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Jan-Oct State budget revenue falls over 9%

The Saigon Times

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HCMC – Vietnam’s State budget revenue in the first 10 months of the year dropped by more than 9.2% compared to the same period last year, according to the Ministry of Finance.

The total State budget revenue in the January-October period stood at nearly VND1.4 quadrillion, equivalent to 86.3% of the 2023 estimate.

Of the total, revenue from domestic sources amounted to approximately VND1.16 quadrillion, reaching 86.8% of the estimate and falling by 5.9% versus the year-ago period.

Budget revenue from crude oil was recorded at around VND51.4 trillion, equivalent to 122.3% of the estimate yet decreasing by some 19.8% year-on-year.

Meanwhile, budget revenue collected from import and export activities in the first 10 months of the year dropped by 21.9% over the same period last year at VND188.8 trillion, or 79% of the year’s estimate.

According to the Ministry of Finance, budget collections from several sources were lower than expected. For instance, revenue from environmental protection taxes stood at 47.6% of the estimate, a 22.1% year-on-year drop, while revenue collected from fees and charges reached only 78.8% of the estimate.

The amount of money collected from land and house-related sources achieved only 67.3% of the year’s projection and plummeted by 43.3% over the year-earlier period.

In the remaining two months of the year, the Ministry of Finance will take measures to ensure the State budget revenue target will be met.

The ministry will continue to implement various policies to support businesses and individuals, such as tax exemptions and reductions, and extending tax payment deadlines.

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