State budget revenue totaled over VND1,200 trillion between January and August, meeting over 85% of the full-year target and growing by 19.4% year-on-year, according to a recent report issued by the Ministry of Finance.

Two bank tellers count Vietnamese banknotes – PHOTO: VNA

Of the total, domestic revenue accounted for VND954 trillion, reaching 81.1% of this year’s target and rising by 16% year-on-year, the local media reported.

Revenue from crude oil amounted to VND51.1 trillion during the eight-month period, nearly double the year-ago figure. Meanwhile, revenue from export and import operations reached VND197.6 trillion, meeting 99.3% of the full-year target and rising 21.5% year-on-year.

State budget revenue was mainly sourced from tax on crude oil, land land fee, personal and corporate income taxes, value-added tax and excise tax.

During the January-August period, the total State budget spending was estimated at VND956.5 trillion, meeting 53.6% of this year’s target, resulting in a surplus of over VND251.7 trillion.

In August alone, State budget revenue amounted to VND106 trillion, of which domestic revenue represented VND78.4 trillion and revenue from crude oil was estimated at VND6.2 trillion.

The tax and customs agencies continued adopting multiple support policies for firms and residents in August, such as extending tax payment deadlines and lowering taxes and fees.

Source: The Saigon Times