The Government proposes to amend the Law on Value Added Tax in 2024

Continuing the 28th session, on the morning of December 18, the National Assembly Standing Committee (NASC) considered the proposal to add a number of draft laws to the 2024 Law and Ordinance Development Program.

Authorized by the Prime Minister, Minister of Justice Le Thanh Long reported on the summary and summary of the proposal to add 4 draft laws to the 2024 Law and Ordinance Development Program. Specifically: Law on Prevention and Combat of Human Trafficking (amended), Law on Chemicals (amended), Law on Value Added Tax (amended), Law on Management of Weapons, Explosives and Support Tools (amended).

Dialogue - Government proposes to amend the Law on Value Added Tax in 2024 — Minister of Justice Le Thanh Long.

Regarding the draft Law on Value Added Tax (amended), Minister Le Thanh Long stated that the Law on Value Added Tax was passed on June 3, 2008 at the 9th Session of the 12th National Assembly, effective from January 1, 2009 and was amended and supplemented with a number of articles in 2003 and 2005.

The Law on Value Added Tax has been put into effect in recent times, positively impacting many aspects of economic and social life. However, with the current economic and social development situation and future development trends, the value added tax policy has encountered certain limitations that need to be further studied and improved to further promote the role of value added tax.

To continue institutionalizing the Party and State's policies and guidelines on socio-economic development until 2030; promptly remove difficulties for production and business activities, reform administrative procedures, clear and promote resources for socio-economic development; ensure the unity and synchronization of the legal system; be consistent with international tax reform trends; ensure stable state budget revenue, the Government proposes to develop the Law on Value Added Tax (amended).

The dossier proposes to develop a law with 5 policy groups: Completing regulations on subjects not subject to value added tax; completing regulations on how to calculate value added tax; completing regulations on value added tax rates; completing regulations on input value added tax deduction; completing regulations on value added tax refund.

Dialogue - The Government proposes to amend the Law on Value Added Tax in 2024 (Figure 2). — Chairman of the Law Committee Hoang Thanh Tung.

In the review report, Chairman of the Law Committee Hoang Thanh Tung said that the Law Committee and the agencies of the National Assembly agreed with the necessity of amending the above 4 Laws to promptly institutionalize the Party's policies, overcome the limitations and shortcomings pointed out through the summary of the implementation of the laws, and meet practical requirements.

The amendment of the Law on Chemicals, the Law on Value Added Tax, and the Law on Prevention and Combat of Human Trafficking is also the result of implementing the legislative tasks identified in Plan No. 81.

The dossier proposing the development of basic laws meets the requirements of the Law on Promulgation of Legal Documents and is eligible to be submitted to the National Assembly Standing Committee for consideration and decision on addition to the Program.

Pursuant to Plan No. 81 on the basis of balancing the number of projects included in the 2024 Program, submitted to the National Assembly at the 7th and 8th sessions and the opinions of the National Assembly agencies, the Law Committee proposes that the National Assembly Standing Committee consider and decide to adjust and supplement the 2024 Program.

Regarding the draft Law on Value Added Tax (amended) and the draft Law on Prevention and Combat of Human Trafficking (amended): Propose that the National Assembly Standing Committee decide to add them to the 2024 Program, submit them to the National Assembly for comments at the 7th session, and approve them at the 8th session as proposed by the Government.

Dialogue - The Government proposes to amend the Law on Value Added Tax in 2024 (Figure 3). — Session view.

Concluding the discussion, Vice Chairman of the National Assembly Nguyen Khac Dinh said that the National Assembly Standing Committee agreed with the necessity of amending the Law on Chemicals, the Law on Value Added Tax, the Law on Prevention and Combat of Human Trafficking, the Law on Management and Use of Weapons, Explosives and Support Tools; and basically agreed with the content of the policies proposed by the Government for the four draft laws. The dossier has been fully prepared in accordance with regulations.

At the meeting, with 100% of votes in favor, the National Assembly Standing Committee approved the proposal to add a number of draft laws to the 2024 Law and Ordinance Development Program (including the following drafts: Law on Prevention and Combat of Human Trafficking (amended); Law on Value Added Tax (amended); Law on Chemicals (amended); Law on Management and Use of Weapons, Explosives and Support Tools (amended) .

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