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Những nhân tố ảnh hưởng đến thu NSNN REVENUES OF STATE BUDGET
MINISTRY OF INDUSTRY AND TRADE HO CHI MINH CITY UNIVERSITY OF INDUSTRY FALCULTY OF FINANCIAL AND BANKING PUBLIC FINANCE Topic: REVENUES OF STATE BUDGET Instructor: Ph.D Vo Van Hop Name of students: Le Dan Thy……………… 10279821 Le Hoang Viet…………… 10302821 Tran Van Phuoc………… 10178081 Le Thi Minh Tam………….10302811 Nguyen Bich Thao……… 10138541 Nguyen Ngoc Tram……… 10283411 Nguyen Dao Thuy Tien……10302221 Class: IUH-BFB – 6A Ho Chi Minh city, February 2014 TABLE OF CONTENT TABLE OF CONTENT INTRODUCTION CHAPTER 1: STATE BUDGET AND REVENUE OF STATE BUDGET 1.1 State Budget 1.1.1 Concepts 1.1.2 Characteristics 1.1.3 Features 1.2 Revenue of State Budget 1.2.1 The sources of revenue 1.2.2 Elements affecting the revenues of State Budget 1.2.3 Stability of the State Budget through Revenues CHAPTER 2: VIETNAM’S REVENUE OF STATE BUDGET 2011-2013 2.1 The revenue of State Budget in Vietnam from 2011 to 2013 2.2 The factors affect to the stability of state budget in angle of revenues 2.2.1 Gross Domestic products (GDP) 2.2.2 Tax 10 2.2.3 Charge, fees and others 11 2.3 Results and weaknesses 12 2.3.1 Results: 12 2.3.2 Weaknesses of state budget revenues 13 CHAPTER 3: CONCLUSIONS AND RECOMMENDATIONS 14 3.1 Conclusions 14 3.2 Recommendations 14 REFERENCES 15 REVENUE OF STATE BUDGET | GROUP INTRODUCTION Budget exist along with the development of the State Budget has become an important tool to mobilize financial resources, adjusting the macro-economic as well as regulating the income of government to ensure social security - welfare program for Vietnamese people Through the budget revenues, government and ministries can orient investment, stimulate or limit business production in order to develop the country Recognizing the urgent of the problem, with the aim to learn about operation of state budget revenues, our group has decided to choose topic "Revenues of State budget from 2011 to 2013" to consolidate lessons and apply knowledge into practice The article includes following: Chapter 1: The theories of State Budget and revenue of State Budget Chapter 2: The revenue of State Budget in Vietnam from 2011 to 2013 Chapter 3: Recommendations We are lack of specialized knowledge about state budget, so this essay still has many shortcomings We are looking forward to receive teacher’s comments and classmate’s feedback to complete this subject LECTURER: Ph.D VO VAN HOP REVENUE OF STATE BUDGET | GROUP CHAPTER 1: STATE BUDGET AND REVENUE OF STATE BUDGET 1.1 State Budget 1.1.1 Concepts The State Budget is originated from the commodity economy and government establishment Government set tax rates and manage State Budget to maintain the government operation, military and develop the economy 1.1.2 Characteristics The State Budget is link directly with economic and political power of local government Delegation from State budget to provincial budgets It operates based on transparent, democratic, centralized and authorities Prioritized to archive social objectives, national benefits The State Budget has balanced between state revenue and state expenditures 1.1.3 Features Distribution functions: The State decisions are always the subject of the distribution relations related to the State Budget, the State maximum use of political power to the distribution function of the State Budget It’s to use monetary unit of account, as a means of distribution It impact supply and demand sides of the economy, associated with the formation and use of the state budget funds Implementation results of the distributed manufacturing process and supply of goods and services, primarily through taxes, fees, property income and expenses the State Budget for the community; not participate fully in the process of distribution of input, mainly direct state investment, business pension, subsidies to the economy Controlled functions: In principle, the State Budget controlled is done by state entities, but in fact made by the official representatives of the Government, such as National Assembly, State President, the Council of the population, the agency shall be authorized as state auditor, the state inspector It’s done all at the micro and the macro level, both directly and indirectly The State Budget controlled to provide balanced information on budget revenue and expenditure, on the status of revenues, expenditures and the State Budget reserve fund at the required moment, the national