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Sunday, July 14, 2024

Finance Ministry denies news about budget shortfall

The Saigon Times

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HCMC – The Ministry of Finance has denied news reports about a budget shortfall, saying that the State budget is enough to meet the expenditures scheduled by the National Assembly (NA) and the Government.

The news that the State budget has been exhausted is incorrect, according to the ministry. In reality, the backup budget has been used up, said Minister of Finance Ho Duc Phoc.

He said the State budget revenue was projected at over VND1.3 quadrillion this year. To date, the plan has been met only 77%.

Revenue from domestic production and business activities accounts for a large proportion of the State budget revenue, reaching VND820.4 trillion in the January-August period.

In the eight-month period, the State budget spending reached VND918.1 trillion.

The Ministry of Finance will strive to reach the State budget revenue target while still supporting residents and enterprises affected by the coronavirus pandemic.

However, the backup budget has been used for the fight against Covid-19. In 2021, VND17.5 trillion was allocated to this fund.

Following the prime minister’s directions, ministries, agencies and localities saved at least half of the costs for conferences and working trips locally and abroad and 10% of other regular expenditures this year to supplement financial resources for the Covid fight and other tasks.

As a result, some VND14.62 trillion from regular expenditures has been saved.

The Ministry of Finance suggested the prime minister propose the NA Standing Committee use the saved amount for the fight against Covid.

Minister Phoc said VND21.4 trillion from the State budget has been used for the anti-pandemic effort. Meanwhile, the Covid vaccine fund has raised nearly VND8.7 trillion.

The ministry has also proposed measures to support enterprises such as extending deadlines for the payment of the added value, corporate and individual income taxes and land rentals this year, with an estimated value of VND115 trillion.

It also suggested reducing the environmental protection tax on jet fuel this year and issuing the VND26-trillion aid package for employers and employees hit by the pandemic.

The Ministry of Finance has also proposed reducing taxes and exempting fines for late tax payment with a total value of some VND21.3 trillion.

Moreover, it has coordinated with the Ministries of Labor-Invalids-Social Affairs, Information-Communications and Industry-Trade, Vietnam Social Security and the State Bank of Vietnam to provide support in telecom and electricity prices and lending rates with a value of VND40 trillion.

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