Budget value for 2015 higher than target
The State budget value for 2015 will rise above expectations by VND17.4 trillion (US$790.9 million) while the budget deficit is estimated at VND31 trillion (US$1.4 billion), Deputy Finance Minister Do Hoang Anh Tuan told a press conference in Hanoi on October 26.
The higher budget value is buoyed by a 6.5% economic growth and a low 1.5-2% consumer price index.
Explaining the budget deficit, Tuan pointed to low fuel prices and import tariffs stipulated in a series of free trade agreements. To make up for this, the government asked the National Assembly to approve the minimal use of VND10 trillion (US$450 million) divested by some State-owned enterprises.
Additionally, up to VND34 trillion (US$1.54 billion) worth of late corporate taxes will be collected, more than VND5 trillion (US$225 million) of which was collected in the first nine months of this year.
Tuan admitted that several companies are purposefully delaying tax payments for their own gains.
The ministry also established five groups in charge of uncovering transfer pricing behaviours, he said.
On public debts, Tuan said they account for 63.2% of the budget, inclusive of official development assistance for 2016, which is still within its limits.
Explaining the budget deficit, Tuan pointed to low fuel prices and import tariffs stipulated in a series of free trade agreements. To make up for this, the government asked the National Assembly to approve the minimal use of VND10 trillion (US$450 million) divested by some State-owned enterprises.
Additionally, up to VND34 trillion (US$1.54 billion) worth of late corporate taxes will be collected, more than VND5 trillion (US$225 million) of which was collected in the first nine months of this year.
Tuan admitted that several companies are purposefully delaying tax payments for their own gains.
The ministry also established five groups in charge of uncovering transfer pricing behaviours, he said.
On public debts, Tuan said they account for 63.2% of the budget, inclusive of official development assistance for 2016, which is still within its limits.