Deputy PM Hue warns of group interest in fiscal regulation

Sunday, 2016-07-03 14:04:52
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Deputy PM Vuong Dinh Hue
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NDO - Deputy Prime Minister Vuong Dinh Hue asked the Ministry of Finance to prevent group interest from intervening in fiscal and budgetary regulation when attending a meeting on July 2 to review the ministry’s operation in the first half of 2016.

He said the ministry should review and oversee the implementation of tax exemption, reduction and return policies so that they are consistent, open and transparent.

Deputy PM Hue also requested the Ministry of Finance to promptly complete the plan to merge the Hanoi and Ho Chi Minh City Stock Exchanges, ensure that the derivatives market can commence operations from January 2017 and publicise BOT fee calculation methods.

Official figures show government income in the first six months of 2016 reached VND476.8 trillion (US$21.5 billion), up 6.1% over the same period last year but it was the lowest increase over the past two years.

Revenues from crude oil export fell 44.8% and were equivalent to only 37.2% of the estimate for the whole year. Revenues from export and import activities also fell 2.2% from the same period of 2015.

Meanwhile government spending was estimated at VND562.5 trillion (US$25.3 billion), up 4.9% and equivalent to 44.2% of the whole year’s estimate.

In order to fulfil the 2016 fiscal and budgetary tasks, the Ministry of Finance has outlined nine measures with a focus on refining the institution, pushing through administrative reform in taxation and customs, improving the business environment and enhancing the national competitiveness.