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Monday, July 22, 2024

State budget revenue falls 7.8% in January-July

The Saigon Times

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HCMC – State budget revenue in the first seven months of this year fell 7.8% versus the year-ago period to VND1 quadrillion, which represents 62.7% of the full-year estimate.

Only eight centrally-governed cities and provinces reported growth in budget revenue, while 55 others recorded revenue decreases, the Ministry of Finance said on August 9.

In July, the tax and customs agencies continued to implement policies of tax exemptions, reductions, and extensions to provide support to businesses and individuals hurt by the ongoing economic woes. These measures offered an estimated relief of around VND109 trillion by the end of July.

Minister of Finance Ho Duc Phoc said that while the State budget remains aligned with its targets, difficulties are anticipated in the latter half of the year.

The minister also highlighted significant declines in specific revenue sources. Revenue generated from environmental protection taxes on gasoline and oil dropped over 38% against the same period last year. Similarly, revenue from property and land transactions declined more than 53%, and import-export taxes also edged down.

Accumulated budget expenditure from January to July surged by 13.7% year-on-year, amounting to VND957 trillion, equivalent to 46.1% of the estimate.

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