Lawmakers discussed a number of draft laws on taxation during the ongoing eighth session of the 13th National Assembly (NA) on November 4.

NA deputies focused on the preferential tax treatment for businesses involved in the support industries stipulated in the Law on Corporate Tax.

Huynh Minh Thien, a representative from Ho Chi Minh City, said the regulatory addition will establish a legal framework for the industry. He suggested the Government issue a list of supporting products from 2015 onwards.

An effective taxation framework is a precondition for the country’s support industries to integrate into the global economy and enjoy preferential tariff treatment once free trade agreements enter into force, Bui Van Cuong, a representative from the Central Highlands province of Gia Lai, said.

However, deputies proposed the Government review the list of supporting products to ensure they are in line with the country’s industrial development plan for the upcoming period.

Deputy Pham Khanh Phong Lan from HCM City suggested supplementing regulations on preferential treatment for businesses investing in scientific research, while welcoming regulations on tax exemption for enterprises’ social activities.

A number of lawmakers rejected the regulation to abolish penalties for delays in tax payment in the draft law on tax management, saying it is unfair on firms that comply with legal regulations.-VNA