(VOVworld) - On Wednesday, the National Assembly’s Standing Committee discussed differences to the revised laws on tax management and the national reserves agreeing with the report from the National Assembly’s Committee on Finance and Budgets. Regarding illegal tax declarations or late tax payments, the deputies said that the current fine of 0.05% per day is too low leading to losses to the state budget. Meanwhile, one of the major reasons for revising the law on tax management is to deal with the loss of revenue. The NA deputies also agreed that the National Assembly should be in charge of tax exemptions, while the extension of tax payments is for the Government. The Prime Minister has the right to extend tax payments for each individual case including groups, corporations, and enterprises. The National Assembly’s Deputy Chairman Uong Chu Luu proposed ‘This is a revised law to deal with current inadequacies. This needs to be done right now instead of by 2014 as we want to help enterprises by removing obstacles so we can develop production. I think we should implement what we have revised today on the law on tax management by next July’.