Socio-economic picture of Hai Duong in the first 6 months of 2024. Part 3: Breakthrough in budget revenue

Many revenue streams are high.

Total state budget revenue in the province in the first 6 months of 2024 is estimated at VND 14,764 billion, reaching 75% of the annual estimate and increasing by 41% over the same period last year. Of which, domestic revenue is estimated at VND 12,800 billion, equal to 76% of the annual estimate and increasing by 50% over the same period in 2023. If land use fees and lottery and dividend profits are deducted, the total revenue is estimated at VND 9,000 billion, reaching 74% of the annual estimate and increasing by 23% over the same period. Revenue from import-export activities is estimated at nearly VND 1,924 billion, reaching 71% of the estimate and increasing by 4% over the same period last year.

There are 2 revenue items that exceeded the annual estimate: revenue from profits, distributed dividends and revenue from mineral exploitation rights. The reason is that some enterprises have higher payment amounts such as companies: Binh Minh HD Joint Stock Company, Kim Boi Minerals...

Many revenues have been quite good compared to the estimated progress of the whole year. Notably, the foreign investment sector is estimated at 4,059 billion VND, reaching 69% of the annual estimate, up 7% over the same period last year. Besides some key enterprises with reduced contributions such as Ford Vietnam Co., Ltd., Jaks Hai Duong Electricity..., many enterprises have increased contributions to the budget such as Sumidenso Vietnam Co., Ltd., KPF Vietnam, Proterial Vietnam, Ducar Technology, Poyun Electronics Vietnam...

Land use fee collection is estimated at 3,750 billion VND, reaching 81% of the annual estimate, nearly 3.2 times higher than the same period last year. Some enterprises have made great efforts such as Investment and Construction Joint Stock Company No. 18, Thai Son Bac Ha; LLCs: Minh Thanh Construction and Transport, Hung Thinh Group...

Revenue from the non-state industrial, commercial and service sector is estimated at VND2,400 billion, reaching 89% of the annual estimate, up 59% over the same period last year. In addition to the two Hoa Phat Steel Joint Stock Company and Hoa Phat Energy with reduced contributions, many enterprises have increased budget contributions compared to the same period last year such as: Hoang Thanh-Nam Sach LLC, Hoang Yen HD, a member of Masan HD, Dai Duong; joint stock companies: Tay Bac Investment Group in Hai Duong, Newland Investment - Hai Duong branch, Thanh Cong Group...

“Despite many difficulties, our company always strives to pay the budget correctly, fully and on time. This also aims to create a foundation for brand development and affirm the company's position,” said Mr. Le Van Dinh, Chairman of the Board of Directors of Thanh Cong Group Corporation.

Many other revenues also increased, such as personal income tax (VND 740 billion) increased by 18%, revenue from the central state-owned enterprise sector (VND 350 billion) increased by 89%, environmental protection tax (VND 355 billion) increased by 22%...

New target for full-year budget

According to the Department of Finance, based on the budget revenue in the first 6 months of the year, Hai Duong has re-determined the budget revenue estimate for the whole year 2024. The total state budget revenue in the area is expected to be over VND 27,169 billion, an increase of 38% compared to the estimate at the beginning of the year. Of which, domestic tax revenue is estimated at VND 24,300 billion, an increase of 44% (regular revenue is estimated at VND 14,754 billion, an increase of 20%; land use fee revenue, lottery revenue is estimated at VND 9,546 billion, more than double the annual estimate). Revenue from import-export activities is estimated at over VND 2,789 billion, an increase of at least 3% of the annual estimate or more.

If this goal is successfully achieved, this will be the year Hai Duong has the best budget revenue results ever.

In July 2024, policies to support businesses facing difficulties were strengthened, such as policies to extend the payment of corporate income tax, value added tax, land rent, etc. According to Mr. Nguyen Trong Tien, Deputy Director of the Hai Duong Provincial Tax Department: "Although the amount of support for businesses and business households through tax exemption and reduction policies is not too large, this financial source has helped businesses and business households have more capital to maintain production and business, overcome difficulties, create momentum for economic growth and nurture state budget revenue".

The People's Committee of Hai Duong province directed localities, tax and customs sectors to closely follow the collection progress, assess and analyze each locality, each collection area and tax type to have a plan to direct and manage collection in a timely manner, forecast monthly and quarterly collection in line with actual occurrence. Resolutely and synchronously deploy collection solutions, strive to complete the 2024 budget collection at the highest level. Strengthen coordination in connecting, exploiting and comparing information to combat transfer pricing, tax evasion, effectively manage revenue sources arising from e-commerce transactions, capital transfers, real estate transfers, etc. "The Hai Duong Provincial Tax Department has specified the inspection and examination plan for 2024 to ensure progress, improve quality to effectively combat tax loss, focusing on activities in high-risk industries and fields with the potential to generate large amounts of payments," Mr. Nguyen Trong Tien added.

In the coming time, the tax department will strengthen the management of business households in the whole province, speed up the review and standardization of tax code data, deploy digital maps of business households, deploy effective tax management solutions for individuals doing business on digital platforms, e-commerce, real estate transfers... The goal of the whole province is to reduce tax and fee debt to less than 5% of the revenue estimate.