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Finance Minister explains financial quests in NA session

VGP - Minister of Finance Dinh Tien Dung joined a Q&A session about matters related to the financial sector on the June 10 working day of the National Assembly’s seventh session.

06/10/2014 09:10

NA deputies, voters and the public concerned about public debts, payment capacity and solutions to public debts to maintain national financial safety.

They also paid much attention to transfer pricing, wrong tax refund, tax evasion and tax declaration frauds, causing losses for State budget collection while concerning about monitoring and stabilizing market prices, restructure and equitization in State own enterprises (SOE).

According to a report by the Ministry of Finance(MOF), public debts have tended to rise recently. However, the rate between the debts and the gross domestic product (GDP) has not changed significantly (51.7% in 2010, 50.1% in 2011, 50.8% in 2012, 54.1% in 2013, compared to NA-regulated rate of 65%).

According the MOF, the transfer pricing has caused losses for the State budget collection, affected the country’s investment environment, distorted production and trade results, undermined equality among businesses in implementing tax regulations and taken over local shareholders.

To address the issue, tax agencies have examined and inspected 2,110 loss-making businesses showing signals of transfer pricing and businesses which participated in cooperative transactions, a 66.4% rise over 2012. The inspection has helped collect VND988 billion (US$47 million), a 32% increase over 2012.

In the first four months of 2014, 361 loss-making businesses and businesses engaged in transfer pricing were inspected and they had to pay back VND287.2 billion (US$13.5 million).

Tax and customs agencies have examined 200 businesses in the second half of 2013 and worked with public security forces to detect 33 cases, from which 17 businesses were put on trial, 22 individuals prosecuted and nearly VND27 billion (US$1.2 million) collected.

The MOF has developed a scheme on restructuring and equitizing SOE in the 2011-2015 and submitted it to Prime Minister Nguyen Tan Dung for a decision on the matter.

According to reports by ministries, sectors, localities and corporations, 5,971 businesses were restructured by May, in which 4,066 businesses were equitized.

At this Q&A session, the Ministers of Planning and Investment, Industry and Trade, Health, Internal Affairs and Auditor General of the State Audit will be quizzed.

                                                                                                                        By Vien Nhu