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Ministry of Finance should urgently implement Official Document No.504/UBTCNS14 of the National Assembly Committee on Finance and Budget.

Ministry of Finance should urgently implement Official Document No.504/UBTCNS14 of the National Assembly Committee on Finance and Budget.
That is the opinion of Lawyer Le Dinh Vinh after the Committee on Finance and Budget requested Ministry of Finance to quickly deal with problems in the implementation of VAT Law and Law on Export and Import Duties.
After the meeting with enterprises, Vietnam National Cement Association, and General Department of Customs at the headquarters of Life & Law Newspaper, the Committee on Finance and Budget issued Official Document No.504/UBTCNS14 dated May 16th requesting Ministry of Finance to direct General Department of Customs to stop requesting enterprises to submit additional commitments on the percentage of mineral resources energy cost that is not regulated by the laws. Simultaneously, in this Official Document, the Committee also requests Ministry of Finance to conduct a review and evaluate the implementation of regulations on determining the rate of mineral resources plus energy cost which is greater than or equal to 51% of product cost to report to the Government and submit to the National Assembly for its consideration and amendment.
Regarding the above matter, Lawyer Le Dinh Vinh, Director of Vietthink Law Firm said: “The issuance of Official Document No.504/UBTCNS14 of the Committee on Finance and Budget is a good signal for enterprises. It demonstrates that the top-level competent authorities are ready to listen to and accept the legitimate aspiration of enterprises. In the meanwhile, it also shows that the suggestions of enterprises and legal experts on irrationalities of Official Document No.9744/TCHQ-TXNK are reasonable”.
 
Lawyer Le Dinh Vinh - Vietthink Law Firm
“The National Assembly Supervisory Authority closely supervises the enforcement of the laws and is willing to remove obstacles for enterprises with the determination to implement the motto "Facilitating and development oriented Government". This will create strong momentum for the economy and enterprises. The Vietnamese enterprises community in general and cement enterprises in particular would believe that a transparent and open investment and business environment is being created.”- Mr. Vinh said.
However, according to Lawyer Le Dinh Vinh, Official Document No.504/UBTCNS14 is the first step in order for removing difficulties for cement enterprises. It is important that “Ministry of Finance should urgently conduct a review and evaluate the irrationalities in the implementation of VAT Law and Law on Export and Import Duties to report to the Government and submit to the National Assembly for its consideration and amendment in order to ensure the scientific and unified application of the laws and encourage  manufacturing and export activities in the country."
Previously, as reflected on the website doisongphapluat.com, if the value of natural resources, minerals and energy cost accounts for 51% or more of product cost, the customs declarant must declare the export tax rate of 5%. If the declared export tax rate is 0%, the customs declarant must submit additionally "the commitment declaring that the value of mineral resources and energy costs accounts for less than 51% of product cost" and "the accounting commitment declaring that the valuable of mineral resources and energy costs accounts for less than 51% of the previous year’s product cost." This situation resulted in mixed reactions from lawyers, enterprises, and the association due to the lack of specific regulations stipulating the export tax rate on cement as well as regulations requiring the submission such documents of enterprises when they declare export tax.
The promulgation of Official Document No.504/UBTCNSQH14 shows the careful attention of the National Assembly Committee in complying  the Constitution and law, ensuring the principle of Law-governed State of the People, by the People, and for the People.
Vietthink News

Last updated: 07/12/2017
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