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Budget revenues from environmental protection tax rise sharply in 2019

The revenue from environmental protection tax next year is estimated at only 4.9% of total revenue, reaching over 69 trillion VND, but this figure is remarkable because of the sharp increase compared to the figure of this year.

Budget report for citizens on the State budget plan in 2019 submitted to the National Assembly has just been announced by the Ministry of Finance, budget revenue in 2019 will reach more than 1.4 trillion VND, equivalent to 23% GDP.

Of which, domestic revenue is about 1.173 trillion VND, accounting for 83.2% of the total budget revenue; Revenue from crude oil and import-export revenue will reach VND 44,600 billion VND and 189,200 billion VND, respectively.

Budget of Expenditures are estimated at over 1.633 trillion VND, of which regular expenditures are 63.8% of total revenue, the remaining are investment (26.3%), interest payments and grants (7.7%) and provisions (2.1%).

Budget deficit next year is reported at 222 trillion VND, equivalent to 3.6 percent of GDP, lower than this year's estimate (the deficit is expected to be 3.67% of GDP this year). Public debt is expected to remain at 61.3% of GDP, the Government debt accounts for 52.2% of GDP and national debt accounts for 49.9% of GDP.

Remarkably, in the budget revenue, value-added tax revenues account for the highest proportion of 26.4% of total State budget revenue; corporate income tax accounts for 19.6%; taxes and other fees account for 15.5%.

Revenues from crude oil extraction and property sales (land use levies, capital withdrawals) in 2019 are expected to fall by 18.9% and 23.5% respectively over 2018.
However, the income from environmental protection tax in the next year is estimated at only 4.9% of the total revenue, reaching over 69,000 billion VND but this figure is remarkable, because it is higher than the estimated figure of more than 49,000 billion this year.

In relation to environmental protection taxes, on September 20, the National Assembly Standing Committee discussed and voted to approve the draft resolution on environmental protection tariffs with petroleum. The effective date of the resolution is January 1. This may be the main reason for the increase in environmental taxes in 2019.

Accordingly, the environmental tax on gasoline will increase by 1,000 VND per liter to 4,000 VND per liter. Kerosene will increase environmental taxes from 300 VND per liter to 1,000 VND per liter; mazut oil increased from 900 VND per liter to 2,000 VND per liter; lubricants and grease also increase from 900 VND per liter to 2,000 VND per liter.

Source: https://bizlive.vn

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