The government has proposed a range of amendments to current tax laws to support domestic enterprises as Vietnam is heading for greater international economic integration.
The proposed changes will cover the laws on value-added tax (VAT), specialconsumption taxand tax management, although revisions to these pieces of legislation were made not long ago.
The most recent changes to the laws on VAT and specialconsumption taxtook effect January 1 this year, whileamendmentsto the tax management law have yet to come into force.
Minister of Finance Dinh Tien Dung said the changes are necessary as theASEANEconomic Community, of which Vietnam is a member, will be formally established at the end of 2015 and the country’s negotiations on major trade pacts have concluded.
Specifying that the import duty on many goods will be eliminated in a few years, the government suggested the National Assembly introduce more policies to support agriculture and exports, prevent tax refund fraud, and streamline tax declarations and payment procedures.
Regarding tax management, the government says measures are needed to tackle tax arrears of State-owned enterprises and joint-stock companies as part of the restructuring effort.
The government also put forward a motion to abolish small amounts of low non-agricultural land use tax levied on households and individuals as a way to cut red tape and to help taxagenciesfocus on the management of higher revenue sources.
The changes are expected to be brought for discussion by the National Assembly on October 29.
Source: NDO
Key words: Government seeks, further tax legislation changes, to support enterprises
