Finance sector deploys tasks for the last 6 months of 2022

On the afternoon of July 7, the Ministry of Finance held a national online conference to review the implementation of state financial and budget tasks in the first 6 months of the year and deploy tasks for the last 6 months of 2022.

Delegates attend the first 6-month review conference at the Ministry of Finance headquarters. Photo: Duc Minh/Financial Times

State budget balance is guaranteed

The Ministry of Finance's report said that in the first 6 months of the year, the entire Finance sector has proactively and promptly proposed fiscal policy solutions, resolutely organized and implemented the proposed State financial and budgetary tasks, actively contributing to promoting socio-economic recovery and development, ensuring social security and people's lives. The Ministry of Finance has focused on implementing the work of building and perfecting institutions, policies, and projects; tightening financial discipline, improving the effectiveness and efficiency of State management in the field of State finance and budget.

Fiscal policy management has been proactively and resolutely implemented, focusing on directing the effective implementation of tax laws; proactively coordinating with ministries, branches and localities to effectively manage revenue collection; handle tax arrears; step up the fight against revenue loss, smuggling, trade fraud and tax evasion. As a result, the accumulated state budget revenue in the first 6 months reached 941.3 trillion VND, equal to 66.7% of the estimate, up 19.9% ​​over the same period in 2021; state budget expenditure is estimated at 713 trillion VND, equal to 40% of the estimate.

Comrade Ho Duc Phoc - Minister of Finance speaking at the Conference. Photo: Finance Magazine

Thanks to proactive management, the budget expenditure tasks in the 6 months were carried out according to the estimate, meeting the requirements of socio-economic development, national defense, security, State management and payment of due debts, ensuring funding for epidemic prevention and control, and social security expenditure tasks for the people. The balance of the central budget and local budgets was ensured.

The Ministry of Finance strictly controls public debt safety indicators to ensure the national financial system is safe, sustainable and has a stable macro-economy; continues to restructure public debt, ensuring the security and safety of public finance. At the same time, implements the restructuring of the Government debt portfolio in accordance with market conditions and ensures compliance with the provisions of the 2017 Law on Public Debt Management and guiding documents. Fully and timely repays debts as committed. Positive results from socio-economic development, State finance and budget have helped strengthen the national credit rating.

Implementing Resolution No. 43 of the National Assembly and Resolution No. 11 of the Government, the Ministry of Finance has proactively developed and submitted to competent authorities for promulgation policies on State budget revenue and expenditure, balancing and ensuring resources to implement the Program for socio-economic recovery and development.

Panorama of the conference at the Ministry of Finance bridge. Photo: Finance Magazine

In addition, in the face of complicated developments in the world gasoline and oil market, gasoline and oil prices have increased sharply, causing pressure on inflation and production and business activities of enterprises and people's lives, the Ministry of Finance has reported to the Government to submit to the National Assembly Standing Committee to issue a Resolution to reduce environmental protection tax on gasoline, oil, and grease, applicable from April 1, 2022 to December 31, 2022.

Ensuring macroeconomic stability and controlling inflation

Speaking at the conference, Deputy Prime Minister Le Minh Khai highly appreciated and commended the efforts of all officials, civil servants and employees in the Finance sector, thereby achieving outstanding results in the State financial and budget work in the first 6 months of 2022.

The Deputy Prime Minister also said that the situation in the world is forecast to continue to develop complicatedly in the coming time, so he requested all sectors and levels to continue to closely monitor developments, respond promptly to rapidly evolving situations to ensure macroeconomic stability, control inflation, ensure major balances, maintain production and business activities, maintain normalcy, ensure people's income and life, and complete the set targets and goals for socio-economic development.

Comrade Le Minh Khai - Deputy Prime Minister gave a speech at the conference. Photo: Finance Magazine

Regarding specific tasks, the Deputy Prime Minister requested the Ministry of Finance to continue studying tax and fee policies to submit to competent authorities for decision, remove difficulties, and promote production and business. The Ministry of Finance focuses on timely, focused, and key implementation of fiscal and monetary policy solutions to support the Socio-Economic Recovery and Development Program, striving to complete and exceed the set economic growth target for 2022.

In the last 6 months of the year, the Ministry of Finance needs to continue to effectively implement tax laws and the State budget collection task in 2022; strive to collect more than the estimate decided by the National Assembly. Accordingly, coordinate with localities to strengthen revenue management, grasp revenue sources; promote the implementation of solutions to prevent revenue loss, transfer pricing, trade fraud, digital-based commercial activities, strictly manage tax refunds; urge the collection of tax arrears, reduce the rate of tax arrears.

Panoramic view of Nghe An province bridge. Photo: Pham Bang

At the same time, the State budget expenditure in 2022 must be managed according to the estimate, strictly, economically and effectively, ensuring resources for Covid-19 prevention and control, supporting socio-economic recovery, overcoming the consequences of natural disasters, and ensuring social security. In particular, thoroughly saving regular expenditures, cutting unnecessary expenditures, ostentatious and formal activities, and slow-to-implement spending tasks.

The Deputy Prime Minister also requested the Ministry of Finance to focus on promoting restructuring and equitization of State-owned enterprises, reforming public service units; improving the operational efficiency of State-owned corporations and groups, ensuring revenue estimates and reducing pressure on State budget expenditures. At the same time, developing sustainably, operating safely and smoothly the financial market and financial services; implementing price management according to market principles, controlling inflation, stabilizing major balances, supporting economic growth; strengthening securities management and supervision.

Along with that, continue to tighten financial discipline and order; strengthen inspection, examination, supervision and publicity and transparency; promote anti-smuggling and trade fraud inspection activities; strictly implement inspection and audit conclusions.

Delegates attending at Nghe An bridge point. Photo: Pham Bang

Concluding the conference, Comrade Ho Duc Phoc - Minister of Finance requested localities to pay attention to the management and use of public assets, the Program for economic and social recovery and development, bidding work; strictly handle tax evasion, tightly manage prices; and promote disbursement of public investment capital.

At the same time, request units in the Ministry of Finance to quickly advise on amending regulations in a number of areas. Continue to remove difficulties for businesses and business households; detect, prevent and handle violations in online trading and e-commerce platforms, to prevent tax losses./.