Thursday, August 16 2018

VietNamNews

Lawmakers debate new tax measures

Update: November, 04/2014 - 09:00
Finance Minister Dinh Tien Dung. — VNA Photo

HA NOI (VNS) — Amending tax laws was necessary to create the best possible conditions for taxpayers to fulfill their duties while accelerating sectoral reforms in line with Viet Nam's international commitments, Finance Minister Dinh Tien Dung said yesterfday.

Dung told the National Assembly's ongoing eighth meeting that it was important to revise the existing laws on corporate tax, individual tax, value-added tax, national-resource tax and tax management.

He said the amendments would ensure the State budget remained balanced and policies complied with the regulations of the Investment Law on boosting production and business, generating more employment opportunities and increasing workers' incomes.

Dung estimated that once the changes were approved, individuals and businesses would get total tax support of between VND3.9-4 trillion (US$186-190 million) in 2015.

The Minister said that to ensure that the State budget was kept balanced, adjusting the special consumption tax rates on cigarettes, alcohol, beer and casinos could generate VND571 billion ($27.1 million) in 2015, and VND9.3 trillion ($442 million) by 2019.

Most members of the National Assembly's Finance-Budgetary Committee, which examined the proposal to revise the tax laws, agreed that there was a need to apply the Law on Amendments and Supplements to some articles of tax laws to keep up with reality.

Some representatives, however, said the Government's repeated requests to the National Assembly over the last four years to adopt resolutions to adjust tax policies had created instability in the legal system, as well as difficulties for businesses, investors and tax payers.

They said the Government had yet to review the impact of these policies on the national economy, businesses and tax payers.

In Resolution No.57/2013/QH13 on State budget estimates for 2014, the National Assembly vetoed the revision of policies that reduce budget collections and increase State budget spending, arguing that they could impact on the State budget balance and national financial security.

The Government's submission of supplements and amendments to tax laws, which foresee a decrease of VND5.7 trillion ($271 million) in individual and corporate tax payments and an increase of about VND1.3 trillion ($62 million) in value-added tax refund a year to the NA for approval is deemed to go against Resolution No.57.

During the morning session, deputies also discussed draft amendments to the Law on Enforcement of Civil Judgements.

Later, lawmakers heard verification reports on the draft amendments to the Law on Government Organisation; the draft Law on the Organisation of Local Administration; draft amendments to the Law on Military Service and the draft Law on Animal Health. — VNS

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