LookAtVietnam – The National Assembly Standing Committee on July 17 discussed government proposals to allocate additional bond sales in 2009 and adjust tax revenues on a hefty profit made by oil and gas contractors due to the soaring price of oil.

VND8,300 billion will be allocated to key transport projects and VND5,500 billion to education projects.

Most lawmakers agreed with the proposal and asked the government to speed up the disbursement of the capital, citing the fact that only 27 percent of the total amount was disbursed in the past six months. They asked the government to keep a close watch on the disbursement to ensure it is used efficiently.

The lawmakers also agreed with the government’s proposal to issue a decree to tax the hefty profits oil and gas contractors earned.

They reasoned that while Vietnam has yet to issue a law governing the collection such a tax as a surcharge, the issuance of a decree regulating the collection of budget revenues on such a profit is a rational solution given the regular fluctuations in global oil prices.

VietNamNet/VOV