NA passes three laws on tax and finance

November 27, 2014 | 09:32

(0) user say

The National Assembly officially adopted three important laws in tax and finance, including the Law on Management and Use of State Capital in Production and Business, the revised Law on Excise Tax and the Law on amendments and supplements to some articles of the Laws on Tax.

The Law on Management and Use of State Capital in Production and Business include 10 Chapters with 66 Articles, regulating issues related to investment and capital supplements sourced from the State budget for the establishment of businesses, in which the State owns 100% of charter capital, joint stock companies or two-member limited companies which the State buys a part or owns the whole business.

It also regulates mechanisms in capital, capital mobilization; rights on capital; investment decision; debt management, outside investment and capital restructure.

The law aims to improve the effectiveness of State capital investment, management and use, as well as bettering businesses’ performance.

The revised Law on Excise Tax will be effective from the beginning of 2016. After discussion, the NA decided not to charge excise tax on business engaged in online games, vote games,forecast results, games via messages and carbonated soft drinks yet. The law includes a roadmap on increasing taxes on cigarettes, wines, beer, casino trade and decreasing taxes on bio fuels.

The adopted bill on amending and supplementing several articles in the Laws on Tax will come into effect from the beginning of 2015. The six-article law include important adjustments and amendments to the Law on Enterprise Income Tax and the value added tax to several products serving agriculture and offshore fishing.

VGP

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional