On the afternoon of November 3, under the direction of Vice Chairman of the National Assembly Nguyen Duc Hai, the National Assembly Standing Committee gave its opinion (for the second time) on the draft Law on Corporate Income Tax (amended). Deputy Minister of Finance Cao Anh Tuan said that the promulgation of the Law aims to amend or abolish contents that are no longer appropriate; minimize the integration of social policies with tax exemption and reduction policies; ensure tax neutrality for stable and long-term application; attract the participation of
economic sectors to invest in industries and areas that need investment incentives.
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| Deputy Minister of Finance Cao Anh Tuan. (Photo: DUY LINH) |
At the same time, it meets the requirements of synchronous and comprehensive amendments and supplements according to market principles, in line with international practices, associated with restructuring revenue sources, expanding the tax base in line with the context and socio-economic development situation of the country; ensuring transparency, ease of understanding, ease of implementation, promoting administrative procedure reform, improving the investment and business environment. The amendment of the Law on Corporate Income Tax also aims to implement standards on preventing and combating transfer pricing, combating tax evasion, tax losses, and combating revenue erosion according to international practices.
Not yet ensuring the requirements for innovation in law-making work
On behalf of the reviewing agency, Chairman of the Finance and Budget Committee Le Quang Manh affirmed that, through reviewing the contents of the revised and completed draft Law, the Standing Committee of the Committee found that the contents revised and completed by the drafting agency were not comprehensive. The new draft Law omits part of the contents expected to be legalized from sub-law documents; some other amendments do not change the policy content, mainly delegating authority to
the Government and revising the document. The draft Law dossier and the explanatory contents have not resolved and clarified many major issues raised in Conclusion No. 4279/TB-TTKQH of the National Assembly Standing Committee and the Preliminary Review Report of the Standing Committee of the Finance and Budget Committee. The revised draft Law still has many provisions that are being legalized as provisions of sub-law documents and there is no explanation of their suitability with the authority of the National Assembly. In addition, the provisions on tax incentives are very detailed and complicated with many different levels of incentives, regarding tax rates, exemption and reduction periods, cases of extending incentives, criteria for eligibility for incentives, etc.
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| Chairman of the Finance and Budget Committee Le Quang Manh. (Photo: DUY LINH) |
It is difficult for the subjects applying the Law to self-prove and self-determine their satisfaction of the conditions for self-declaration and self-calculation of taxes as well as the ability of the management agency to conduct post-audit. From this perspective, the Finance and Budget Committee believes that the draft Law has not yet ensured the requirements for innovation in law-making work according to the direction of the
National Assembly Chairman and the conclusion of the National Assembly Standing Committee in the direction that the Law only regulates framework issues, issues of principle, regulates contents within the authority of the National Assembly, is concise, simple, ensures easy understanding, easy implementation and can be applied in the long term, absolutely does not codify the provisions of decrees and circulars. According to Chairman Le Quang Manh, based on the content of Report No. 641/BC-CP dated October 13, 2024 of the Government on revising and perfecting the draft Law on Corporate Income Tax (amended) attached with the draft Law dossier, the majority of opinions in the Standing Committee of the Finance and Budget Committee believe that the draft Law dossier does not meet the conditions for submission to the National Assembly as prescribed.
Three recommendations of the Standing Committee of the Finance and Budget Committee
Based on the direction of the National Assembly Chairman on innovation in thinking in law-making and the Conclusion of the National Assembly Standing Committee, the Standing Committee of the Finance and Budget Committee requests the drafting agency to continue to complete the draft Law dossier, ensuring the resolution of the following issues: Firstly, review the contents that are being legalized as provisions of sub-law documents and other detailed provisions that are not under the authority of the National Assembly, and do not legalize the contents that have been stipulated in decrees and circulars appropriately to ensure that the Law only regulates framework issues, issues of principles, is concise, simple, easy to understand, easy to implement and is applied long-term.
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| View of the meeting. (Photo: DUY LINH) |
Second, review relevant laws to ensure consistency in the legal system regarding corporate income tax incentives. The Government needs to provide a clear view on corporate income tax incentives to ensure consistency in the approach, development of incentive policies, and investment attraction between the draft Law on Corporate Income Tax and other specialized Laws being discussed by the National Assembly for approval in this Session, as well as between the draft Law on Corporate Income Tax (amended) and current regulations on investment incentives in investment laws and other specialized Laws. Third, develop a plan to resolve gaps in policies that have not been clarified to ensure feasibility in implementing the Law. Concluding the session, Vice Chairman of the National Assembly Nguyen Duc Hai said that after serious discussion and careful consideration of many aspects, the National Assembly Standing Committee agreed with the opinion of the examining body that the draft Law on Corporate Income Tax (amended) is not yet qualified to be submitted to the National Assembly as prescribed. The Vice Chairman of the National Assembly suggested that the Government take into account the opinions of the Chairman of the National Assembly, the opinions of the Standing Committee of the National Assembly and the examining body to continue to complete the draft Law to submit to the National Assembly at an appropriate time when qualified. In particular, it is necessary to focus on a number of contents: Fully institutionalizing the Party's policies, goals and viewpoints expressed in the Tax System Reform Strategy to 2030; ensuring the principle of only legalizing issues under the authority of the National Assembly, not including in the law, regulations under the authority of the Government, ministries, branches, contents that must be regularly adjusted and amended; Ensure the consistency and synchronization of the legal system and commitments, international treaties, especially investment incentives and incentives in investment laws.
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