With 445 votes of approval from 450 deputies, the 15th National Assembly (NA) adopted the Law on amendments and supplementations to a number of articles of nine laws on November 29 as part of its ongoing eighth session.
With 445 votes of approval from 450 deputies, the 15th National Assembly (NA) adopted the Law on amendments and supplementations to a number of articles of nine laws on November 29 as part of its ongoing eighth session.
The nine legal documents are the Law on Securities, Accounting Law, Law on Independent Audit, State Budget Law, Law on Management and Use of Public Assets, Tax Management Law, Law on Personal Income Tax, Law on the National Reserves, and Law on Handling of Administrative Violations.
Adjustments to the Law on Securities aim to enhance transparency and efficiency in securities issuance and sales. Changes include regulations on professional investors, public offerings, private placements, and public companies. There will be stricter supervisions and penalties for fraud and misconduct in the market.
Amendments to the Accounting Law focus on accounting standards, translation of documents into Vietnamese, the first and last accounting periods of accounting units, simplification of documents, electronic documents, financial reporting, decentralisation to enhance state management capacity, and the protection of accountants' rights and interests.
The Law on Independent Audit has been amended to strengthen state management of independent auditing, improve audit quality, and broaden the scope of mandatory audits, while focusing on professional ethics, the registration of audit firms, and the qualifications and requirements for practicing auditors.
Meanwhile, amendments to the State Budget Law enable local budgets to fund infrastructure projects managed by higher-level authorities and provide financial support to other localities. The revisions also refine regulations governing the use of state budgets for tasks such as investment project approval and public procurement.
The Law on Management and Use of Public Assets has been revised to enhance the efficiency of public asset management by clarifying processes for asset maintenance, procurement, administration, and disposal. The amendments also introduce regulations on the use of public land and assets for economic activities.
At the same time, changes to the Tax Management Law address issues related to tax policies, improve tax management efficiency, and ensure transparency and fairness in taxation. Major adjustments also include expanding the tax base for e-commerce and digital platforms..
The revised Law on the National Reserves now includes provisions allowing the Prime Minister to decide on the release of national reserve goods for foreign affairs purposes. Amendments also empower the Prime Minister to decide on national reserve procurement./.
