Principles for the Construction of State Budget Revenue Estimates for the Year 2021

Le Hai

04:02, 11/07/2024

Recently, the Ministry of Finance issued Circular 71/2020/TT-BTC providing guidance on the preparation of the 2021 state budget estimate and the 03-year financial and state budget plan for 2021-2023.

The revenue estimates for the state budget must be constructed in accordance with the law on taxes, fees, and charges.

The construction of the 2021 revenue estimates must closely follow the forecasted economic recovery potential and welcome new investment flows (both domestic and foreign); carefully calculate the factors of increase, decrease, and revenue source shifts due to changes in mechanisms, policies, and extraordinary changes due to the impact of the Covid-19 pandemic; implement the roadmap for tax reduction to fulfill international economic integration commitments, especially the EVFTA trade agreements; implement administrative reform measures, modernize management of revenue collection; strengthen management efforts to prevent revenue loss, transfer pricing, commercial fraud, tax evasion, and rigorously manage taxable price calculations; intensify tax inspections and audits; vigorously address tax arrears and strictly control tax refunds.

For further details, refer to Circular 71/2020/TT-BTC, issued on July 30, 2020.

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