What is the Draft Law on Amendments to 07 laws in the financial sector 2024 in Vietnam? Where to download the draft file?

What is the Draft Law on Amendments to 07 laws in the financial sector 2024 in Vietnam?

The Draft Law on Amendments to 07 laws in the financial sector 2024 aims to amend the following laws: Securities Law 2019; Accounting Law 2015; Independent Audit Law 2011; State Budget Law 2015; Law on Management and Use of Public Property 2017; Tax Management Law 2019 and National Reserves Law.

Download to view the full text of the Draft Law on Amendments to 07 laws in the financial sector 2024.

What is the Draft Law on Amendments to 07 laws in the financial sector 2024 in Vietnam? Where to download the draft file? (Image from the Internet)

What are the 7 highlights in the Draft Law on Amendments to 07 laws in the financial sector related to tax in Vietnam?

Seven notable points proposed for amendment or supplementation in the Draft Law on Amendments to several articles of the Securities Law; Accounting Law; Independent Audit Law; State Budget Law; Law on Management and Use of Public Property; Tax Management Law; National Reserves Law 2024 (collectively referred to as the Law on Amendments to 07 laws in the financial sector 2024) related to tax are as follows:

(1) Propose additional regulations on cases of tax declaration and payment on behalf of business households and individuals engaged in e-commerce activities, and direct tax declaration for those engaged in e-commerce activities to simplify administrative procedures, focus on a single declaration point, ensure tax declaration and payment are suited to the specific nature of e-commerce activities, while expanding revenue sources and promoting economic growth.

(2) Amend provisions concerning foreign suppliers carrying out e-commerce and digital platform services, requiring them to declare and pay taxes via the General Department of Taxation's Electronic Portal regardless of having a permanent establishment in Vietnam.

(3) Amend, supplement regulations regarding the calculation time of late tax payment fees starting from the day following the last day of the tax payment deadline, extended payment deadline, deadline stated in the notice, or tax decision or handling decision of the tax authority, to ensure consistency with the time calculation rule in the Tax Management Law and its guiding documents.

(4) Propose bringing individuals who are legal representatives of enterprises under Clause 7, Article 124 of the Tax Management Law into Clause 1, Article 66 of the Tax Management Law for consistency, and additionally include subjects subject to exit suspension such as individuals who are legal representatives of cooperatives, cooperative federations, heads of business households, and business individuals.

(5) Add regulatory authority for decision-making on tax refunds to include the Director of the Large Enterprise Tax Department and the Chief of District Tax Department, aiming to tie the responsibility of the tax department directly managing the taxpayer to handle tax refund matters.

(6) Introduce principles regarding e-invoices for organizations and individuals conducting e-commerce, platform-based business, and other services following the Government of Vietnam's regulations to ensure fairness and consistency with the VAT law.

(7) Add regulations on the obligation to provide information for identity management authorities serving personal identification number use in lieu of tax code. Legalize the responsibility of information provision from organizations offering e-commerce marketplace services and logistic service providers to support e-commerce activities, enhancing tax management efficiency and preventing tax losses in e-commerce activities.

When will the Draft Law on Amendments to 07 laws in the financial sector 2024 be presented to the National Assembly of Vietnam for opinions and approval?

According to point b clause 1 Article 1 Resolution 53/2024/UBTVQH15 which provides adjustments to the 2024 legislative and ordinance development program as follows:

Adjustment to the 2024 legislative and ordinance development program

Include the following draft laws and draft resolutions of the National Assembly into the 2024 legislative and ordinance development program:

1. Present to the National Assembly for opinions and approval at the 8th Session (October 2024) following the procedure of a single session and a shortened process for the drafts:

a) Law on Amendments to and supplementing several articles of the Planning Law, Investment Law, Law on Investment under public-private partnership method, and the Bidding Law;

b) Law on Amendments to and supplementing several articles of the Securities Law, Accounting Law, Independent Audit Law, State Budget Law, Law on Management and Use of Public Property, Tax Management Law and National Reserves Law;

c) National Assembly Resolution on piloting handling of exhibits and assets during investigation, prosecution, and trial of certain cases;

d) National Assembly Resolution on organizing urban governance in Hai Phong city.

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Thus, according to the above provisions, the Draft Law on Amendments to 07 laws in the financial sector 2024 will be presented to the National Assembly for opinions and approval at the 8th Session (October 2024).