Vietnam: Shall the Law No. 56/2024/QH15 on Amendments to 9 Laws come into force from January 1, 2025?

Vietnam: Shall the Law No. 56/2024/QH15 on Amendments to 9 Laws come into force from January 1, 2025?

On November 29, 2024, the National Assembly officially passed the Law on Amendments to 9 Laws: the Securities Law, the Accounting Law, the Law on Tax Administration, and the Personal Income Tax Law.

The Law on Amendments to and supplementing certain provisions of the Securities Law, Accounting Law, Independent Audit Law, State Budget Law, Management and Usage of Public Assets Law, Law on Tax Administration, Personal Income Tax Law, National Reserve Law, and Law on Handling Administrative Violations of the National Assembly, No. 56/2024/QH15 ... Download will take effect on January 1, 2025.

Vietnam: Shall the Law No. 56/2024/QH15 on Amendments to 9 Laws come into force from January 1, 2025? (Image from the Internet)

What are contents of the Law No. 56/2024/QH15 on Amendments to 9 Laws effective from January 1, 2025?

The Law on Amendments to and supplementing certain provisions of the Securities Law, Accounting Law, Independent Audit Law, State Budget Law, Management and Usage of Public Assets Law, Law on Tax Administration, Personal Income Tax Law, National Reserve Law, and Law on Handling Administrative Violations of the National Assembly, No. 56/2024/QH15, consists of 11 articles, outlining the basic contents as follows:

- Supplement and specify the concept of securities market manipulation; regulations on professional securities investors; responsibilities of organizations and individuals related to dossiers and reports concerning securities and securities market activities; private securities offerings...

- Simplify contents of documents while ensuring management requirements; support digital transformation activities; enhance state management capacity in the accounting field, protect the rights and legitimate interests of accountants.

- Prescribe who cannot register or continue practicing auditing; handle violations of laws regarding independent audits, strengthen the effectiveness and efficiency of state management activities for independent audits, and improve the quality of independent audits.

- Amend and supplement regulations on tax refunds, enforcement of administrative decisions on tax management; tax declarations, and calculations in e-commerce business activities and digital platform-based businesses; application of information technology and modern techniques...

- Authorize the Government of Vietnam to decide on the allocation and use of undisbursed central budget expenditures and authorize People's Committees at all levels to decide on undisbursed local budget capital; supplement regulations on state budget expenditures to perform certain tasks from both investment expenditure and recurrent expenditure sources, and delegate the Government of Vietnam to specify further.

- Promote decentralization, delegation, and enhance efficiency in managing and using public assets; amend regulations on maintenance and repair of public assets; supplement regulations on transferring public assets, infrastructure assets to local management and handling; procedures for dealing with assets established as public ownership...

Vietnam: Which provisions of the Law on Tax Administration shall be amended and supplemented by the Law on Amendments to 9 Laws?

The Law on Amendments to 9 Laws amends and supplements certain provisions of the Law on Tax Administration 2019 as follows

(1) Amend and supplement Clause 2, Article 5 Law on Tax Administration 2019 on tax management principles as follows:

- The tax management agency and other state agencies assigned tax collection management tasks shall manage taxes in accordance with this Law and other related laws, ensuring transparency, fairness, and ensuring the rights and legitimate interests of taxpayers.

- Tax management officials shall be responsible for handling tax dossiers within the scope of documents, information provided by taxpayers, the database of the tax management agency, information from competent state agencies related to taxpayers, and results of risk management applications in tax management, ensuring compliance with responsibilities, duties, adhering to laws related to tax management, and other relevant tax laws.”

(2) Amend and supplement Clause 1, Article 11 Law on Tax Administration 2019 on tax management work as follows:

- Tax management work shall be modernized in management methods, administrative procedures, organizational apparatus, and staff of officials and public employees, widely applying information technology and modern techniques based on accurate information databases about taxpayers and inspection, monitoring, data analysis results to control all taxable subjects and tax calculation bases; ensure quick, accurate forecasts of state budget revenues; promptly detect and handle tax-related legal issues; enhance the effectiveness and efficiency of tax management work; use databases on electronic invoices and documents to organize management measures for fulfilling tax obligations.

- The State shall ensure financial resources to implement the contents prescribed in this clause, prioritizing the allocation of medium-term and annual state budgets to implement modernization tasks, including information technology systems, digital transformation, electronic invoices, electronic documents, facilities, equipment for inspection, monitoring, customs control, classification analysis, building digital customs, smart customs, and professional tasks serving tax management work.”

(3) ...

More details can be found in the Law on Amendments to and supplementing certain provisions of the Securities Law, Accounting Law, Independent Audit Law, State Budget Law, Management and Usage of Public Assets Law, Law on Tax Administration, Personal Income Tax Law, National Reserve Law, and Law on Handling Administrative Violations of the National Assembly, No. 56/2024/QH15 ... Download