State budget expenditure surged in July

State budget expenditure surged in July

Spending from the State budget in the first seven months of the year increased 15 per cent while its input decreased 2.8 per cent compared with the same period last year, the Ministry of Finance has announced.

Expenditure in July alone was estimated at VND81.26 trillion ($3.9 billion.) while total expense in seven months was VND498.16 trillion ($24 billion).

Input for the State budget last month stood at VND49.26 trillion (US$2.35 billion), about VND1.96 trillion ($93 million) more than the previous month.

However, total input in the first seven months of the year reached VND393.5 trillion ($18.7 billion), falling 2.8 per cent in comparison with last year. Of the falling amount, 1.4 per cent fell from domestic collection and the rest was caused by the fall in import-export.

The expenses, as the ministry reports, were to meet demand for socio-economic development, to cover national defence, security, salary reform, and social welfare, and to recover natural disasters.

In a bid to ease difficulties for businesses, the taxation agency extended value added tax (VAT) payment for April, May and June worth VND10 trillion ($480 million) to more than 200,000 enterprises. The deferred payment of enterprises' income tax stood at VND347 billion ($16.7million).

This year tax exemptions for fishing households and salt producers totaled more than VND10 billion ($480,000).

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