Parliamentary committee seeking concise Taxation Code stipulations

Vong Hin Fai, president of the parliamentary committee studying the Taxation Code, has said that committee members hope to see concise stipulations for more effective laws in future.

Emphasizing the necessity of a modern local tax system, Vong said that laws being concise is important to ensure that residents and investors can understand their tax responsibilities readily.

He disclosed that, in previous meetings, members have expressed their interest in straightforward, concise stipulations.

The committee held the sixth session of plenary yesterday to discuss the bill. Vong explained to the press that more time will be needed for this bill compared to others, owing to its size and technicality complexity.

During yesterday’s session, the committee discussed Articles 99 to 126 of the bill, which has 293 topics in total. During the discussion, they talked over the settlement within the tax procedure, review and assessment of taxation basis, settlement behavior, and collection.

The bill proposes that the conditions and requirements of the prior agreement on transfer pricing, and regulations on their implementation, be designated by an Executive Order, which does not exist currently due to the absence of any such stipulation.

The committee also invited the government to further outline the pricing of internal transactions within an international corporation. AL