Sunday, September 23 2018


President announces laws on tax, corruption

Update: December, 15/2012 - 10:34

HA NOI (VNS)— President Truong Tan Sang announced nine laws, three resolutions and one ordinance yesterday.

These include amended laws on electricity, tax management, anti-corruption, lawyers and personal income tax and new laws on publishing, capital, co-operatives and national reserves.

The amended Law on Electricity stipulates that retail electrical rates will be determined by the market but adjusted if necessary by the Government. The Government will continue subsidising rates for poor households and those under Government social programmes. Electricity rates will also be required to take into account constant changes in the market as well as other factors, such as exchange rates, weather and reservoir levels.

The amended Law on Anti-corruption states that the Communist Party will regulate the operations of the central steering committee on anti-corruption and improves the transparency of listing assets.

The amended Law on Tax Management classifies businesses in order to apply regulations related to tax exemptions and extensions.

The amended Law on Lawyers improves the working conditions for lawyers.

Meanwhile, under the amended Law on Personal Income Tax, the level at which taxpayers start paying personal income tax will increase to VND9 million (US$428) per month from the current VND4 million ($190). For each taxpayer dependent, this threshold will increase from VND1.6 million ($76) to VND3.6 million ($171) per month.

The Law on Publishing continues to ban private ownership of publishing houses.

The Law on Co-operatives defines the permitted capital of co-operatives, incomes and income distribution.

The Law on Capital regulates special mechanisms for capital concerning planning, architecture and construction.

The Law on National Reserves regulates the use of national reserves in order to cope with natural disasters and epidemics or national security.

The three resolutions announced include a resolution on conducting votes of confidence on officials elected or approved by the National Assembly or People's Councils, a resolution on collecting people's opinions on the draft amendment of the Constitution and a resolution on the continued pilot implementation of the Bailiff Institution.

The State President also announced an amended ordinance on conferring the honorary title "Heroic Vietnamese Mother." — VNS

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