State budget loses VND4.36 tril. on car import drop

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SaigonTimes English - 28 month(s) ago 3 readings 1 duplicate news

State budget loses VND4.36 tril. on car import drop

HCMC – A 51% decline in import value of completely built-up (CBU) cars has brought a total revenue loss of VND4.36 trillion to the State budget in the first four months of the year, said a report announced by the Ministry of Finance.

State budget loses VND4.36 tril. on car import drop

By Minh Tam - The Saigon Times Daily

The State budget revenue incurs a loss of VND4.36 trillion due to the decline in CBU car import - Photo: Minh Tam
HCMC – A 51% decline in import value of completely built-up (CBU) cars has brought a total revenue loss of VND4.36 trillion to the State budget in the first four months of the year, said a report announced by the Ministry of Finance.

According to the report on the State budget revenue and spending in April and the first four months of 2012, the revenue gained from export-import balance dropped by a considerable VND1.3 trillion in Jan-Apr. This is ascribed to the poor growth in export-import turnover and the change in import structure, in which items with high import tax rates sharply decreased year-on-year.

In particular, as of the end of the first quarter, the value of imported CBU cars has tumbled by 51%, causing a loss of VND4.36 trillion to the State budget revenue. Similarly, import values of CBU motorbikes and motorbike parts dipped 42% and 16% respectively, thus the budget revenue suffered respective losses of VND336 billion and VND110 billion.

Furthermore, domestic auto production and trading also brought a hefty loss to the central budget revenue.

According to the finance ministry, the State budget revenue in April as well as Jan-Apr period was mostly contributed by domestic sources. By April-end, the total State budget revenue hit VND234.39 trillion, or 31.7% of the estimate.

Domestic revenue amounted to VND152.81 trillion, 30.9% of the estimate, rising 2.1% year-on-year. In April alone, domestic revenue increased VND6.51 trillion against March, and revenue from production and business activities surged by VND5.4 trillion.

Meanwhile, the total State budget spending in April is estimated at VND67.3 trillion, taking spending in the four months to some VND264 trillion, equal to 29.2% of the estimate, picking up 7.1% over the same period last year.

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