debt situation and solvency of the government Through the function of the state budget controlled, the state financial controlled macro situation The controlled targets of the state budget is the basic criteria, occupied an important position in the system of financial monitoring indicators of each country The State Budget controlled also consider the level of LECTURER: Ph.D VO VAN HOP REVENUE OF STATE BUDGET | GROUP performance mode, limits in budget expenditure basis, considering the financial executive at the law firms and government agencies to use the state budget The tool of State Budget controlled is statistics, accounting operations, the audit, inspection operations, financial control, financial public regime, the budget and the public media 1.2 Revenue of State Budget 1.2.1 The sources of revenue Tax Tax is a compulsory contribution to meet the needs of spending of state Taxes reflect the process of redistribution of income in society, to show the financial relationship between the state and legal persons and it’s a basic tool to distribute finance Charges and Fees Fees and charges fees is a compulsory revenue, but they oppose each other, it means that fees and charges are essentially money that citizens have to pay to the state when they use the services that are provided by state Compared to tax, the legality of the fees and charges has much lower Charges associated with the recovery a part of the investment costs for goods and services, tangible public Fees associated with the enjoyment of the benefits from the provision of administrative services, legal The revenue from the economic activity of the state Income from capital on the basis of economic that is owned by the state Withdrawal of capital in state institutions Recovery of loans by the state Income from business activities Revenues have a profit from the operation of the facility or business that is owned by state Revenues from the sale or lease of natural resources and assets are owned by state The nature of this revenue is a partly recovery of capitals and not only raise the effective use of national assets but also has increased the revenues for the state budget The revenues from the sale or lease of assets, resources, nature are owned by the state Revenues from fines, confiscation, forfeiture of assets Revenues are also an important part of the revenue of state budget and is required by law LECTURER: Ph.D VO VAN HOP REVENUE OF STATE BUDGET | GROUP 1.2.2 Elements affecting the revenues of State Budget Gross Domestic Product (GDP) GDP is the deciding factor in the encouragement of the state budget GDP of a nation is affected by two factors: total collects of a nation and the number of population If the total collects of a nation get the stability in one period but the number of population increased rapidly, the GDP will be low The GDP low leads to the loss of State Budget’s revenue lower It will not enough money from the State Budget to use for the economic and social activities of government This trend leads to the rise of State Budget deficit and the State budget become less stable So, the government need to find the solutions to increase the total collects of nation and control the number of population at suitable level to ensure the growth rate of GDP and the revenue of State Budget Profitability rate in the economy This is expenditure reflects investment efficiency of economic, this ratio becomes so larger that the financial resources larger, so the state budget dependents on the level to defray expense of the state An economy has low profitability rate will has the low collects from GDP leads to the low collects of State Budget’s revenue The potential of natural resources This factor is not really a main factor but also an important factor affect to the development of a nation’s economy A nation has high value of natural resources will has suitable strategy to use for the production and make the development of economy more stable Organizational system from revenue of state budget Factors directly affect the results of revenue The organizational system’s operation work well can help the government control the revenues of State Budget more effective 1.2.3 Stability of the State Budget through Revenues There are many factors affect to the stability of State Budget but it also has four main factors affect to the stability of State Budget in the view of revenue as follow: GDP Therefore, what GDP represents, economic production and growth, has a large