New regulations on public asset management and taxes from January 1, 2025

Tất Thảo |

Many new regulations on management, use of public assets and tax management will take effect from January 1, 2025 after being approved by the National Assembly on November 29.

On the afternoon of November 29, the National Assembly passed 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 National Reserve Law, and the Law on Handling of Administrative Violations.

In a summary report on the explanation, reception, and revision of this draft law, Chairman of the Finance and Budget Committee Le Quang Manh said that for the Law on Management and Use of Public Assets, the drafting agency added a form of handling public assets at state agencies "transferring to local management".

Regarding this content, some opinions agreed to add the form of "transfer to local management and handling" as proposed by the Government; some opinions said that there is no need to amend these articles and clauses because they are being implemented in practice and there are no problems.

The Standing Committee of the National Assembly believes that the addition of this provision serves as a basis for implementing the form of transferring assets to local management and handling. Therefore, the Standing Committee of the National Assembly proposes that the National Assembly allow the addition of the form of "transfer to local management and handling" and not legalize the specific provisions in the Decree.

For public assets being land and assets attached to land at agencies, organizations and units that have been decided to be sold by competent agencies and persons according to regulations before the effective date of this Law and have been decided on the starting price and designated selling price by competent agencies and persons, the sale shall continue to be carried out according to the provisions of law before the effective date of this Law, except for transitional cases as prescribed in Point b of this Clause.

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Chairman of the Finance and Budget Committee Le Quang Manh presented a summary report on the explanation, acceptance and revision of the draft law. Photo: National Assembly

Regarding the Law on Tax Administration, the amendment removes the phrase “no permanent establishment in Vietnam” for foreign suppliers conducting e-commerce business or on a digital platform (Clause 4, Article 42 of the current Law).

Mr. Le Quang Manh said that some opinions said that removing the phrase "no permanent establishment in Vietnam" for foreign suppliers with e-commerce business activities or on digital platforms is not appropriate.

To clarify the opinions of the National Assembly deputies, the drafting agency reviewed and affirmed that the amendment to remove the phrase "no permanent establishment in Vietnam" is consistent with international trends, ensuring effective and fair tax management among countries; at the same time, creating a basis and legal corridor for tax authorities to urge foreign suppliers "with permanent establishments" to register, declare and pay taxes through the Electronic Information Portal for Foreign Suppliers, ensuring full coverage, expanding the tax base, and preventing tax losses; especially in the field of e-commerce and digital platform business.

Therefore, the Standing Committee of the National Assembly proposes that the National Assembly allow the amendment of this content as stated in Clause 5, Article 6 of the draft Law on acceptance and revision.

In addition, absorbing the opinions of National Assembly deputies and proactively preventing negative phenomena, the National Assembly Standing Committee agreed with the Government to submit to the National Assembly additional content to amend, supplement, adjust and perfect the draft Law, in the direction of removing the provision allowing taxpayers to supplement tax declaration dossiers after an inspection or examination decision has been made.

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 takes effect from January 1, 2025 (except for a number of cases as prescribed in the law).

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