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Revised Constitution, six laws to be effective in Jan

Revised Constitution, six laws to be effective in Jan

Thursday, December 26, 2013, 15:31 GMT+7

The amended Constitution and six new laws, which were recently adopted by the National Assembly, will take effect on January 1, 2014. Consisting of 11 chapters with 120 articles, the revised Constitution clearly states that the Socialist Republic of Vietnam is governed by law and mastered by the people. The Constitution fully specifies political and economic systems, showing the nature of Vietnam’s economy as a market-based one following socialist orientations.

The document also highlights culture, science-technology, environment protection, human rights, basic citizens’ rights and obligations, national defense, the State apparatus, the validity and amendments to the Constitution.

As regards the State apparatus, it inherits the State organization model mentioned in the old version, but better explains the principle that State powers are unified and decentralized to State bodies in the exercise of their legislative, executive and judiciary powers. Meanwhile, the six laws include the revised Law on Residence, the amended Law on Value-added Tax and Corporate Income Tax, the Law on Mediation at the Grassroots Level, the Law on Science and Technology, and the Law on National Defense and Security Education.

The amendments to the Law on Corporate Income Tax, which are in line with the 2011-2020 tax reform strategy, are expected to stimulate production and trading in the coming time.

Under the revised law, companies with annual revenue of less than VND20 billion ($950,000) are subject to a tax level of 20 percent from July 1, 2013.

Since January 1, 2016, the general corporate tax will stand at 20 percent and preferential tax, at 17 percent.

Meanwhile, with eight chapters and 47 articles, the Law on National Defense and Security Education states that it is meant to enhance public awareness of safeguarding the country and the State. Under the law, the State ensures resources for defense and security education and applies incentives for border, island, remote and mountainous regions.

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