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With eleven articles, the Law Amending and Supplementing a Number of Articles of Nine Finance-Related Laws will come into force on January 1 next year. The revised laws include the Law on Securities, Law on Accounting, Law on Independent Audit, Law on the State Budget, Law on Management and Use of Public Assets, Law on Tax Administration, Law on Personal Income Tax, Law on National Reserves, and Law on Handling of Administrative Violations.
Amendments and supplementations to the Law on Securities aim to enhance the efficiency and transparency of securities issuance and offering. The Law additionally specifies securities market manipulation, professional securities investors, private placement of securities and responsibilities of organizations and individuals for documents for preparation of reports on securities and securities market activities.
Revisions to the Accounting Law focus on the simplification of accounting documents, electronic documents and financial statements of accounting units. The Law additionally stipulates the enhancement of the state management of accounting and the protection of lawful rights and interests of accountants.
Revised Article 16 of the Law on Independent Audit specifies persons who are ineligible for audit practice registration or may no longer practice audit while Article 60 provides the handling of violations of the law on independent audit with the aim of proving the effectiveness and efficiency of the state management as well as the quality of independent audit.
Changes to the Law on Tax Administration aim to raise the efficiency of tax administration and ensure the transparency and fairness of the tax collection process. Major revisions include provisions on tax refund, enforcement of tax administration-related administrative decisions, tax declaration and calculation in e-commerce business and digital platform-based business activities and the application of information technology and modern techniques.- (VLLF)
