Deputy Minister of Finance Nguyen Duc Chi speaks at the meeting.

Amending and supplementing regulations to meet the reality

Within the framework of the 38th Session on October 10, the National Assembly Standing Committee commented 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 National Reserve Law.

Speaking at the meeting, Deputy Minister of Finance Nguyen Duc Chi said that, in the face of changes in the socio-economic situation, legal documents on finance have encountered some difficulties and problems in the implementation process, so they need to be reviewed and studied for amendment and supplementation.

Accordingly, the Government has promptly reviewed, summarized, and assessed the implementation of Laws in the field of finance and budget and has identified 7 Laws that need to be amended and supplemented.

Presenting the draft Law, Deputy Minister of Finance Nguyen Duc Chi said that with the Securities Law, the draft amends and supplements the regulations to strengthen supervision and strictly handle fraudulent and deceptive acts in the issuance and offering of securities, clearly defines the responsibilities of relevant organizations and individuals, and ensures effective prevention and handling of violations in the stock market.

The draft law amends and supplements a group of regulations to remove practical obstacles, promote the development of the stock market with the goal of the market upgrading.

Specifically, perfecting the legal basis to implement the clearing and settlement of securities transactions in the market under the central clearing counterparty (CCP) mechanism.

Regarding the State Budget Law, the amendment is to supplement the mechanism allowing localities to use the local budget to invest in the construction of infrastructure projects of the local budget, support other localities and provide aid.

Regarding the Law on Tax Administration, the Government proposes to supplement Clause 2, Article 5 of the Law on Tax Administration to stipulate the responsibilities of tax administration officials, accordingly "Tax administration officials are responsible for handling tax records in accordance with their duties and responsibilities, complying with the provisions of the law on tax administration and relevant laws within the scope of records and documents provided by taxpayers, and information documents provided by competent state agencies related to the handling of taxpayers' records".

This provision will clarify the responsibilities of tax officials in cases where enterprises commit fraud in declaring VAT refunds, providing dishonest information leading to violations in handling of tax refunds for enterprises.

Focus on immediately removing institutional obstacles in the financial and budgetary sectors

At the session, on behalf of the review agency, Chairman of the Finance and Budget Committee Le Quang Manh said that most of members of the Standing Committee of the Finance and Budgetary Committee agreed that it is necessary to study, amend and supplement the Laws in the draft Law to focus on immediately removing difficulties and institutional obstacles in the financial and budgetary sectors in order to improve the investment and business environment, and attract maximum state and non-state resources to promote the country's socio-economic development.

Chairman of the Finance and Budget Committee Le Quang Manh at the session.

However, the Finance and Budget Committee proposed the Government to pay attention to guiding the clarity of the necessity of the amendment and supplements of articles and clauses mentioned the draft law; assess impacts of each policy, mechanism expected to be amended, especially mechanisms and polices are under pilot process.

It should propose amendment and supplements to hot and urgent contents with the approval of the competent agencies.

Within the framework of the session, members of the National Assembly Standing Committee agreed that the draft Law amending and supplementing a number of articles of 7 laws aims to perfect the legal system in the fields of securities, accounting, independent auditing, state budget, public asset management, tax management and national reserves, thereby creating a complete and timely legal corridor, meeting the requirements of tasks in the new situation.

Some said that the contents that need to be amended and supplemented must be regulated clearly and transparently, with specific impact assessments to strictly manage and avoid loss of budget resources, public assets...

In addition, the draft Law also needs to have strict sanctions for acts of stock market manipulation; calling for and offering bonds to the people but not in accordance with regulations, greatly affecting the banking system...

Concluding the session, Vice Chairman of the National Assembly Nguyen Duc Hai emphasized that the National Assembly Standing Committee highly appreciated the process of preparation of the draft Law amending and supplementing a number of articles of the above 7 laws and the review by the Finance and Budget Committee and agencies of the National Assembly.

At the same time, the Government is proposed to urgently direct the drafting agency to continue completing the dossier of the Law project.