Ministry of Finance wants to reduce conditions for casino and football betting business
The casino and gaming sector is among a series of proposals to cut business conditions by the Ministry of Finance.
The Ministry of Finance has just submitted to the Government a proposal to cut 51.4% of taxes.Investment and business conditions under the management of the Ministry.
In particular, this agency plans to reduce and simplify a series of conditions on lottery business, casino business, electronic games with prizes for foreigners as well as betting business on horse racing, dog racing and international football.
Specifically, the Ministry proposed to remove the conditionhorse racing betting business must havevMinimum investment of VND 1,000 billion and minimum VND 300 billion for dog racing betting business. The provisions in the old law on the planbusiness organization andInvesting in technology systems, technical equipment, and business software to ensure modernity, synchronization, easy upgradeability, and accurate operation... as well as the conditions on security commitments are also proposed by the Ministry to be removed.
At the same time, the drafting agency also proposed to amend and supplement 16 Decrees in many fields including insurance business, securities business, valuation, customs, accounting, auditing, credit rating services, voluntary pension fund management services...
The auditing service business will abolish the condition that the representative of the organization's capital contribution at the auditing LLC must be a practicing auditor.
In addition, the Ministry of Finance proposed to remove some conditions for establishing insurance companies, foreign branches, and insurance brokerage companies.Vietnamese organizations establishing limited liability insurance companies may not need to be enterprises operating in the fields of finance, banking, and insurance, to expand the scope of participation to other fields. The Ministry of Finance also proposed to abolish the experience requirement for insurance agents.
In the securities sector, the agency will reduce the minimum charter capital requirement for securities trading from a minimum of VND100 billion to VND50 billion. The requirement on the number of years of experience for the general director of a securities trading organization will also be reduced.
