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State budget collection to reach 20% of GDP

by VTV419 July 2015 Last updated at 11:22 AM

(Photo: quangninh.gov.vn)
(Photo: quangninh.gov.vn)

VTV.vn - State budget collection for the next five years is expected to make up 20-21% of the GDP, according to Deputy Minister of Finance Do Hoang Anh Tuan at a meeting on Friday.

Tax and fee collections are expected to range between 19-20% of the GDP and domestic collection (excluding collections from crude oil) is set to reach 80% of the state budget revenue by 2020.

In order to realise these targets, the financial sector needs to pursue a tight and effective fiscal policy, and improve the management of tax collections to reduce the impact of decreasing budget revenues from natural and mineral resources.

Reports at the meeting also showed that state budget collections from 2011-2015 nearly doubled those from the previous five-year period.

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