(VOV)-The National Assembly Standing Committee convened its 16th session in Hanoi yesterday/ on Monday to discuss amendments and supplements to several laws, including the Added Value Tax Law, the Corporate Tax Law, and laws on waste prevention, emulation and commendation.

National Assembly Chairman Nguyen Sinh Hung (Photo: Internet)

National Assembly Chairman Nguyen Sinh Hung suggested the Government reduce income taxes for small and medium-sized  enterprises to 20 percent. Hung said the reduction will help enterprises accumulate capital to feed production and strengthen operations. Many deputies agreed with a proposal to create more preferential tax policies for micro-finance enterprises working in agriculture, aquaculture and forestry, as well as salt production and agricultural cooperatives. The Ordinance on Foreign Remittance adopted by the Standing Committee permits individuals to borrow capital to pay their foreign debts.

While lawmakers agreed that the ordinance will help attract foreign money for economic development, the NA Economic Committee report said that any bank defaults will negatively impact the country’s confidence index.

The ordinance also allows foreigners to open accounts and conduct transactions in Vietnam Dong at credit agencies licensed by the State Bank of Vietnam, to encourage foreign investors to invest directly in the country. The right to use foreign currency would not be limited,  to facilitate trading by individuals and economic organizations. Deputies agreed that the Government should create a roadmap for preventing dollarization following Party resolutions.