Amending the current tax laws is likely to create the best possible conditions for taxpayers to fulfill their duties while accelerating sectoral reforms in line with Vietnam’s international commitments, Finance Minister Dinh Tien Dung said.
Dung clarified that is was necessary to revise the existing Law on Corporate Tax, the Law on Individual Tax, the Law on Value Added Tax, the Law on National Resource Tax and the Law on Tax Management during the National Assembly’s ongoing 8th meeting in Hanoi on November 3.
He confirmed that 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 are approved, tax collected from individuals and businesses would decrease by 3.9-4 trillion VND in 2015, while approximately 1.3 trillion VND from the tax refund budget would cover value added tax payments.
To ensure the balance of the State budget, the Government proposed adjusting the special consumption tax rates on cigarettes, alcohol, beer and casinos, the Minister said, estimating that 571 billion VND could be generated in 2015, and 9.3 trillion VND by 2019.
The majority 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 caused instability for the legal system, as well as difficulties for businesses, investors and tax payers.
The Government has yet to review the impact of these policies on the national economy, businesses and tax payers, they emphasised.
In Resolution No.57/2013/QH13 on State budget estimates for 2014, the National Assembly vetoed the revision of policies that reduce budget collection 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 5.7 trillion VND in individual and corporate tax payments and an increase of approximately 1.3 trillion VND in value added tax payments a year, to the NA for approval is deemed to go against Resolution No.57.-VNA
Dung clarified that is was necessary to revise the existing Law on Corporate Tax, the Law on Individual Tax, the Law on Value Added Tax, the Law on National Resource Tax and the Law on Tax Management during the National Assembly’s ongoing 8th meeting in Hanoi on November 3.
He confirmed that 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 are approved, tax collected from individuals and businesses would decrease by 3.9-4 trillion VND in 2015, while approximately 1.3 trillion VND from the tax refund budget would cover value added tax payments.
To ensure the balance of the State budget, the Government proposed adjusting the special consumption tax rates on cigarettes, alcohol, beer and casinos, the Minister said, estimating that 571 billion VND could be generated in 2015, and 9.3 trillion VND by 2019.
The majority 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 caused instability for the legal system, as well as difficulties for businesses, investors and tax payers.
The Government has yet to review the impact of these policies on the national economy, businesses and tax payers, they emphasised.
In Resolution No.57/2013/QH13 on State budget estimates for 2014, the National Assembly vetoed the revision of policies that reduce budget collection 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 5.7 trillion VND in individual and corporate tax payments and an increase of approximately 1.3 trillion VND in value added tax payments a year, to the NA for approval is deemed to go against Resolution No.57.-VNA
