The revenue from crude oil in 2022 increased by 90.9% compared with previous year

The State revenue in May decreases by VND68 trillion

According to the Ministry of Finance, the total State revenue in May decreased by VND68 trillion to VND126.7 trillion compared with the revenue in April.

The domestic revenue fell by VND62.6 trillion, toVND96.3 trillion compared with the previous month.

The revenue from crude oil in May decreased by VND1.5 trillion to VND5.2 trillion compared with the previous month. The average oil price in the month reached US$107.5/barrel. The oil volume was estimated at 650 thousand tons.

The revenue from imports and exports decreased by VND3.9 trillion to VND25.1 trillion, compared with the month ago.

In May, the Tax and Customs authorities continued to implement policies of tax exemption and reduction to support businesses and people. The revenue from the reduced and exempted tax and fee in May achieved VND25.2 trillion, the Ministry said.

The authorities have also strengthened the revenue management and anti-revenue loss for e-commerce business activities, trade on digital platforms; managed invoice in tax administration process; closely controlled value-added tax refund to ensure compliance with policies and regulations of law; urged the collection and handling of tax debts.

The Ministry of Finance said the tax authorities will expedite performance of e-services for tax payers and expand e-Tax Mobile for individuals and households; implement e-payment portal for foreign suppliers, who do not have a permanent establishment in Vietnam, to declare and pay taxes.

In the first five months of the year, the State revenue rose by 18.7% to VND806.4 trillion compared with the same period in 2021, meeting 57.1% of the estimate. The domestic revenue increased by 14.9% to VND646 trillion year-on-year.

So far, 10 of 12 of revenues have met the estimate, including direct revenues from production and business activities (accounting for 52% of the total domestic revenue), reaching 54.8% of the estimate and up 11.8% compared with the same period.

The revenue from State- Owned Enterprises, FDI sector and non-state economic sector increased by 15.5%, 0.5% and 19%, meeting 50.7%, 50.7% and 60.6% of the estimate, respectively.

The two remaining revenues that have not yet met the estimate are revenue from environmental protection tax (reaching 41.4%) and the revenue from capital, dividends, profit, profit after tax, and the difference between revenues and expenditures of the State Bank.

Balanced revenue from imports-exports up 29% in the first five months

The Ministry of Finance, states that the State revenue in the first five months saw the positive result and grew compared to the same period. The revenue from VAT rose by 12.1% year-on-year, meeting 49.8% of the estimate. Despite the impact of revenue reduction due to the implementation of policy of tax rate reduction from 10% to 8% under Decree 15/2022/ND-CP, there was still a positive impact on boosting the demand for goods and services in the first months of the year, increasing the State revenue.

The revenue from crude oil in the period surged 90.9% year-on-year to VND29.4 trillion, or 104.4% of the estimate, due to the soar in the oil price of about US$99/barrel on average (up 39 US$/barrel compared to the estimate, up 62.8% over the same period); paid crude oil output reached 3.6 million tons, meeting 51.4% of the plan.

The revenue from import-export activities increased 29.7% to US$130.8 trillion, or 65.7% of the estimate compared with a year ago.

The revenue from crude oil in May still recorded positive growth. As of May 15, the import and export turnover rose 13.8% to US$56 billion compared with the year ago. The major commodities contributing large revenues for the State revenue such as: petroleum, plastics, chemicals, phones and components, iron and steel, computers and imported electronic products.

Although the revenue in the first five months of the year achieved positive results compared to the estimate and grew compared with a year ago, the Ministry of Finance said that the increase in inflationary pressure, the adjustment of monetary policies by many countries, the implementation of Covid-19 prevention and control measures by China, and the conflict between Russia and Ukraine have made the supply of fuel, food and some raw materials suffer from difficulties, high prices and soar in production and business costs.

At the same time, the performance of policies on exemption and reduction of taxes, fees, charges and land rents to support tax payers to restore economic development, the budget revenue is forecasted to be affected in the following months.