Ministry to mull over measures against profit shifting
Finance Minister Dinh Tien Dung speaks at the conference (Photo: mof.gov.vn)
The information was released at a conference reviewing the finance sector’s performance throughout 2018 and setting forth targets for 2019, held this week in Hanoi with Prime Minister Nguyen Xuan Phuc in attendance.
Finance Minister Dinh Tien Dung stated that in 2019 his ministry continues to maintain contractionary fiscal policy in synchronous and flexible coordination with monetary policy and other macro-financial policies. The ministry also pledged to ease difficulties for businesses in a bid to leverage domestic production and economic development.
Dung stressed the need to hasten disbursement of public investment, including government bonds and foreign capital, while intensifying the inspection and supervision work in order to increase the efficiency of public investment use as well as prevent losses, waste, and corruption.
Public debt will be kept under strict control so that the ratio would fall within the scope set by the National Assembly, representing about 61.3% of GDP by late 2019, he added.
Efforts will be made to speed up the restructuring, equitization and pestment of State - owned enterprises this year. Last year, the equitization scheme of 15 out of 85 State-owned enterprises (SOEs) was ratified while other 21 State-run firms conducted their initial public offerings (IPO). The pestment and IOPs contributed a combined nearly VND40 trillion (US$1.75 billion) to the State budget.
The ministry will make a bold move to fight against tax losses, transfer pricing, trade fraud, and tax evasion. It will also strengthen tax inspections and handle tax arrears to have them account for below 5% of the total state budget collection.
Dung affirmed that last year, the finance sector enhanced the control and supervision of Government - guaranteed loans and localities’ overspending and loans.
As of December 31 2018, Vietnam’s public debt accounted for below 61% of GDP. Government debt dropped to below 52% of GDP while external debt stood at 49.7% of GDP, which are all within the limits set by the National Assembly, the minister said.
Related News
Ministry of Finance summarizes the 10-year implementation of the Resolution of the 8th meeting of the 11th Central Committee
10:20 | 29/03/2023 Finance
Review, perfect regulations on decentralization of public property management
11:55 | 22/03/2023 Regulations
Customs sector launches performance indicators
09:41 | 21/03/2023 Customs
Ministry asked to raise policies to support enterprises
15:30 | 14/03/2023 Import-Export
Latest News
Corporate bonds worth 1.1 billion USD issued in March
13:55 | 06/04/2023 Finance
Tax revenue is estimated at VND 426,922 billion in the first quarter
09:56 | 06/04/2023 Finance
Nearly 400 complaints about insurance distribution through banks on Ministry of Finance hotline
14:47 | 04/04/2023 Finance
Central bank starts huge credit package for social housing projects
14:42 | 04/04/2023 Finance
More News
In Q1, State revenue estimated to rise by 1.3%
13:28 | 04/04/2023 Finance
Consider raising the level of penalties to ensure fairness and transparency in the stock market
13:27 | 04/04/2023 Finance
Central bank cuts policy interest rates to spur growth
17:43 | 02/04/2023 Finance
Ensure policies to attract investment when implementing global minimum tax
10:33 | 02/04/2023 Finance
SBV asks to issue revised decree on foreign ownership cap at Vietnamese banks
20:30 | 01/04/2023 Finance
Solutions to attract FDI when implementing the global minimum CIT
11:38 | 01/04/2023 Finance
Effective implementation of tax incentives as driving force for growth in trade turnover between Vietnam and Cuba
13:43 | 31/03/2023 Finance
Being many "hot" issues at the general meeting of shareholders of banks
09:24 | 30/03/2023 Finance
Bringing the policies on reducing land rent and water surface rent into life
15:41 | 29/03/2023 Finance
Your care
The system has not recorded your reading habits.
Please Login/Register so that the system can provide articles according to your reading needs.
Corporate bonds worth 1.1 billion USD issued in March
13:55 | 06/04/2023 Finance
Tax revenue is estimated at VND 426,922 billion in the first quarter
09:56 | 06/04/2023 Finance
Nearly 400 complaints about insurance distribution through banks on Ministry of Finance hotline
14:47 | 04/04/2023 Finance
Central bank starts huge credit package for social housing projects
14:42 | 04/04/2023 Finance
In Q1, State revenue estimated to rise by 1.3%
13:28 | 04/04/2023 Finance