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Budget revenue surges 9.8% in Q1

VGP - Budget revenue was estimated at VND539.5 trillion in the first quarter of this year, representing a year-on-year increase of 9.8 percent, according to the Ministry of Finance.

April 10, 2024 9:29 PM GMT+7
Budget revenue surges 9.8% in Q1- Ảnh 1.

Illustration photo

Of the total, domestic revenue was estimated at VND467.5 trillion, up 13.5 percent against the same period last year.

Revenue from crude oil hit VND15.8 trillion, up 2.1 percent against the same period last year while trade revenue valued at VND56.2 trillion, down 12.5 percent against the same period last year.

Budget spending was estimated at VND140.3 trillion in March, VND393.5 trillion in Q1, equivalent to 18.6 percent of forecast, up 8.3 percent against the same period last year.

Specifically, around VND89.9 trillion was spent in social development while budget disbursement rate was 13.67 percent of the Prime Minister’s plan, up around VN D16.7 trillion in quantity.

In April and the rest of 2024, the tax sector will accelerate tax collection especially strengthen tax management in e-commerce, ecommerce floors, online businesses and livestream-assisted trade activities.

Regarding the implementation of the e-invoice policy, by the end of the first quarter, tax agencies received and processed 7.12 billion e-invoices, including 2 billion invoices with the tax authority's verification codes and more than 5.12 billion invoices without the codes.

By the end of the first quarter of 2024, more than 50,300 businesses had registered to use e-invoices generated from cash registers. Over 252.8 million invoices were generated from cash registers.

Also in the first quarter, 85 cross-border service providers paid taxes totaling VND2 trillion via the portal of the General Department of Taxation for foreign providers./.