Amending the current tax laws is likely to create the best possibleconditions for taxpayers to fulfill their duties while acceleratingsectoral reforms in line with Vietnam’s international commitments,Finance Minister Dinh Tien Dung said.
Dung clarified that iswas necessary to revise the existing Law on Corporate Tax, the Law onIndividual Tax, the Law on Value Added Tax, the Law on National ResourceTax and the Law on Tax Management during the National Assembly’songoing 8th meeting in Hanoi on November 3.
He confirmedthat the amendments would ensure the State budget remained balanced andpolicies complied with the regulations of the Investment Law on boostingproduction and business, generating more employment opportunities andincreasing workers’ incomes.
Dung estimated that once thechanges are approved, tax collected from individuals and businesseswould decrease by 3.9-4 trillion VND in 2015, while approximately 1.3trillion VND from the tax refund budget would cover value added taxpayments.
To ensure the balance of the State budget, theGovernment proposed adjusting the special consumption tax rates oncigarettes, alcohol, beer and casinos, the Minister said, estimatingthat 571 billion VND could be generated in 2015, and 9.3 trillion VND by2019.
The majority of the National Assembly’sFinance-Budgetary Committee, which examined the proposal to revise thetax laws, agreed that there was a need to apply the Law on Amendmentsand Supplements to some articles of tax laws to keep up with reality.
Some representatives, however, said the Government’s repeatedrequests to the National Assembly over the last four years to adoptresolutions to adjust tax policies had caused instability for the legalsystem, as well as difficulties for businesses, investors and taxpayers.
The Government has yet to review the impact of thesepolicies on the national economy, businesses and tax payers, theyemphasised.
In Resolution No.57/2013/QH13 on State budgetestimates for 2014, the National Assembly vetoed the revision ofpolicies that reduce budget collection and increase State budgetspending, arguing that they could impact on the State budget balance andnational financial security.
The Government’s submission ofsupplements and amendments to tax laws, which foresee a decrease of 5.7trillion VND in individual and corporate tax payments and an increase ofapproximately 1.3 trillion VND in value added tax payments a year, tothe NA for approval is deemed to go against Resolution No.57.-VNA
Dung clarified that iswas necessary to revise the existing Law on Corporate Tax, the Law onIndividual Tax, the Law on Value Added Tax, the Law on National ResourceTax and the Law on Tax Management during the National Assembly’songoing 8th meeting in Hanoi on November 3.
He confirmedthat the amendments would ensure the State budget remained balanced andpolicies complied with the regulations of the Investment Law on boostingproduction and business, generating more employment opportunities andincreasing workers’ incomes.
Dung estimated that once thechanges are approved, tax collected from individuals and businesseswould decrease by 3.9-4 trillion VND in 2015, while approximately 1.3trillion VND from the tax refund budget would cover value added taxpayments.
To ensure the balance of the State budget, theGovernment proposed adjusting the special consumption tax rates oncigarettes, alcohol, beer and casinos, the Minister said, estimatingthat 571 billion VND could be generated in 2015, and 9.3 trillion VND by2019.
The majority of the National Assembly’sFinance-Budgetary Committee, which examined the proposal to revise thetax laws, agreed that there was a need to apply the Law on Amendmentsand Supplements to some articles of tax laws to keep up with reality.
Some representatives, however, said the Government’s repeatedrequests to the National Assembly over the last four years to adoptresolutions to adjust tax policies had caused instability for the legalsystem, as well as difficulties for businesses, investors and taxpayers.
The Government has yet to review the impact of thesepolicies on the national economy, businesses and tax payers, theyemphasised.
In Resolution No.57/2013/QH13 on State budgetestimates for 2014, the National Assembly vetoed the revision ofpolicies that reduce budget collection and increase State budgetspending, arguing that they could impact on the State budget balance andnational financial security.
The Government’s submission ofsupplements and amendments to tax laws, which foresee a decrease of 5.7trillion VND in individual and corporate tax payments and an increase ofapproximately 1.3 trillion VND in value added tax payments a year, tothe NA for approval is deemed to go against Resolution No.57.-VNA