impact on nearly everyone within that economy When the economy is healthy, GDP increases, you will typically see low unemployment and wage increases as businesses demand labor to meet the growing economy Therefore, the welfare also increases LECTURER: Ph.D VO VAN HOP REVENUE OF STATE BUDGET | GROUP Finally, that leads to the increasing in tax In contrast, when GDP decreases, the country will have more unemployment, enterprises have difficulty on their businesses, tax decreases eventually A significant change in GDP, whether up or down, usually has a significant effect on the stock market It's not hard to understand why: a bad economy usually means lower profits for companies, which in turn means lower stock prices Investors really worry about negative GDP growth, which is one of the factors economists use to determine whether an economy is in a recession Tax Tax is the main source of State Budget’s revenue The stability of tax structure lead to the stability of State Budget’s revenue in long-term The non-stability of tax structure lead to the non-stability of State Budget’s revenue When we the analysis of tax, we should divide it into two factors of tax: import-export tax(it includes: importexport tax and import value added tax in Vietnam) and domestic tax (it is 11 kinds of domestic tax in Vietnam) Charge, fees and other short-term sources of State Budget’s revenue Charge, fees and other short-term sources of State Budget’s revenue not only the main but also the sources of State Budget’s revenue This affect level of these factors not high because they are not the main factors but we must work carefully with them when we make the analysis the stability of State Budget in the angle of revenue LECTURER: Ph.D VO VAN HOP REVENUE OF STATE BUDGET | GROUP CHAPTER 2: VIETNAM’S REVENUE OF STATE BUDGET 2011-2013 2.1 The revenue of State Budget in Vietnam from 2011 to 2013 According to the Law of the National Assembly number 01/2002/QH11 Budget, the state budget revenues include: Revenues from taxes, fees and charges Revenues from economic activities of the State The contributions of organizations and individuals Aid, other revenues as prescribed by law VIETNAM’S REVENUES OF STATE BUDGET 2011-2013 (Unit: Billion VND) No Items Final account 2011 Final account 2012 1st Budget estimate 2013 721,804 743,190 790,800 655,476 618,846 196,058 38,469 1,589 1,478 688,936 637,706 213,953 44,970 1,193 1,572 745,564 678,598 222,399 45,772 1,205 1,590 15,700 192,064 42,686 38,123 11,820 193,787 43,356 42,278 12,991 222,168 50,096 36,368 72 69 55 State budget revenues &grants (I+II+III) Current revenues Taxes Corporate income tax Individual income tax Land and housing tax Business license tax Registration tax Value added tax Domestic excise tax Natural resources tax Agricultural land - use tax 10 Imp - Exp tax, excise tax and environmental protection tax on Imports 81,406 72,028 74,300 Environment protection tax 11,201 12,680 11,654 Fees, charges and non-tax Fees and charges (include gasoline fee) 36,630 10,341 51,230 8,198 66,966 15,205 Land rents Miscellaneous revenues Capital revenues (revenues from sale of State - owned houses, land user right assignment) 5,869 20,420 7,762 35,270 5,740 46,021 54,225 46,429 40,236 A I I.1 11 I.2 12 13 14 II LECTURER: Ph.D VO VAN HOP REVENUE OF STATE BUDGET | GROUP III B C Grants Brought forward revenues Investment mobilizations under Point Article - The State budget Law 12,103 236,500 7,825 22,400 5,000 4,678 (Sources: The Ministry of Finance) In general, the State budget revenues increased significantly from 2011 to 2013 (about 68,996 billion dong) In 2011 and 2013, taxes accounted for 91.01% and fees, charges and non-tax accounted for 8.98% in current revenue In 2012, the current revenue increased (about 33,460 billion compared to 2011), tax took up 92.56%, due to the amount of fees, charges and non-tax occupied 7.44% Capital revenues decreased slightly from 54,225 (hold 7.51% of Stage budget revenues) in 2011 to 40,236 (hold 5.08% of State budget revenues) in 2013 Grants reduced gradually from 2011 to 2013 and accounted a very small proportion of the State budget revenues (respectively 1.67%, 1.05%, 0.61%) Causes Although our country is facing many difficulties due to the economic crisis (debt crisis in Europe in 2011-2012) but revenue of Vietnam still remain increasing State has many instructions (such as number 02/CT-BTC Date 08/08/2013) to monitor, evaluate and direct the tax system continuously, to promote