Revising the title of a draft of 1 Law amending seven finance-related laws

Deputy Prime Minister and Minister of Finance Ho Duc Phoc spoke at the meeting.

The law is set to take effect on January 1, 2025.

During the session, Chairman of the Finance and Budget Committee (FBC), Le Quang Manh, raised significant issues regarding the revision and supplementation of the following laws: Law on Securities; Law on Accounting; Law on Independent Audit; Law on State Budget; Law on Management and Use of Public Property; Law on Tax Administration; Law on National Reserves.

In the process of discussing the draft law, revisions to the Law on Independent Audit introduced changes linked to the Law on Administrative Violations, while amendments to the Law on Tax Administration related to provisions in the Law on Personal Income Tax.

As a result, the drafting body, along with the SCNA, agreed to propose additional amendments to these two laws and update the title of the draft.

The new title will be: "Law Amending and Supplementing Certain Articles of the Securities Law, Accounting Law, Independent Audit Law, State Budget Law, Law on Management and Use of Public Property, Tax Administration Law, Personal Income Tax Law, National Reserves Law, and Law on Handling Administrative Violations."

Vice Chairman of the National Assembly Nguyen Duc Hai spoke at the meeting.

According to Le Quang Manh, Chairman of the Finance and Budget Committee (FBC), during the review process for the amendments and supplements to the draft law, there were several differing opinions among National Assembly deputies. The reviewing agency, National Assembly bodies, the drafting body, and related agencies have discussed these issues and reached a basic consensus on the explanations, feedback, and revisions to the draft law amending and supplementing certain articles of seven laws.

Regarding the effective date, the drafting body proposed that the law take effect from January 1, 2025.

However, specific provisions under Clauses 9 and 11 of Article 1 of the Securities Law will apply from January 1, 2026. The Standing Committee of the Finance and Budget Committee has requested the Government to provide an official stance on the effective date of this law.

During the discussion session, the Standing Committee of the National Assembly agreed to present to the National Assembly the draft law titled:

"Law Amending and Supplementing Certain Articles of the Securities Law, Accounting Law, Independent Audit Law, State Budget Law, Law on Management and Use of Public Property, Tax Administration Law, Personal Income Tax Law, National Reserves Law, and Law on Handling Administrative Violations."

The law is proposed to take effect from January 1, 2025.

Ensuring the quality of the draft Law for National Assembly consideration and approval

During the review process of the amendments and supplements to the draft law, various differing opinions were raised by National Assembly deputies. The reviewing agency, National Assembly bodies, the drafting committee, and related agencies engaged in discussions and reached a general consensus on the explanations, feedback, and revisions to the draft amendments to the Accounting Law, Securities Law, Independent Audit Law, and National Reserves Law.

Regarding the amendments to Article 8(10) of the State Budget Law, the amendment focuses on incorporating regulations for programs and projects outside the medium-term public investment plan. For Point a, Clause 1, Article 4 of the draft law, the Standing Committee of the Finance and Budget Committee (FBC) and the drafting committee agreed to retain the existing regulations regarding the authority to allocate the annual central budget reserve.

Additionally, a new provision has been proposed: “The Standing Committee of the National Assembly shall review and decide on the allocation of annual surplus revenue and savings in expenditures for programs, projects, and tasks not included in the medium-term public investment plan,” or “The Government shall propose to the Standing Committee of the National Assembly to amend the medium-term public investment plan for programs, projects, and tasks funded by annual surplus revenue and savings.”

Chairman of the Finance and Budget Committee Le Quang Manh presented the report.

Chairman of the FBC noted that the majority of opinions within the Standing Committee and the drafting body supported adding provisions allowing for the "transfer of surplus public assets (such as land and buildings) to local authorities for management and resolution." This measure aims to enable effective handling of surplus assets; increase state budget revenues; enhance financial resources for socio-economic development; strengthen accountability in managing and utilizing public property.

Regarding the Securities Law, the discussions around the Securities Law highlighted two key issues: reporting on charter capital, and the participation of commercial banks as clearing and settlement members for securities transactions.

The relevant bodies agreed to include these provisions in the draft law at a principle level, delegating the Government and the Minister of Finance to define specific regulations to ensure feasibility.

During the session, members of the Standing Committee of the National Assembly (SCNA) deliberated on several aspects, including the law’s title, effective dates, content with differing opinions, and consistency and alignment with other legal documents.

Deputy Prime Minister and Minister of Finance Ho Duc Phoc provided further clarification on issues raised by SCNA members and the review report.

Regarding programs and projects outside the medium-term public investment plan (MTPIP), Deputy Prime Minister Phoc explained that the MTPIP was established to ensure fiscal balance and prevent overinvestment, a challenge in previous years.

While the MTPIP has effectively addressed this issue, annual operations sometimes yield surplus revenue and savings, necessitating the proposed amendments to the State Budget Law. He emphasized that expenditures for these programs and projects must still comply fully with public investment regulations.

In his concluding statement, Vice Chairman of the National Assembly Nguyen Duc Hai commended the efforts and collaboration between the FBC, the Ministry of Finance, and other relevant agencies in addressing feedback and refining the draft law amending and supplementing certain provisions of seven laws.

He urged all parties to continue reviewing and incorporating feedback from National Assembly deputies, the SCNA, and directives from the Chairman of the National Assembly to finalize the explanatory report and ensure the draft law meets the highest quality standards.