Budget revenue exceeds the target by nearly 26 trillion VND

Thanks to the drastic direction of the provincial Party Committee and People’s Committee in line with the active involvement of the tax authorities and all-level government, the province gained good results in tax collection from 2021 to 2024.

The production chain of Siflex Vietnam Company Limited in Quang Chau industrial park (Viet Yen township), which pays an annual tax of tens of billions dongs.

The annual total budget revenue of the province exceeds the assigned estimation. Particularly, it reached over 20 trillion VND (792 million USD) in 2021, 2022 and 2024.

Remarkably, the total budget revenue for the whole period of 2021-2025 was targeted at some 54 trillion VND (2.1 billion USD) but it reached nearly 80 trillion (3.2 billion USD) by the end of 2024, exceeding nearly 26 trillion VND (1 billion USD) against the target for the whole period.

According to the Taxation Department, the total budget revenue of the province in 2024 achieved 20.4 trillion VND (807.8 million USD) including 18.3 trillion VND (724.7 million USD) of domestic revenues and the remaining was import and export taxes.

The great highlight in budget revenues of the province in recent years is that revenues from taxes and fees in the entire province exceeded 10 trillion VND (396 million USD) (excluding revenues from land use) for the first time in 2024.

It showed good signs of economic recovery and more sustainable revenue structures, contributing to reinforcing self-sufficiency of local budget.

In fact, 14 out of 15 domestic revenues from taxes and fees in 2024 surpassed the estimates.

Many tax types achieved and exceeded the targets, particularly revenues from direct foreign investment (FDI) enterprises reached over 3 trillion VND (118.8 million USD), exceeding 37 percent, revenues from non-state economic sector achieved 2.1 trillion VND (83.1 million USD), exceeding 20 percent and personal income tax reached over 1.7 trillion VND (67.3 million USD), exceeding 50 percent of the annual targets.

Not only domestic revenues gained high results, import and export tax revenues have also contributed to increasing the province’s budget revenue.

Particularly, this tax revenue reached from nearly 1.7 trillion (67.3 million USD), to 2.3 trillion VND (91 million USD) per year in 2021-2024 period.

Applying effective solutions

As defining budget revenue an important task to increase resources for the local socio-economic development, in order to fulfill the set targets by the central authorizes and provincial People’s Council, the provincial People’s Committee has implemented many measures to improve the investment and business climate, boost administrative procedure reform, facilitate enterprises and people for effective production and business.

Based on the estimated budget revenue, the Taxation Department targeted the functional divisions and regional taxation sub-departments with specific revenues and requested them to make monthly evaluation to work out timely solutions for removing difficulties to increase tax revenues, according to Nguyen Van Sy, Deputy Director of the Taxation Department.

Specially, the tax authority closely supervised every revenue to ensure appropriate and timely collection in line with providing favorable conditions for tax payers to expand their production and business so that they can make high contributions to the budget.

Besides, the Taxation Department pays attention to implementation of the scheme on increasing budget revenue in the locality with an aim for balance of regular expenditure in local budget of Bac Giang province. As a result, the management of budget revenue has been improved.

In addition, it boosted digital transformation and guided individuals to perform personal income tax settlement online to timely pay taxes, charges and fees.

This authority has also collaborated with departments, agencies, local party committees and government to implement synchronous and drastic measures to manage revenues avoiding budget loss while working with the public security department to well prevent, detect and fight against violations and criminals in tax sector.

Similarly, the Customs Department has taken measures to increase budget revenues. Particularly, it guarantees transparent and equal import and export environment, supports businesses to quickly handle obstacles, inspect goods posing risks in declaration of values, quantity and origin and strictly punish frauds to prevent tax losses.

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