the revenue management, reduce losses, enhance inspection, handle tax debts in accordance with law In particular, coordinating with Ministry of Public Security and Money Laundering Department of the State Bank to exchange information, investigate and prosecute towards organized and individuals with violations of deduction and refund of value added tax in a number of enterprises, anti-transferring price, smuggling and commercial fraud General Department of Taxation has launched 15 major solutions with 36 detailed solutions to control thoroughly in the entire system In May 2013, the tax authorities inspected 54 714 enterprises, increasing total tax revenues through inspection was 11717.3 billion, equal 104.7% over the same period The amount of tax payable to the government through inspection was 7786.5 billion, equal 127.2% over the same period LECTURER: Ph.D VO VAN HOP REVENUE OF STATE BUDGET | GROUP 2.2 The factors affect to the stability of state budget in angle of revenues 2.2.1 Gross Domestic products (GDP) VIETNAM'S GDP GROWTH RATE 2011-2013 900,000 6.00% 800,000 5.80% 700,000 5.60% 600,000 500,000 5.40% 400,000 5.20% 300,000 5.00% 200,000 4.80% 100,000 Total revenues (Bil.VND) Taxes (Bil.VND) GDP growth rate (%) 2011 721,804 618,846 5.89% 2012 743,190 637,706 5.03% 2013 790,800 678,598 5.42% 4.60% (Sources: The Ministry of Finance) From 2011 to 2012, the GDP growth rate decreased from 5.89% to 5.03% In 2012, Vietnam economy have some difficult because it under pressure of financial crisis and public debt crisis in Europe still haven’t had the perfect solutions The inflation rate of Vietnam increased 6.81% in compare with 2011 So we can said that in this period the GDP growth rate decreased slightly is suitable with the current situation From 2012 to 2013, the GDP growth rate increased from 5.03% to 5.42% We can said that Vietnam economy had the flourishes The effects of financial crisis all over the world and public debt crisis in Europe had solve by the government It’s a good news for Vietnam economy and the revenue of State Budget From 2011 to 2013, the decreasing of tax, fee and charge above GDP made state budget went down (respectively 22.7% GDP, 20.6% GDP, 18.4%GDP) According to specialist, it estimated in 2014 about 17.2% This figure is lower than the target 22 – 23% from the Government In this trend, we can see the State Budget’s revenue is stable because the encourage of State Budget’s revenue through GDP is stable LECTURER: Ph.D VO VAN HOP REVENUE OF STATE BUDGET | GROUP 2.2.2 Tax VIE T NAM' S RE VE NUE S FRO M TAXE S 2011 -2013 Imp-Exp.tax (Bil.VND) Domestic taxes (Bil.VND) Taxes (Bil.VND) F/a 2011 81,406 537,440 618,846 2nd Est- 2012 72,028 565,678 637,706 1st Est- 2013 74,300 604,298 678,598 (Sources: The Ministry of Finance) The tax is one factors affect to the stability of State Budget in the angle of revenues because the tax is one in main sources of State Budget’s revenues To analyze the effect of tax to the stability of State Budget in the angle of revenues, we should divide the tax into two sectors as: import - export tax and domestic taxes Import – Export taxes Import – Export taxes or Tariff is the same name for calling two types of taxes in the area of international trade That is the import taxes and export taxes Export and import taxes are used to increase the revenue of state budget When the government increased the import taxes, the consumer was damaged and the suppliers took advantage of increasing of the goods Under the stimulus, the suppliers must make more and more productions and make a lot of profit But when the prices was so high, it makes the consumer have to pay more amount of money This money was transferred by the government Therefore, the revenue of state budget will increase dramatically The import- export tax has decreased from 2011 to 2013 and decreased about 8.73% In detail, the revenue from import-export tax decreased 11.52% in the period of 20112012 and increased 3.15% in the period of 2012-2013 This trend make the revenue of state budget gone down in short-term but it will make the revenue of State Budget gone up in long-term base on the policy of reducing the revenue from import-export tax Domestic taxes The revenue of State Budget from domestic tax increased in the period of years The LECTURER: Ph.D VO VAN HOP 10 REVENUE OF STATE BUDGET | GROUP revenue from domestic tax increased 5.25% from 2011 to 2012 and it increased 6.83% from 2012 to 2013 In summary, the revenue of State