Prime Minister assigns tasks for financial sector
Updated : Friday, January 11, 2019 2:30 PM (GMT+0700)

Prime Minister NguyenXuan Phuc has emphasised the restructuring of state budget and public debt as akey and long-term task of the financial sector.

 
Prime Minister Nguyen Xuan Phuc - Photo: VNA

Addressing a teleconference to review financial and budget workin 2018 and put forward tasks for 2019 on January 9, the Prime Minister askedthe sector to work to increase budget collection and reduce regular spending.

Besides, the sector needs to restructure and expandcollection sources while promoting the application of electronic invoices, hesaid. 

He also asked for more facilitating mechanisms to supportsmall and medium sized enterprises and uplifting household businesses toregistered enterprises.

At the event, PM Phuc praised the financial sector’s increasein budget collection in 2018, and its outstanding results like closecoordination with relevant ministries and local agencies in implementing taskson macro-economic stability, growth model promotion and management of essentialgoods prices.

In 2018, the financial sector collected over 1,400 trillionVND (60.2 billion USD) towards the State budget, or 7.8 percent higher thanprojected.

Finance Minister Dinh Tien Dung attributed the result to the ministry’sefforts to actively implement the budget collection task right from thebeginning of 2018, and coordinate closely with other ministries, sectors, andlocal authorities to intensify collection management.

According to the minister, the structure of budget spendingwas shifted to the right track, and the proportion of spending for developmentinvestment surpassed 27 percent, and regular spending was below 62 percent ofthe total expenditure.

The state budget overspending was estimated at below 3.6 percentof the country’s gross domestic product (GDP), and public debts kept under 61percent of the GDP.

In 2019, the sector will continue administrating fiscalpolicy closely in line with monetary policy and other macro policies, workingto boost production and business development, and implementing budgetrestructuring functions. 

It will intensify the fight against transfer pricing, tradefrauds, and tax evasion; step up taxation inspections; and solve tax debts soas to reduce the rate of such debts to below 5 percent of the total Statebudget collection. Attention will also be paid to speeding up administrativereform, and cutting down unnecessary administrative procedures and business conditions,the minister said.

Source: VNA

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