Việt Nam’s parliament had worked in a “democratic, responsible and serious” manner and accomplished many important tasks, NA Chairwoman Nguyễn Thị Kim Ngân said.

Financial and tax experts agreed that Việt Nam's corporate tax is too generous which might lead to insufficient State budget, hurting its development programmes.

Last month, Toyota Việt Nam unveiled the recommended retail prices for its first shipment of cars imported from Indonesia at zero tax, and most of them are higher than before the policy of zero tariffs took effect.

Minister of Finance Đinh Tiến Dũng said the ministry would not raise VAT tax to 11-12 per cent, adjust environmental tax, and assured the public that the “proposed property tax is meant to prevent corruption, State budget collection is important but not the primary purpose [of the proposal.]”

The collection of indirect taxes in Việt Nam is forecasted to increase in the coming time while direct taxes is predicted to account for a smaller proportion, according to a Fair Tax Monitor Index report released by Vietnam Institute for Economic and Policy Research (VEPR) yesterday.

Since the real estate market began to recover in 2014, the country’s laws regulating the market have transformed significantly. But as the laws have developed, many of them overlap, creating redundancies that the Government must now try to eliminate, Đặng Hùng Võ, former deputy minister of Natural Resources and the Environment, said at a conference held in Hà Nội on Thursday.

Experts’ opinions on the Ministry of Finance's (MoF) tax adjustment draft proved to be mixed, while the business community struggles to keep up with the variety of newly proposed tax hikes.

The Ministry of Finance has proposed imposing a new tax on people who own property worth VNĐ700 million ($31,000) or more.

Ministry of Finance has proposed tax on houses depending on theirconstruction value as part of its draft law on property tax.

NA Chairwoman Nguyễn Thị Kim Ngân said yesterday that she disagreed with some aspects of a Government proposal to grant HCM City greater autonomy, especially in collecting and spending “all kinds of taxes”.