Budget from domestic tax increased 12.44% in the period of 2011-2013 These information said that the revenues from domestic tax links with the domestic business activities, consuming and investment had the strong development This is a success of tax renovations of the government in the period of 2011-2015 In structure of State Budget’s revenue, the collects from domestic always has the high percentage In 2011, collects from domestic tax was 74.46% of State Budget’s revenue This ratio were 76.11% and 76.42% in 2012 and 2013 This information said that the State Budget’s revenue from domestic tax got the stability in the period of 2011-2013 and in the trend of developing The revenue of State Budget was in the trend of reducing the collects from short-term sources and increasing the collects from long-term sources This facts secured for the stability of Vietnam State Budget in the angle of revenue in the period of 2011-2015 2.2.3 Charge, fees and others VIE T NAM' S RE VE NUE S FRO M FE E S , CH ARGE S AND O T H E RS 2011 -2013 Fees and charges (Bil.VND) Others (Bil.VND) F/a 2011 10,341 26,289 2nd Est- 2012 8,198 43,032 1st Est- 2013 15,205 51,761 (Sources: The Ministry of Finance) Generally, from 2011 to 2012, the charges and fees increased slightly from 8,012 to 8,967, around 11.9% In 2012 – 2013, the charges and fees went up strongly from 8,967 to 10,378, which was equivalent to 15.7% In order to results above, the government has adjusted charges and fees according to market mechanism At the present, there are 357 fees and 75 charges are being organized in Vietnam This is large revenues for state budget However, charges and fees depend on each administrative division It makes the decision of fees and charges, how much collections are, non-synchronous In addition, the nature of the fees and chargers are short-term It just uses to collect revenues in short term not in the long-term So the government should cut down some fees and charges in the future LECTURER: Ph.D VO VAN HOP 11 REVENUE OF STATE BUDGET | GROUP (Oil) 2011 2012 2013 69,300 87,000 99,000 25.54% 13.8% Density (%) From 2011 to 2012, the oil increased strongly from 69,300 to 87,000, about 25.54% From 2012 to 2013, the oil went up slightly from 87,000 to 99,000, which was equivalent to 13.8% In general, we can see the oil rose in years because Vietnam has rich natural resources In addition, the target in 2050 is using the effectiveness and reasonability in order to create the stability revenues So if the government exploits well, we can receive much revenue for state budget However, using natural resources is the short-term way because natural resources have limited so the government should find another natural resources to instead of oil 2.3 Results and weaknesses 2.3.1 Results: Administrative reforms in tax and customs continue to be strengthened, reducing time declare and pay taxes for enterprises, thereby encouraging enterprises conduct online tax declaration which create favorable condition to the taxpayer On the basis of the first months working with local authorities , revenue 25,200 billion deficit in 2013, not including revenue - expenditure over the estimates ( 38 430 billion), 63 630 billion deficit The last months of the year, with the drastic effort, enhanced handling of tax debts, controlling the refund of VAT, the results of the total estimated budget gained about 99 %, increased 16.000 billion compared to Congressional report In particular, the State Budget has collected 20,000 billion dividends on state-owned enterprises and the retained earnings after deduction of funds in accordance with law was about 42,500 billion, exceeding 3,300 billion compared to Congressional reports The local exceeded revenue estimates in the area include: Hồ Chí Minh, Đồng Nai, Bình Dương, Bà Rịa - Vũng Tàu, Vĩnh Phúc Due to increasing budget revenues, the State ensures timely resources to meet the needs of estimated expenditures, including expenditures to ensure welfare program and funding sources to implement the basic salary increase policy (from 1,050,000 VND / month up to 1,150,000 VND / month) from 07.01.2013 and additional funding for the prevention of natural disasters, epidemics At the same time, Ministry of Finance strengthened inspecting and supervising policies and handling problems related to policy mechanisms State has implemented policies through preferential credit channel, including lending LECTURER: Ph.D VO VAN HOP 12 REVENUE OF STATE BUDGET | GROUP