There will be changes in the conditions for provision of accounting services in the Law on Accounting and Law on Tax administration in Vietnam

The below content is mentioned in Resolution 1035/NQ-UBTVQH15 dated April 8, 2024, on question and answer activities at the 31st session of the Standing Committee of the 15th National Assembly, issued by the Standing Committee of the National Assembly.

There will be changes in the conditions for provision of accounting services in the Law on Accounting and Law on Tax administration in Vietnam

Specifically in the financial sector, the Standing Committee of the National Assembly requests the Government, the Prime Minister, Ministers, and heads of subordinate agencies to implement certain key tasks and solutions as follows:

- Comprehensive development of the insurance market to meet the needs of individuals and organizations in the economy.

- Diversification and professionalization of insurance distribution channels to facilitate customer access to insurance services, especially for low-income customers; transparency of information on insurance products and companies; improvement of insurance advisory quality.

- Strictly implementing the provisions of the Law on Insurance Business, the Law on Credit Institutions regarding not forcing organizations and individuals to purchase insurance in any form, especially selling insurance along with banking products.

- Continuously strengthening inspection and supervision of insurance business activities and strictly handling violations.

- Continuing to improve the legal system on accounting, auditing, valuation, credit rating services, and voluntary supplementary retirement programs in line with international standards and practices, suitable for Vietnam's conditions.

- Reviewing, studying, and amending the Law on Independent Audit; amending the conditions for provision of accounting serviceses in the Law on Accounting and Law on Tax administration.

- Improving the quality of assessment and licensing of financial-related service companies; increasing the quantity and quality of accountants and auditors in the context of international integration.

- Promoting the role of financial service profession associations, improving the quality of training, professional certification, and enhancing the professional ethics of financial service practitioners, as well as the responsibility of members, associates, organizations, and individuals in complying with the legal regulations.

- Improving the legal framework for lottery, betting, casinos, and prize-winning games. By 2025 at the latest, completing the amendment of Decree 06/2017/ND-CP dated January 24, 2017 of the Government on the operation of horse racing, dog racing, and international football betting.

- Gradually restructuring the lottery market towards modernization, transparency, and conformity with international practices; promoting the application of information technology in lottery management and business activities; using revenues from lottery and prize-winning games for investment and development, with a focus on healthcare, education, social security, interregional programs, and important national projects to serve socio-economic development; and at the same time, strengthening management, inspection, audit, and handling of violations to ensure security and social order.

- Continuing to build Vietnam Customs to be standardized, modern, and on par with the customs of developed countries worldwide.

- By 2025, basically completing the digital customs with 100% of the administrative procedures in the field of licensing, specialized inspection for exported, imported, and transited goods being carried out through the National Single Window mechanism; providing online public services for 100% of the high-demand administrative procedures throughout the process; building and developing a modern electronic customs data processing system; and having qualified customs officials at all levels to meet the requirements of implementing digital customs.

More details can be found in Resolution 1035/NQ-UBTVQH15, taking effect on April 8, 2024.

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