Financial sector’s State budget collection hit 60.2 billion USD
Updated : Friday, January 11, 2019 2:27 PM (GMT+0700)

The financial sectorcollected over 1,400 trillion VND (60.2 billion USD) towards the State budgetin 2018, or 7.8 percent higher than projected, heard a conference to reviewfinancial and budget works in 2018 and put forward tasks for 2019.

Financial sector collected over 1,400 trillion VND (60.2 billion USD) towards the State
budget in 2018 - Source: VNA

Speaking at the event, which was also attended by PrimeMinister Nguyen Xuan Phuc, Finance Minister Dinh Tien Dung attributed theresult to the ministry’s efforts to actively implement the budget collectiontask right from the beginning of 2018, and coordinate closely with otherministries, sectors, and local authorities to intensify collection management.

Thanks to the positive result of budget collection, budgetspending tasks were ensured, thus meeting the political and economic taskrequirements of units using the budget and helping solve arising issues relatedto investment in socio-economic infrastructure, overcome disaster consequences,and ensure social welfare and defence-security.

The structure of budget spending was shifted to the righttrack, Dung said, adding that 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 3.6percent of the country’s gross domestic product (GDP), and public debts keptunder 61 percent of the GDP, he stated.

The minister acknowledged slow changes in the disbursement ofinvestment for basic construction works. As of December 31 last year,disbursement was equal to 67.6 percent of the estimate, even lower than thefigure of 70.7 percent of 2017.

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, Dung said.

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,he added.

Source: VNA 

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