This is a notable content in Circular 90/2013/TT-BTC of the Ministry of Finance providing guidance on the formulation of state budget estimates for 2014, issued on June 28, 2013.
Content for preparing the 2014 State Budget Estimate in Vietnam (Illustrative image)
To be specific, in Article 9 of Circular 90/2013/TT-BTC, it is stipulated that the 2014 State Budget Revenue Estimate must be built on the basis of closely assessing the ability to implement the 2013 budget revenue; projections regarding the growth rate in production of industries such as industry, commerce, and services, consumption status in various sectors, inventory levels of goods, purchasing power, and access to capital for businesses; the situation of investment, development of production - business activities, and import-export activities in 2014; at the same time, specifically calculating the increase and decrease factors in revenue due to the implementation of newly amended and supplemented tax laws (Tax Administration Law, Personal Income Tax Law, Enterprise Income Tax Law, and amended VAT Law), revenue amounts exempted, reduced, extended, or adjusted tax rates according to the Resolutions of the National Assembly, the Government of Vietnam. Strengthen the monitoring, inspection, and control of tax declarations by organizations and individuals to promptly identify and handle cases of inaccurate or incomplete tax declarations; decisively direct the prevention of revenue loss, recovery of tax arrears from previous years, revenue from investment projects that have exhausted preferential time, revenue amounts_detected through inspection, examination, auditing, etc.
Based on this, the domestic revenue estimate (excluding revenue from crude oil, land levy) strives to increase on average by about 12-13% compared to the estimated implementation assessment for 2013, the revenue estimate from import-export activities aims to increase on average by about 8-9% compared to the estimated implementation assessment for 2013. The specific increase in revenue will depend on the conditions, characteristics, and in line with the economic growth rate in each locality.
For more details, please refer to Circular 90/2013/TT-BTC, effective from August 14, 2013.
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