policies towards ethnic minorities, the credit policy for pupils and students in difficult circumstances In addition, the Ministry of Finance has issued 44 624 rice tones of national reserves, equivalent to 441 billion for people who suffer from hunger in the region Exporting a wide range of storage equipment worth hundreds of billion in service of flood protection, search and rescue, contribute to ensuring social security welfare program The Ministry of Finance has directed to deploy the pilot agricultural insurance As reported by the local and insurers, the pilot agricultural insurance was implemented in all provinces and cities with 171 360 households participated insurance contract (of which 85 % poor) with the value of crops, livestock, fisheries is 3,480 billion, the premium is 227 624 million At the present, the enterprises have resolved to compensate for people who incurred losses due to natural disaster, epidemics in the amount of 349 billion 2.3.2 Weaknesses of state budget revenues Revenues exceeded budget estimates are mostly derived from objective factors, a large proportion is due to rising prices, increasing import taxes for items which not encourage imports, increasing revenues from natural resources (crude oil) and housing, land Factors that increase revenue from business activities are only about 20% of the total This reflects revenue of the state budget increased but lack solid, not derived from the internal resources of the economy In addition, the legal system still weak, multinational companies abusing transfer prices cause losses to the state budget LECTURER: Ph.D VO VAN HOP 13 REVENUE OF STATE BUDGET | GROUP CHAPTER 3: CONCLUSIONS AND RECOMMENDATIONS 3.1 Conclusions Aside from expenditures, the revenues is a component to the state budget The revenues which are not effective will affect the operation of the state apparatus, the economic life of the people and society From 2011 to 2013, our country has increased significantly the state budget revenues but those revenues depends heavily on nonsustainable factors Vietnam still struggling to seek alternative sources to ensure no budget deficit Therefore, the State should have the practical solution which make state budget more sustainable in the future and ensuring the revenues 3.2 Recommendations To intensify monitor and control of the tax declarations from the companies, individuals in order to detect some cases that fraud tax or pay insufficient tax The government has directed and penalized about the loss of revenues with tax-dodger, take back the tax arrears from previous years, the revenues from the investment project has invalid the preferential duties In addition, the state should attach special importance to the price transfer, electronic commerce To propagandize and support taxpayers in order to increase the awareness as well as answer the questions of taxpayers in pay taxes To intensify the propaganda has affected the taxpayers understanding the types of tax that need to pay, how to calculate the tax and the period to pay tax Therefore, the government doesn’t waste time to monitor the taxpayers Besides, the government should promote the advisory tax because if we have a tax, the taxpayers will increase the professional and understanding the laws in pay tax so that the fraud tax will decrease in the future LECTURER: Ph.D VO VAN HOP 14 REVENUE OF STATE BUDGET | GROUP REFERENCES CỔNG THƠNG TIN ĐIỆN TỬ BỘ TÀI CHÍNH [Online] Avaible from: http://www.mof.gov.vn/portal/page/portal/mof_vn [Acessed: 19th February 2014] THANH TRA VIET NAM (2013) Nâng cao hiệu tra thuế góp phần tăng thu ngân sách nhà nước [Online] Available from: http://thanhtravietnam.vn/vi-VN/News/diendanthanhtra/2013/12/32830.aspx [Accessed: 19th February 2014] Congressional Budget Office, The Budget and Economic Outlook: Fiscal Years 2007 to 2016, Washington, DC:U.S Government Printing Office, 2006b LECTURER: Ph.D VO VAN HOP 15 ... stability of State Budget in the angle of revenue LECTURER: Ph.D VO VAN HOP REVENUE OF STATE BUDGET | GROUP CHAPTER 2: VIETNAM’S REVENUE OF STATE BUDGET 2011-2013 2.1 The revenue of State Budget. .. 1.2 Revenue of State Budget 1.2.1 The sources of revenue 1.2.2 Elements affecting the revenues of State Budget 1.2.3 Stability of the State Budget through Revenues CHAPTER... theories of State Budget and revenue of State Budget Chapter 2: The revenue of State Budget in Vietnam from 2011 to 2013 Chapter 3: Recommendations We are lack of specialized knowledge about state