The National Assembly passed the Law amending and supplementing a number of articles of 9 Laws.

With 445/450 National Assembly deputies participating in the vote in favor, accounting for 92.9% of the total number of National Assembly deputies, the National Assembly passed the Law amending and supplementing a number of articles of 9 Laws.

Delegates vote to pass the Laws. (Photo: Doan Tan/VNA)

On the afternoon of November 29, the National Assembly voted to pass the Law amending and supplementing a number of articles of the Securities Law, the Accounting Law, the Independent Audit Law, the State Budget Law, the Law on Management and Use of Public Assets, the Tax Administration Law, the Personal Income Tax Law, the National Reserve Law, and the Law on Handling of Administrative Violations with 445/450 National Assembly deputies participating in the vote in favor, accounting for 92.9% of the total number of National Assembly deputies.

The Securities Law is amended to enhance transparency and efficiency in securities issuance and offering activities. Accordingly, a number of regulations are amended and supplemented, such as regulations on: Professional securities investors; Public securities offerings; Private securities offerings; Public companies.

The Law also completes regulations to strengthen supervision and strictly handle fraudulent and deceptive acts in securities issuance and offering activities, clearly defines the responsibilities of relevant organizations and individuals, and ensures effective prevention and handling of violations in the securities market. In particular, amends and supplements a number of regulations on: Responsibilities of organizations and individuals related to records and reporting documents; Prohibited acts in securities and securities market activities; Cancellation of offerings.

To remove practical obstacles and promote the development of the stock market with the goal of upgrading the market, the law completes the legal basis for implementing clearing and settlement activities for securities transactions on the market according to the central clearing counterparty mechanism on the Vietnamese stock market.

Regarding the Law on Accounting, amend and supplement the contents related to accounting standards; translate documents into Vietnamese; the first and last accounting periods of accounting units; simplify the content of accounting documents; sign electronic accounting documents; regulations on financial reports; promote decentralization, delegation of authority, and improve the State management capacity in the field of accounting for ministries and ministerial-level agencies, including the State Bank of Vietnam and provincial People's Committees; protect the rights and legitimate interests of accountants.

The National Assembly voted to pass the Law amending and supplementing a number of articles of the Securities Law, the Accounting Law, the Independent Audit Law, the State Budget Law, the Law on Management and Use of Public Assets, the Tax Administration Law and the Law on National Reserves. (Photo: Doan Tan/VNA)

Regarding the Law on Independent Audit, the revised and supplemented contents aim at 3 main groups of goals: Strengthening the effectiveness and efficiency of State management activities on Independent Audit, contributing to economic stability and development; Improving the quality of independent audit, increasing the reliability of information serving the management and operation of economic activities; Expanding the subjects that need to be subject to mandatory audit, ensuring adequate and reliable information serving State management and decision-making.

Accordingly, the contents related to: State management of independent auditing activities; Handling of violations of the law on independent auditing; Persons who are not allowed to register and continue practicing auditing; Obligation to maintain conditions for auditing enterprises and branches of foreign auditing enterprises in Vietnam; Rotation of practicing auditors to sign audit reports for auditing enterprises and audited units; Expanding the subjects that need to be subject to mandatory audit.

Regarding the State Budget Law, amend and supplement the mechanism allowing localities to use local budgets to invest in the construction of infrastructure works of the direct superior budget in the locality, support other localities and provide aid.

Chairman of the National Assembly's Finance and Budget Committee Le Quang Manh presents the Report. (Photo: Doan Tan/VNA)

Amending and supplementing regulations on state budget expenditures to perform a number of tasks from both investment and regular expenditure sources such as: preparing and approving public investment projects using ODA capital and preferential loans from foreign donors; preparing, appraising and approving pre-feasibility study reports and investment proposal reports; preparing, appraising and deciding on project investment; costs for preparing and appraising planning tasks, organizing planning, appraising, announcing, reviewing, evaluating and adjusting planning; purchasing, repairing, renovating and upgrading assets and equipment; spending on renting goods and services; repairing, renovating, upgrading, expanding and constructing new construction items in invested and constructed projects...

Regarding the Law on Management and Use of Public Assets, amendments and supplements are made to promote decentralization, delegation of authority and improve efficiency in management and use of public assets for a number of regulations on: Maintenance and repair of public assets; Authority to decide on purchasing, leasing, managing, using and handling public assets; Updating the form of "transfer to local management and handling" for public assets at agencies, organizations and units; Authority to approve the Project on using public assets for business purposes, leasing, joint ventures and associations; Calculating depreciation and wear and tear of public assets at public service units, infrastructure assets...

In addition, the Law amends and supplements regulations on the application of law between the Law on Management and Use of Public Assets and other legal documents.

Accordingly, specific regulations on the management, use and exploitation of financial resources from land and resources are added in accordance with the provisions of the law on land and resources and relevant laws. At the same time, regulations on the use of national defense and security land in combination with labor production and economic construction activities are added; the management and use of public assets at enterprises are implemented in accordance with relevant regulations, without having to be rearranged in accordance with the provisions of the law on the management and use of public assets.

Regarding the Law on Tax Administration, amendments should be made to remove obstacles in policy mechanisms, improve the effectiveness and efficiency of tax administration, and strengthen public service responsibilities to ensure fairness, equality, transparency, and consistency in the system of legal documents.

Accordingly, amend and supplement the regulations on the amount of interest payable; Authority to decide on tax refund; Principles of tax management; Completion of tax payment obligations in case of exit; Measures to enforce administrative decisions on tax management; Rules for determining the time for calculating late payment.

To create resources for socio-economic development through expanding the collection base and preventing tax losses, the Government proposes to amend and supplement regulations on tax declaration and calculation principles to expand the collection base, ensure fairness and equality in e-commerce business activities, business activities based on digital platforms; exploit and share data between the Tax authority and relevant agencies.

Regarding the Law on National Reserves, the Law has added a mechanism allowing the Prime Minister to decide to export national reserve goods to serve the foreign affairs of the Party and the State. At the same time, it has amended and supplemented regulations on decentralization of authority for the Prime Minister to decide on the central budget to purchase national reserve goods.

Previously, presenting a summary of the Report on explanation, acceptance and revision of the draft Law, Chairman of the Finance and Budget Committee Le Quang Manh stated that in the process of explanation, acceptance and revision of the draft Law, some of the amended and supplemented contents of the Law on Independent Audit are related to the provisions of the Law on Handling of Administrative Violations; amending and supplementing a number of articles of the Law on Tax Administration are related to the provisions of the Law on Personal Income Tax.

Accordingly, the National Assembly Standing Committee reported to the National Assembly to consider supplementing the content of the amendments to the above two Laws and amending the name of this draft Law as "Law amending and supplementing a number of articles of the Securities Law, the Accounting Law, the Independent Audit Law, the State Budget Law, the Law on Management and Use of Public Assets, the Tax Management Law, the Personal Income Tax Law, the National Reserve Law, the Law on Handling of Administrative Violations"./.

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