Finance sector effectively implements fiscal policy solutions


VCN – The Ministry of Finance recently announced the conclusion of Minister Ho Duc Phoc at the meeting assessing the work performance in April 2021 and the plan to implement work in May.

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finance sector effectively implements fiscal policy solutions
The minister requested the tax sector to early complete the strategy of tax system reform for 2021-2030 to submit to the Government. Photo: T. Linh.

On May 17, the Ministry of Finance held an online meeting with eight videoconferences to assess the work performance in April and the plan to implement work in May of the Ministry of Finance.

Based on the office’s report on the assessment of the work performance in April and the implementation plan for work program in May and statements of the leaders of the ministry and leaders of units attending the meeting, the minister gave a conclusion.

Regarding the assessment on the work performance in April, in the context of socio-economic difficulties due to the impact of the Covid-19 pandemic, the entire finance sector has strived and effectively implemented fiscal policy solutions and reached assigned tasks.

The ministry’s units have closely followed the work program of the Ministry and the Government to perform their assigned tasks, basically meeting the requirements of quality and progress; ensuring budget revenue and expenditure tasks, as well as controlling public debt in allowable limits and ensuring the national financial safety.

Total State budget revenue in April was estimated at VND115.9 trillion. Accumulated revenue in the first four months was estimated at VND543.4 trillion, or 40.5% of the estimate, up 7.3% year-on-year.

Total State budget expenditure in April hit VND124.5 trillion. Accumulated expenditure in four months reached VND463.7 trillion, or 27.5% of the estimate.

In the first four months of the year, VND58.4 trillion of government bonds were issued with an average term of 12.54 years and an average interest rate of 2.24% per year.

Regarding key tasks in May, the minister requested heads of units under the ministry to carry out tasks and solutions at the Action Plan of the Ministry of Finance to implement Resolution No. 01/NQ-CP, Resolution No. 02/NQ-CP of the Government and the Work Programme for 2021 of the Ministry of Finance, specifically:

Reviewing legal documents related to the financial sector – State budget that have problems, shortcomings and overlaps, thereby proposing solutions to remove difficulties for people and businesses, creating momentum for socio-economic development.

Another goal is focusing on drastically implementing the prevention and control of the Covid-19 pandemic in accordance with the Government’s regulations and giving timely advice for funding for the fight against Covid-19 when required.

The minister requested the State Budget Department complete the project on reforming the mechanism of central budget allocation and management decentralisation to ensure the leading role of the central budget and the initiative of the local budget.

The minister assigned the General Department of Taxation to strengthen the collection management; to speed up the fight against transfer pricing and tax evasion and strive to collect tax arrears; deploy tax collection on e-commerce floors and network operators; urgently work with relevant units to finalise the draft decision of the Prime Minister on approving the Strategy on Tax System Reform for 2021-2030 to submit to the Prime Minister for approval and promulgation.

The minister requested the General Department of Customs to enhance the collection management; to boost the fight against revenue loss, transfer pricing, smuggling and trade fraud and submit to the Personnel Committee on the Smart Customs and Digital Customs Project; and hasten the inspection of goods.

By Huyen Trang/Hoai Anh

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