Govt income for 2015 rises above target

October 27, 2015 | 10:03

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State revenue for 2015 will likely rise above expectations by VND17.4 trillion (US$790.9 million) while the budget deficit will likely be VND31 trillion ($1.4 billion) smaller than previously expected, Deputy Finance Minister Do Hoang Anh Tuan told a press conference in Ha Noi yesterday.

The higher State income is buoyed by 6.5 per cent economic growth and a low 1.5 per cent to 2 per cent consumer price index increase. - Photo bizive

The higher State income is buoyed by 6.5 per cent economic growth and a low 1.5 per cent to 2 per cent consumer price index increase.

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 use of VND10 trillion ($450 million) of proceeds from divestments from some State-owned enterprises.

Additionally, up to VND34 trillion ($1.54 billion) worth of late corporate taxes will be collected, more than VND5 trillion ($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 per cent of the budget, inclusive of official development assistance for 2016, which is still within its limits.

VNS

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