Vietnam: Tax inspection and examination, anti-transfer pricing, anti-trade fraud, anti-tax evasion to be promoted for State budget estimate for the period of 2023-2025?
- What is the state budget estimate target of Vietnam for the period of 2023-2025?
- Vietnam: Tax inspection and examination, anti-transfer pricing, anti-trade fraud, anti-tax evasion to be promoted for State budget estimate for the period of 2023-2025?
- What is the state budget revenue estimate in Vietnam in 2023?
What is the state budget estimate target of Vietnam for the period of 2023-2025?
According to Section I of Directive 12/CT-TTg 2022 on State Budget Estimates in 2023 issued by the Prime Minister
The period of 2023-2025 decides on the implementation of the National Financial Plan targets, borrowing and repaying public debt for the years 2021-2025. Accordingly, the goals for the construction of the state budget estimate in 2023 and the financial - state budget plan for the year 2023-2025 are:
+ Promote the implementation of fiscal policies to support socio-economic recovery and development;
+ Continue to restructure the state budget, public debt associated with allocation and effective use of financial resources, contribute to controlling inflation, ensure major balances of the economy and completing the objectives of the national financial plan, borrow and repay the 5-year public debt for the period of 2021-2025;
+ Strive to reform wages and social insurance policies along with reorganizing the apparatus, reduce payroll, and focal points in the public service providers according to the Resolutions of the Central Government.
Vietnam: Tax inspection and examination, anti-transfer pricing, anti-trade fraud, anti-tax evasion to be promoted for State budget estimate for the period of 2023-2025? (Image from the internet)
Vietnam: Tax inspection and examination, anti-transfer pricing, anti-trade fraud, anti-tax evasion to be promoted for State budget estimate for the period of 2023-2025?
According to subsection 1, Section I of Directive 12/CT-TTg 2022 on State Budget Estimates in 2023, issued by the Prime Minister of Vietnam as follows:
+ Estimates of state budget revenues in 2023 must be developed in accordance with current policies and regimes, the recovery of the economy, ensure correct and adequate collection of state budget revenues as well as nurture income.
+ Focus on analyzing and forecasting the international and domestic economic and financial situation to closely assess the ability to realize state budget revenue in 2022, estimate state budget revenue in 2023.
+ Calculate factors of increase, decrease and shift in revenue sources due to changes in legal policies on collection, exemption and reduction of taxes, fees and charges, extension of time for payment of taxes and land rents and implementation of the tax reduction process to implement international economic integration commitments, including new generation free trade agreements;
+ Evaluate the impacts of budget collection associated with the performance of the Government's obligations with respect to commitments made with foreign investors have been submitted to the competent authorities. Continue to drastically implement administrative reform measures, modernize revenue management;
+ Strengthen the management and fight against loss of revenue, especially against loss of tax revenue in business and real estate transfer;
+ Promote tax inspection and examination, anti-transfer pricing, anti-trade fraud, anti-tax evasion, and strictly manage taxable prices;
+ Manage new revenue sources arising from e-commerce transactions and business on digital platforms effectively;
+ Drastically handle tax arrears and strictly control tax refund.
What is the state budget revenue estimate in Vietnam in 2023?
According to subsection 1, Section I, Directive 12/CT-TTg 2022 on State Budget Estimates in 2023 issued by the Prime Minister
+ Strive to estimate domestic revenue in 2023, excluding land use levy, lottery collection, proceeds from the sale of state capital in enterprises, dividends, profit after tax and the difference between revenues and expenditures of the State Bank of Vietnam. The average growth rate of the country is about 7-9% compared to the estimated assessment in 2022 (after excluding the factors of increase and decrease in revenue due to policy changes).
+ Increase in revenue depends on the conditions, characteristics and the economic growth rate in each locality.
+ Increase estimated revenue from import and export activities in 2023 by 4-6% on average compared to the estimated assessment in 2022.
+ All revenues from the rearrangement and disposal of public assets (including houses and land), revenues from leasing the right to exploit, transferring for a definite time the right to exploit infrastructure assets and revenues from exploiting land and water surface (after deducting relevant expenses) must be fully estimated and paid to the state budget in accordance with law.
+ Revenues from conversion of ownership of enterprises, public service providers, transfer of state capital and the difference in equity greater than charter capital at the enterprise shall comply with the provisions of Decree 148/ 2021/ND-CP dated December 31, 2021 of the Government on management and use of revenue from conversion of enterprise ownership, public service providers, revenue from transfer of state capital and equity difference owning more than the charter capital in the enterprise.
Thus, in order to implement the state budget estimate for the period of 2023-2025, it is necessary to promote tax inspection and examination, anti-transfer pricing, anti-trade fraud, anti-tax evasion.
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