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Budget increased revenue thanks to high gasoline prices

State budget revenue in the first 4 months of the year is estimated at 645.3 trillion VND

According to the report on the implementation of state budget revenue and expenditure in the first 4 months of 2022, the total state budget revenue in 4 months is estimated at 645.3 trillion VND, equaling 45.7% of the estimate, up 13.3% compared with the same period in 2021; total state budget expenditure in 4 months is estimated at 470.2 trillion dong, equaling 26.3% of the estimate.

In the context of the armed conflict between Russia and Ukraine still taking place, the prices of fuel and some input materials increased, increasing production and business costs; At the same time, the implementation of solutions to exempt and reduce taxes, fees and charges to support businesses, business households and people under the Socio-economic Recovery and Development Program has affected the number of businesses and households. budget revenue in April and the first 4 months of the year. Specifically:

Total state budget revenue in 4 months is estimated at 645.3 trillion VND, equaling 45.7% of the estimate, up 13.3% over the same period in 2021; in which: domestic revenue reached 44.2% of the estimate, up 9.1%; revenue from crude oil reached 85.4% of the estimate, up 93.4%; Balanced income from import-export activities reached 50.7% of the estimate, up 27.1%.

Budget increased revenue thanks to high gasoline prices - Photo 1.

Although recording a decrease in April, but in general, in 4 months, crude oil is still the source of revenue that recorded the highest increase and contributed to the budget.

Total revenue from crude oil contributed to the budget has reached nearly 24,100 billion VND after 4 months, increased by 93.4% over the same period and completed up to 85.4% of the estimate.

The Ministry of Finance said the reason for this strong growth in revenue was mainly due to the high oil price, which averaged about 4 months. 97.4 USD/barrel, higher 37.4 USD/barrel compared to the estimate and one and a half times higher than the same period. In addition, the payment of crude oil output in this period also reached 3 million tons, equaling 42.9% of the plan.

Budget increased revenue thanks to high gasoline prices - Photo 2.

Crude oil is the source of revenue contributing to the State budget with the highest increase in the first 4 months of the year with nearly 24,100 billion dong.

There are 54/63 localities with 4 months domestic collection progress reaching over 38% of the estimate; 37 localities collected higher than the same period, 26 localities collected lower than the same period.

There are 9/12 domestic revenues that ensure the estimated progress (over 34% of the estimate), some revenues have a good increase compared to the same period in 2021. In addition, Tax and Customs authorities have strengthened their work. collection management, inspection and examination, combating revenue loss, handling tax arrears, well implementing policies on tax exemption and reduction, fees and charges to support businesses and people onion. It is estimated that by the end of 4 months, the total amount of taxes, fees, charges and land rents that have been exempted or reduced to support businesses and people is about 14.7 trillion VND.

Total state budget expenditure in 4 months is estimated at 470.2 trillion dong, equaling 26.3% of the estimate, of which: development investment expenditure reached 18.48% of the plan assigned by the Prime Minister; interest payment reached 32.6% of the estimate; recurrent expenditures reached 30.6% of the estimate. Budget spending tasks are performed according to estimates and progress of professional tasks of budget-using units, meeting the needs of socio-economic development, national defense, security, and management. State management and payment of due debts, ensuring funding for epidemic prevention and control, social security spending tasks, taking care of beneficiaries of salaries, pensions and social allowances from the state budget.

The central budget has spent from the reserve to supplement the localities with VND 963.5 billion in funding for the prevention and control of the Covid-19 epidemic and to support people facing difficulties due to the Covid-19 epidemic. aquaculture and aquacultural production will be restored in areas damaged by natural disasters or epidemics according to regulations. In addition, 27.19 thousand tons of rice for national reserve have been distributed to overcome the consequences of natural disasters and epidemics, and provide relief and hunger relief for the people during the Lunar New Year and New Year’s Eve.

As for development investment spending, the total capital plan assigned by the Prime Minister in 2022 is 518.1 trillion VND, the capital of the national target programs has not yet been assigned the plan; Besides, localities have assigned local investment capital plans (from sources of revenue increase, local budget surplus, etc.) to increase about 42 trillion VND compared to the plan assigned by the Prime Minister.

The progress of capital disbursement in the first 4 months of the year was slow (equivalent to 18.48% of the plan assigned by the Prime Minister), of which disbursement of foreign capital only reached approximately 3.25% of the plan. The main reason is that a number of newly started projects are completing investment procedures, implementing bidding, negotiating contracts,…

The balance of the central budget and local budgets is ensured. As of April 25, 2022, 45.9 trillion dong of Government bonds have been issued, with an average term of 15.64 years, an average interest rate of 2.4%/year.

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