Alexander Koch, Heineken Vietnam's Managing Director, affirmed that the Covid-19 pandemic has significantly affected the company's operations as well as its contribution to the state budget.
Four in five European business leaders agree that businesses should be able to inoculate their workforce, reducing the burden on the state budget while also helping to accelerate the government’s vaccination drive.
Once the $420-million multi-purpose entertainment complex - Horse racing course project is put into operation, it will contribute around $40 million to the State budget each year.
Cross-border trading is challenging the taxation authorities because if Facebook or Google could not be taxed or are inadequately taxed, this would cause huge losses to the State budget and create an unfair competitive environment for domestic firms, according to expert.
Foreign direct investment enterprises achieved the highest profit growth amongst the economic sectors, but contributed $11.4 billion only to the State budget, equaling to 28 per cent.
Economic experts are voicing conflicting opinions on the Ministry of Finance’s proposal to tax housing worth over $30,800, which may earn more to the State budget but severely affect chance of having accommodation for moderate incomers.
FDI enterprises that gain the highest revenue and profits in Vietnam make the smallest contribution to the State budget, according to report on major indicators assessing enterprises’ development level in provinces and municipalities in 2017 and the 2010 - 2016 period just released by the Ministry of Planning and Investment.
Vietnam Electricity (EVN) has been alleged to inaccurately report some of the costs and revenues, leading to the reduction of tax and interest which must be paid to the State budget.
The land prices promulgated by the People's Committees of provinces and cities are far different from the actual transaction prices on the market and such a practical swing is resulting in shortcomings and corruption to incur losses to the State budget.
With the fact that the state budget is facing many difficulties, Vietnam will be no longer receive preferential ODA funds from July 2017, foreign investors also reduce capital flows, encouraging investment from the private sector is promoted. The development of the private sector is a "survival" challenge for Vietnam in the near future.
The General Department of Statistics figures show that small and medium enterprises currently account for more than 97% of total operating enterprises, contributing about 40% of GDP, 31% of exports, 29% of state budget and create jobs for more than 5 million labours. However, the reality that small and medium enterprises "died prematurely", has revealed many limitations in management capacity, lack of capital, small and insufficient competition ... in the process of integration.
The Government will not use the State budget to settle the debts of 12 major projects operating at a loss, Deputy Prime Minister Truong Hoa Binh has asserted.
