Enforced collection of 23.5 trillion VND in tax debt

(Baonghean.vn) - As of July 2016, the Tax Department has inspected and examined 32,500 enterprises, thereby increasing revenue by 5.7 trillion VND, an increase of nearly 20% over the same period in 2015; urging and enforcing collection of 23.5 trillion VND in tax debt transferred from 2015, an increase of 18.8% over the same period in 2015.

One-stop transaction at Nam Dan Tax Branch. Photo: Document

The assessment of the implementation of the financial and budget management tasks of the Ministry of Finance shows that the accumulated state budget revenue in the first 7 months reached 583.6 trillion VND, equal to 57.5% of the annual estimate, up 5.7% over the same period in 2015. Of which, domestic revenue in July is estimated at 86 trillion VND, up about 22.2 trillion VND (34.8%) over June. Accumulated in the first 7 months, this revenue is estimated at 472.7 trillion VND, equal to 60.2% of the annual estimate, up 12.4% over the same period.

As of July 2016, the Tax Department has inspected and examined 32,500 enterprises, thereby increasing revenue by 5.7 trillion VND, an increase of nearly 20% over the same period in 2015; urging and enforcing collection of 23.5 trillion VND of tax debt transferred from 2015, an increase of 18.8% over the same period in 2015.

Regarding import-export revenue, the Customs authority has coordinated with relevant agencies to strengthen tax inspection and examination; step up the fight against smuggling, trade fraud, and revenue loss; strengthen post-clearance inspection and examination of goods origin. The Customs force has conducted over 3,600 post-clearance inspections and examinations, increasing revenue for the budget by 941 billion VND; collected and processed 259 billion VND of tax debts from declarations made before December 31, 2015; arrested and processed over 9,400 cases of smuggling and trade fraud, increasing revenue for the budget by 77 billion VND; prosecuted 23 cases, and transferred 42 cases to other agencies for investigation.

The Ministry of Finance said that total state budget expenditure in July was estimated at 107.5 trillion VND; accumulated expenditure in the first 7 months reached 662.1 trillion VND, equal to 52% of the annual estimate, up 4.9% over the same period in 2015. Of which, expenditure for development investment is estimated to be implemented in the first 7 months at 92.2 trillion VND, equal to 36.2% of the annual estimate, up 6.9% over the same period in 2015. Regarding the implementation of capital for construction investment, it is estimated that by the end of July, disbursed capital for projects was about 91.3 trillion VND, reaching 36.2% of the annual estimate (the same period in 2015 reached 47% of the annual estimate); disbursed government bond capital is estimated to reach about 25.8% of the annual estimate (the same period in 2015 reached 44% of the annual estimate). The estimated budget deficit for the first 7 months was VND78.5 trillion, equivalent to about 31% of the annual estimate. The Ministry of Finance has also issued VND206,878 billion in government bonds, equivalent to 82.8% of the 2016 plan (VND250,000 billion), ensuring timely resources to meet budget expenditure tasks according to the estimate.

The water plant in Nam Giang (Nam Dan) uses ODA capital from Finland. Photo: Hoang Vinh

The results of implementing some key tasks also showed many positive highlights. Regarding equitization and divestment of enterprises, in the first 7 months of the year, 43 enterprises (actual value of VND 29,907 billion, of which state capital is VND 22,240 billion) had their equitization plans approved by competent authorities, including 6 corporations.

The amount of capital divested from equitization reached VND 2,870 billion in book value, with a total of VND 5,632 billion collected from selling shares. The Groups and General Corporations divested VND 381 billion in book value, earning VND 424 billion from selling shares in 5 sensitive sectors (securities, insurance, banking - finance, real estate, investment funds), and at the same time divested VND 1,259 billion, earning VND 1,959 billion from selling shares in other sectors; SCIC sold VND 1,229 billion, earning VND 3,248 billion.

Regarding foreign capital mobilization, in July 2016, 4 foreign loan agreements were signed with the World Bank with a total value of 669 million USD. In the first 7 months of 2016, 26 loan agreements were negotiated and signed with a total converted value of about 4,431 million USD, mainly from major donors such as the World Bank, ADB and Japan. Foreign loan disbursement in July 2016 reached about 3,274 billion VND (equivalent to 150 million USD). As of July 25, 2016, about 44,054 billion VND (equivalent to 2,014 million USD) had been disbursed, reaching 42.8% of the yearly plan (4,700 million USD).

Regarding foreign debt repayment, in July 2016, the foreign debt repayment obligation from the State budget was 4,042 billion VND (equivalent to 184.7 million USD). Accumulated to July 2016, the total value of debt repayment and foreign debt repayment was 20,882 billion VND (equivalent to 954.3 million USD).

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