HCM City: State budget collections down 12.4 pct

State budget collections in HCM City in the first four months were estimated at over VND117 trillion (US$5 billion), 28.9 percent of the estimate and down 12.4 percent year-on-year, the city’s Statistics Office reported.

Illustrative image (Photo: VNA)

Illustrative image (Photo: VNA)

It attributed the decline to the COVID-19 outbreak.
Domestic budget collections fell 11 percent year-on-year to VND78.9 trillion. Revenue from crude oil topped VND5.5 trillion, down 26.2 percent, while that from exports and imports fell 13 percent annually to VND32.7 trillion
Revenue from State-owned enterprises accounted for 9.7 percent of domestic collections, down 13.6 percent year-on-year. Revenue from private enterprises fell 21.1 percent to VND20.7 trillion while that from foreign-invested enterprises was over VND21.5 trillion down 5.6 percent.
Revenue for local budget was over VND19.7 trillion, down 13.2 percent against the same period last year.
The city’s total expenditure during the four months stood at more than VND18 trillion, up 11.3 percent year-on-year. Nearly VND5 trillion was for development, up 14.2 percent annually.
The city is adopting a number of measures to support residents and businesses hit by COVID-19. It has assigned the Taxation Department to establish a set of criteria for those eligible for tax breaks and exemptions and will offer land lease payment extensions in accordance with Government Decree No. 41/2020/ND-CP dated April 8, 2020.
It has also worked with authorities in 24 districts to review a list of business households that suspended operations and had annual revenues of less than VND100 million which will be offered support.


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