Review and approve the Law amending 7 laws in the financial sector at the 8th Session

The Draft Law amending 7 Laws in the financial sector is one of 15 draft Laws and 3 draft Resolutions expected to be considered and approved by the National Assembly according to the agenda of the 8th session of the 15th National Assembly.

National Assembly Chairman Tran Thanh Man speaks at the 8th Session of the 15th National Assembly. Photo: National Assembly Portal

Review and approve the Law amending 7 laws in the financial sector

This morning, October 21, the 8th session of the 15th National Assembly solemnly opened in Hanoi. According to the scheduled meeting agenda, the 8th session will be held in 2 phases, including phase 1 from October 21 to November 13, 2024 and phase 2 from November 20 to the morning of November 30, 2024. The total expected working time is 29.5 days.

At this session, the National Assembly will spend most of its time on law-making, supreme supervision, consideration and decision on socio-economic issues and a number of other important issues. The National Assembly will consider and pass 15 draft laws, 3 draft resolutions on legal norms and discuss and give initial opinions on 13 other draft laws.

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 National Reserve Law is one of 15 draft laws expected to be considered and approved by the National Assembly.

According to the draft program submitted to the National Assembly for consideration and approval, the draft Law amending 7 laws in the financial sector will be discussed in groups and in the hall after the presentation of the project report and the appraisal report.

Specifically, according to the planned program, at the end of October 2024, the Deputy Prime Minister and Minister of Finance, authorized by the Prime Minister, will present a report on the draft 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. The Chairman of the National Assembly's Finance and Budget Committee will then present a report on the review of the draft Law. It is expected that on the same day, there will be a group discussion on this draft Law.

In early November 2024, the draft Law amending and supplementing a number of articles of 7 laws in the field of finance and budget will be discussed in the hall. At the end of November 2024, the National Assembly will vote to pass the draft Law.

Experts recommend focusing on urgent issues

Sharing at the Workshop organized by the Vietnam Federation of Commerce and Industry (VCCI) last week to collect opinions from businesses on the Draft Law amending the Securities Law; Accounting Law; Independent Auditing Law; Tax Administration Law - 4 out of 7 amended laws, Mr. Nguyen Minh Duc, Legal Department (VCCI) said that he had received many opinions from businesses on some provisions of the Draft that increase the responsibility of businesses.

In the context of the law being drafted according to a shortened procedure, Mr. Duc emphasized that it is necessary to consider carefully. Because the drafting time is short, the activities of impact assessment, consultation, exchange, and contribution of opinions between the drafting agency and the affected subjects are not many, compared to drafting according to normal procedures. It is also necessary to consider that the above provisions are in line with the objectives of the amendment, especially paying attention to the addition of provisions that increase obligations according to a shortened drafting process.

Emphasizing the advantages of implementing the amendment of 7 laws in the field of finance and budget this time, Mr. Dau Anh Tuan, Deputy General Secretary, Head of the Legal Department of VCCI said that if waiting for successive amendments, it will take a lot of effort and time with the current process while there are difficulties and obstacles. If waiting any longer, it will cause congestion affecting business operations. However, if the problem is large and has not been studied in depth, the change can have an undesirable impact on businesses.

According to Dr. Can Van Luc - an economic expert, the decision to amend 7 laws in the Finance sector shows the Government's drastic move. However, he also agrees that this is not a simple matter, especially when the workload is large, requiring comparison with international practices. Therefore, the amendment needs to focus on immediate difficulties and urgent "hot" issues.

Source: https://baodautu.vn/xem-xet-thong-qua-luat-sua-doi-7-luat-trong-linh-vuc-tai-chinh-tai-ky-hop-thu-8-d227931.html