Bac Ninh Seeks Fiscal Growth Solutions

2:10:12 PM | 28/8/2019

Bac Ninh province fetched VND18,300 billion (US$800 million) of fiscal revenue in the year to July 31, 2019, reaching 67% of the full-year estimate and 5.6% higher than a year earlier.

Of the sum, domestic revenue accounted for VND14,754 billion, equal to 70% of the estimate, and customs revenue reached VND3,546 billion, equaling 57% of the estimate. Mr. Ngo Tan Phuong, Director of the Bac Ninh Department of Finance, said, the province’s fiscal revenue recorded rapid progress despite emerging economic hardships such as world economic volatility, trade wars among major economies and big corporations. This resulted from constant efforts of the entire political system, the business community and local population in the light of the Government’s Resolution 01/NQ-CP dated January 1, 2019 on key tasks and solutions to implementation of socio-economic development plan and budget estimates in 2019.

- In addition to following guiding documents of the Government, the Prime Minister and the Ministry of Finance, the Finance Department has collaborated with the Tax Department, the Customs Department and functional forces in State budget collection management:

- Drastically implementing measures to prevent budget revenue loss and transferring aimed for tax evasion; actively checking, regularly reviewing and timely counting local taxpayers.

- Focusing on tax debt management measures, strengthening monitoring and supervision of active enterprises right from their business licensing to timely unearth tax frauds.

- Accelerating tax inspections; performing intensive sector-specific inspections.

- Actively analyzing forecasts, timely assessing fiscal impacts that may result in an increase and a decrease in local fiscal revenue, especially new production forces to direct and administer fiscal revenue tasks and complete the budget revenue estimation in 2019.

To speed up rapid industrialization and urbanization in the province, the Department of Finance has advised the Provincial People’s Committee to allocate prioritized financial resources for key construction projects; effectively use local financial resources and effectively utilize land funds for key and urgent projects which have great impacts on social and economic development tasks; and mobilize funds from issuing local government bonds or raising unemployed capital of the State Treasury.