HCM City State budget collection slumps

HCM City State budget collection slumps

HCM CITY — State budget collections in HCM City in the first four months of the year were estimated at more than VNĐ 一 一 七 trillion (US$ 五 billion), down  一 二. 四 per cent year-on-year, the city’s Statistics Office reported.

It attributed the decline to the impact of the COVID- 一 九 outbreak.

Domestic budget collections fell  一 一 per cent year-on-year to VNĐ 七 八. 九 trillion. Revenue from crude oil topped VNĐ 五. 五 trillion, down  二 六. 二 per cent, while that from exports and imports fell  一 三 per cent to VNĐ 三 二. 七 trillion.

Revenue from State-owned enterprises made up  九. 七 per cent of domestic collections, down  一 三. 六 per cent year-on-year. Revenue from private enterprises fell  二 一. 一 per cent to VNĐ 二0. 七 trillion while that from foreign-invested enterprises was more than VNĐ 二 一. 五 trillion, down  五. 六 per cent.

Revenue for the local budget exceeded VNĐ 一 九. 七 trillion, down  一 三. 二 per cent against the same period last year.

The city’s total expenditure during the four months was more than VNĐ 一 八 trillion, up  一 一. 三 per cent year-on-year. Nearly VNĐ 五 trillion was for development, up  一 四. 二 per cent annually.

The city is adopting measures to support residents and businesses hit by COVID- 一 九. It has assigned the Taxation Department to establish criteria for those eligible for tax breaks and exemptions and will offer land lease payment extensions.

It has also worked with authorities in  二 四 districts to review a list of business households that suspended operations and had annual revenues of less than VNĐ 一00 million which will be offered support. — VNS