2021, but revenue in the last months of the year showed signs of decreasing. Accordingly, in November, domestic revenue was estimated at 105.9 trillion VND, down about 41 trillion VND compared to the previous month, mainly due to some revenues that regimes allow quarterly collection (such as profit tax, personal income tax and value-added tax of business households, profit after tax, the difference in revenue and expenditure from the state bank, etc) arising in the third quarter of which enterprises have declared and paid in October, in November, the incidence is low.

Besides, some industries and fields of production – business activities, and consumption markets still face many difficulties. Some industries have reduced state budget revenue such as construction material production, especially iron and steel (10 months of 2022, down 15.3% over the same period); technological equipment; mobile phones (down 5.1%); televisions of all kinds (down 1.4%). Along with that, input and transportation costs increased due to the influence of gasoline prices, input materials, interest rates, increasing exchange rates, and the global economic downturn.

The Ministry of Finance also said that in the past 11 months, Tax and Customs offices have continued to implement policies to extend, exempt and reduce taxes, fees issued to support businesses and people. Accumulating to the end of November, the total amount of tax, fee and charges exemption, reduction and extension is estimated at 186.7 trillion VND, of which: the extension amount is about 105.9 trillion VND ( tax extension has been paid to the state budget about 76.33 trillion VND); the amount of exemption or reduction is about 80.8 trillion VND. The implemented revenue policy has contributed to supporting people and businesses to remove difficulties and promote production, business and economic growth. Simultaneously, the Finance sector continues to strengthen revenue management, combat revenue loss and trade fraud, and improve the efficiency of tax management for e-commerce and digital business activities and cross-border transactions; to urge the handling and recovery of tax arrears; step up reform of administrative procedures, modernize tax collection, expand the implementation of electronic invoices, provide electronic services for taxpayers, facilitate and ensure safety and confidentiality of information.

With the determination to strive to fulfil at the highest level the socio-economic development tasks and the state budget estimate in 2022 decided by the National Assembly, contributing to controlling inflation, stabilizing the macro-economy, and supporting the recovery. During the last months of the year, the Ministry of Finance will focus on implementing many solutions.

Accordingly, the Finance sector will continue to promptly implement and focus on fiscal and monetary policy solutions to support the socio-economic recovery and development program, striving to complete and exceed economic and financial growth targets set by the State budget. Along with that, the sector will focus on completing the tasks of building and perfecting institutions and financial-state budget projects according to the Government’s program and actual requirements; strengthening revenue management; stepping up the implementation of solutions to combat revenue loss, transfer pricing, trade fraud, digital-based commercial activities and strictly manage tax refunds.

The Finance sector will continue to manage state budget expenditures according to strict, thrifty and efficient estimates, ensuring resources for natural disaster and epidemic prevention and control, supporting economic recovery, and at the same time focusing on speeding up the progress of implementation and disbursement of capital sources under the 2022 plan; national target program capital; capital under the program of socio-economic recovery and development.


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