Coordination in collection between treasury and banks: facilitating taxpayers

Overview of the meeting at the State Treasury on April 21.

This information was given at a meeting on implementing the coordination of state budget collection and electronic bilateral payments between the State Treasury and commercial banks held on April 21.

Create more convenience for taxpayers

According to Tran Thi Hue, Deputy Director General of the State Treasury, the meeting aimed to expand the opening of specialized collection accounts, and coordinate in state budget collection and electronic bilateral payments between the State Treasury and commercial banks.

Thereby, strengthening the implementation of the policy of the Government and the Ministry of Finance on promoting administrative reform, facilitating individuals and organizations in fulfilling their obligation to pay the state budget, effectively applying information technology to management activities, and promoting national digital transformation.

The cooperation between the State Treasury and commercial banks will create more convenience for taxpayers (expansion of space for carrying out tax procedures, tax payment time; taxpayers are provided with more diversified payment services, civilized and modern with a simple and convenient collection and payment process, reducing the time to carry out payment procedures), contributing to the implementation of public services, customs procedures, and quick clearance.

In addition, the coordination of state budget collection between the State Treasury and commercial banks also helps all state budget revenues through banks will be recorded directly into the system of accounts of the State Treasury at the bank, ensuring timely gathering of the state budget and information about the revenue being transmitted to the General Department of Taxation and the General Department of Vietnam Customs fully, quickly, safely and conveniently.

For the State Treasury, besides gathering revenues into the state budget, without having to go through intermediaries, the coordination of state budget collection with banks also helps to reduce the workload of state budget collection at the State Treasury, creating conditions for the State Treasury to further streamline its apparatus, operate effectively and efficiently according to Resolution No. 18-NQ/TW of the Executive Committee.

The results of cooperation between the State Treasury and commercial banks also contribute to improving the business environment, creating an important driving force for socio-economic development, improving labor productivity of the society, and contributing to the digitization of the economy.

The meeting aimed to discuss plans to expand cooperation with commercial banks in state budget collection and electronic bilateral payments. This is one of the activities in the roadmap to continue modernizing operations of the State Treasury.

Over 99% of collection is done electronically

At the meeting, representatives of the Treasury Management Department, the State Accounting Department, the Information Technology Department of the State Treasury and representatives of 10 commercial banks discussed specific cooperation goals, roadmaps and steps.

The coordination of state budget collection and electronic bilateral payments with the joint-stock commercial banking systems of the State Treasury has been implemented.

Besides the five state-owned commercial banks previously signed with the State Treasury, from May 2020, there are four more commercial banks participating in the coordination of state budget collection with the State Treasury, including Saigon Hanoi Commercial Joint Stock Company, Vietnam Prosperity Commercial Joint Stock Bank, Techcombank and Southeast Asia Commercial Joint Stock Bank.

Data from the State Treasury showed that the state budget revenue has been collected through commercial banks authorized by the State Treasury. In particular, over 99% of the collection is done electronically. At the same time, the state revenue collection and expenditure by cash through the treasury system only accounts for less than 1%.

The Deputy Director General of the State Treasury suggested that after the meeting, the banks should send a document to the State Treasury on the implementation.

“The State Treasury wishes and is ready to cooperate with commercial banks that have demand and are willing to invest in physical facilities, technical infrastructure, information technology application, and human resources to carry out the cooperation in state budget revenue and electronic bilateral payments with the State Treasury," Ms. Tran Thi Hue, Deputy Director General of the State Treasury, said.