Parliament adopts revisions to tax management and public investment laws

10:50 | 14/06/2019 Events

Vietnam’s National Assembly passed the amended Law on Tax Management and Law on Public Investment with more than 90% of the votes going in favour during its sitting on June 13.

Revisions to the two laws are adopted with more than 90% of the votes in favour - Source: congthuong

The new tax management law, which consists of 17 chapters and 152 articles, will come into effect on July 1, 2020.

It replaces the existing tax management law adopted in 2006 and several revisions to it.

Under the new legislation, tax exemptions, breaks and relief before July 1, 2020 will continue to be dealt with in accordance with the 2006 law while tax arrears until July 1, 2020 will be subject to the new law.

The same day, the revised Law on Public Investment was also passed with 90.7% of the votes and is expected to come into force on January 1, 2020, replacing the 2014 public investment law.

The National Assembly remains the body which decides the investments of important national projects and projects of the National Target Programme under the new law, which comprises six chapters and 101 articles.

Theo NDO