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Tuesday, June 25, 2024

State budget revenue drops in Jan-April

The Saigon Times

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HCMC – State budget revenue in the first four months of 2023 totaled VND645.4 trillion, down 5% year-on-year and reaching 40% of the year’s estimate, according to the Ministry of Finance.

Revenue from domestic sources dropped to around 89% of the previous year’s figure.

Budget revenue from value added tax, special consumption tax and personal income tax decreased by a slight 5%, 7% and nearly 3%, respectively.

Revenue from the environmental protection tax accounted for only 17% of the full-year estimate, less than half of the figure in the same period last year.

Revenue from fees and charges totaled only 32% of the 2023 estimate, down 8% compared to last year. Meanwhile, the amount of money collected from land and house-related sources achieved only 21% of the year’s projection, and plummeted by 54% from the year-earlier period.

Budget revenue falls have been reported in many sectors in various provinces, including real estate, automotive, securities and oil. Only 16 provinces and cities saw an increase in budget revenue over the same period last year.

Despite the State budget revenue decline, the accumulated budget expenditure in the first four months increased by 6% year-on-year to VND500.3 trillion, equivalent to 24% of the 2023 estimate.

Of the total budget spending, development investment amounted to an estimated VND110.6 trillion, up over 15%, while regular spending was VND355.4 trillion, equivalent to 30% of the plan, up nearly 5% compared to the same period last year.

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