Focusing on perfecting financial institutions - State budget

The fiscal policies contribute to clearing the obstruction and effectively using financial resources. Source: Internet

Fiscal policy always one step ahead

Speaking at the conference to review the financial and State budget work in the first six months of the year, implementing the financial - state budget tasks in the last six months of 2021, Minister of Finance Ho Duc Phoc said the Ministry of Finance not only manages finance - State budget but also carries out policy promulgation. The promulgation of policies by the Ministry of Finance is to help State finance, corporate finance, and personal finance to develop, promote economic development, create savings and state budget, developing sustainably and reduce dependence on foreign debt and public debt.

Minister Ho Duc Phuc said that there were five pillars of the finance sector that needed to be focused on, perfecting institutions is the first pillar as mentioned by the minister, along with effective fiscal policy management, strictly manage public debt; managing the securities, insurance and public property markets; national reserve; anti-smuggling, thrift, and anti-waste.

In terms of institutions, the minister said in the first six months of the year, among decrees issued by the Government, the number of decrees that were promulgated by the Ministry of Finance accounted for a large proportion. In particular, there were decrees considered to pave the way for the development and release resources. For example, Decree 60 on the financial mechanism of public non-business units to remove difficulties and obstacles in terms of development funds, joint ventures, and autonomy; Decree 67 replaces Decree 167/ND-CP stipulating on the rearrangement and management of public assets would release huge resources that had been stuck in the past time.

In the first six months of the year, the Ministry of Finance submitted to the Government for promulgation 16 decrees and is completing six draft decrees and nine other projects; submit to the Prime Minister for promulgation six decisions; promulgate 50 circulars guiding in the field of finance - State budget, exemption and reduction of fees and charges to remove difficulties for production and business in accordance with its authority. The work of developing and perfecting the institution is actively implemented by the Ministry of Finance, meeting the requirements on progress and quality assurance. At the same time, the ministry has proposed to promulgate legal documents, institutionalise guidelines and policies of the Party and State, improve the effectiveness and efficiency of State management in the field of finance - State budget.

Recently, in an article about the role of the finance sector in socio-economic development, Minister of Finance Ho Duc Phuc said to ensure financial policy contribute to clearing the obstruction and effectively using financial resources to serve the socio-economic development of the country, the finance sector has implemented a number of major policy orientations, including the work of perfecting financial institutions - State budget. Accordingly, the Ministry of Finance would continue to improve the State budget-financial institutions, increase the mobilisation of non-budget resources, allocate, manage and use resources effectively for society for socio-economic development and fulfilling the financial - State budget targets as set out; concentrating resources on developing national key projects creating major breakthroughs in economic development.

Perfecting the institution is the top task in the Action Program

In the future, perfecting financial institutions - the State budget will continue to be a key and top task that will continue to be focused on by the Ministry of Finance. The Action Programme on implementing the Resolution of the 13th Party Congress of the Ministry of Finance has also clarified this task.

According to the Action Programme of the Ministry of Finance for the term 2021-2026, it set out a solution to continue perfecting the socialist-oriented market economy institution, promoting rapid and sustainable growth based on continued improving business environment, attracting and actively receiving foreign investment flows; renovate and improve the quality of institutions and laws to be complete, synchronous and transparent; strengthening effectiveness and efficiency of financial law enforcement institutions, ensuring strict compliance with the law.

The Ministry of Finance also determined and continued to perfect the policy of State budget collection in line with the level of development and opening of the economy; minimise the integration of social policies in taxes and policies on tax exemption and reduction; ensuring tax neutrality, contributing to creating a favourable, fair and encouraging business investment environment, reasonable income regulation. At the same time, perfecting the institution on State budget management; continue to restructure state budget expenditure towards sustainability; studying and amending the State Budget Law, renewing the decentralisation of the state budget, ensuring the leading role of the central budget and the initiative of the local budget; promote decentralisation along with the requirement to improve the sense of responsibility, publicity and transparency. Continue to study and develop mechanisms and policies for budgetary financial management suitable to a number of localities with favourable conditions, especially large urban areas.

Besides the goal of continuing to improve institutions and policies on public debt management to unify and synchronise public debt management, the Ministry of Finance also determined the management and use of public assets, especially regulations relates to finance of land and resources and valuation of State-owned firms when equitisation as key tasks. The Ministry of Finance also focuses on reviewing the system of documents, removing barriers restricting freedom of business and improving the quality of the business environment, ensuring fair competition, equality, transparency, and the protection of consumers' interests.

Regarding this issue, the Ministry of Finance has announced the implementation of tasks on reducing and simplifying regulations related to business activities in 2020-2025 to organise the effective implementation of Resolution No. 68/NQ-CP dated May 12, 2021 of the Government promulgating the Programme to reduce and simplify regulations related to business activities in the period of 2020 - 2025. The Ministry of Finance Finance requested affiliated units to continue to review and propose plans to reduce and simplify regulations related to business activities within the scope of management sectors and fields, ensuring achievement of reduction and simplification rates as assigned in Resolution No. 68/NQ-CP. Along with that, developing and submiting to the ministry for promulgation of legal documents to implement the plan to reduce, simplify (amend, supplement, replace or abolish) regulations related to business activities within the scope of management functions after being approved by the Prime Minister.