National Assembly seeks balanced tax laws

09:06 | 24/09/2015 Finance - Banking

National Assembly deputies agreed on September 21 that changes made to the Law on Import and Export Tax need to be calculated based on harmonisation to the benefit of people, enterprises and the Government.

National Assembly seeks balanced tax laws

If the law failed to do so, it would not only fail in boosting production, but also hinder the country's development, said Ksor Phuoc, Chairman of the National Assembly’s Council of Ethnic Affairs.

All deputies agreed that it was necessary to amend the law because it appeared to have many regulations that were not in line with the development of society. This included inpiduals who are not subjected to taxation, the taxation framework, taxation rates and taxation timetable.

Deputies agreed that changes are needed to create a synchronised legal framework to promote production, as well as to ensure proper protection for domestic products in line with the integration process.

Some deputies said regulations in the amended law pertaining to subjects of taxation and subjects free from taxation might not be able to sufficiently cover real scenarios. Officials suggested that the Government conduct a review of these matters and make adjustments as needed.

NA Chairman Nguyen Sinh Hung expressed his concerns over the impacts the amended law would have on agriculture, forestry, fishery and ancillary industries.

Phan Trung Ly, Head of the NA's Law Committee, said the drafting committee needed to ensure that the amended law reflects the 2013 Constitution's spirit, which stated that the National Assembly is charged with making basic decisions on national monetary and financial policies, as well as adjusting or eliminating taxes.

Truong Thi Mai, Head of the Social Affairs Committee, proposed that the drafting committee conduct a thorough evaluation of the amended law's impacts on society. She said consumers would benefit from lowered import taxes, but industries such as husbandry would face considerable challenges if this policy is enacted.

"It's of crucial importance that a more thorough evaluation be carried out, and the Government needs to show what measures they have taken to tackle arising problems," Mai said./.

Source: VNA

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