PM calls for drastic measures to ensure budget balance

11:25 | 09/06/2016 Finance - Banking

Prime Minister Nguyen Xuan Phuc has issued a directive calling on ministries to take drastic action to ensure a balanced budget amid falling revenues and rising expenditure due to natural disasters and climate change.

PM calls for drastic measures to ensure budget balance

A customer conducts transaction at the treasury in Cam Loc district, Quang Tri province - Photo: vietnamplus

The prime minister ordered the Ministry of Finance, relevant agencies and local authorities to implement tax laws effectively and strive to exceed the revenue estimate set by the National Assembly for 2016.

The finance ministry was also asked to assess the impacts of oil prices and free trade agreements on government revenues, step up the efforts to prevent tax evasion and collect tax arrears.

The ministry should accelerate administrative reform, especially in the fields of taxation and customs so that Vietnam can keep up with the four leading ASEAN countries in terms of a number of tax-related criteria.

In addition, Prime Minister Nguyen Xuan Phuc called for measures to streamline budget spending, improve the business climate and strive to achieve the growth target of 6.7%, contributing to a stable government income.

The Ministry of Planning and Investment was tasked with continuing taking measures to support small and medium-sized enterprises, while the State Bank was required to pursue a flexible policy to curb inflation, stabilise the economy and boost growth./.

 

Source: NDO

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