Recently, the Ministry of Finance has officially issued Circular 88/2019/TT-BTC stipulating the implementation of the state budget estimate for the year 2020.
Illustrative image (source internet)
According to the provisions of Article 2 of Circular 88/2019/TT-BTC, the allocation of the 2020 state budget revenue estimates by ministries, central agencies, the People’s Committees of provinces, and centrally-run cities shall assign tasks to subordinate units and local governments ensuring at least the state budget revenue as assigned by the Prime Minister of the Government of Vietnam. In addition to the allocation of state budget revenue estimates, ministries, central agencies, and the People's Committees of provinces and centrally-run cities shall assign revenue-generating tasks in accordance with the law to their subordinate units (if any).
The allocation of the 2020 state budget revenue estimates must be based on a comprehensive review, analysis, and evaluation of all revenue sources arising and the results of state budget revenue collection in 2019; based on tax policies and laws; forecast economic growth in each sector and field, the production and business situation of taxpayers in the locality; strengthen tax inspection and examination, combat tax loss; prevent smuggling, commercial fraud, counterfeit production and trade, transfer pricing, and tax evasion; actively urge the collection of tax debts and apply tax enforcement measures as prescribed, limit new debt arising, promptly recover tax amounts, fines, and other receivables as recommended by the auditing agencies, the conclusions of inspection agencies, and law protection agencies.
Within the allocated fee revenue, ministries and central agencies proactively manage and use for the contents specified in Clauses 2, 3, 4, and 5 of Article 5 of Decree 120/2016/ND-CP dated August 23, 2016 of the Government of Vietnam detailing and guiding the implementation of certain articles of the Law on Fees and Charges; at the same time, based on the regulations in the Circulars guiding the Ministry of Finance on the management of collection, payment, and use of fees and the actual use of fee revenue retained as per regulations, ministries and central agencies shall prepare and compile expenditure estimates from the retained fee revenue of their subordinate agencies and units, and send them to the Ministry of Finance for inspection, together with the budget allocation plan according to regulations for consideration and decision within its authority.
See the full text of other regulations at Circular 88/2019/TT-BTC effective from January 1, 2020.
Thu Ba
Address: | 19 Nguyen Gia Thieu, Vo Thi Sau Ward, District 3, Ho Chi Minh City |
Phone: | (028) 7302 2286 |
E-mail: | info@lawnet.vn |