Vietnam aims to require business executives to publicly declare assetsVietNamNet Bridge - Like state high-ranking officials, leaders and managers of credit institutions, investment funds and non-state public companies will have their assets controlled once the amended Anti-corruption Law takes effect. The draft law not only sets provisions on preventing and fighting embezzlement for the state sector as currently applied, but also for non-state sectors. State management agencies now have instruments to control the incomes of the people already. Meanwhile, their personal assets have no relation to the state and they should not be asked to make declarations about their assets.Lawyer Le Thanh Kinh also said that the State can control businessmen’s income through taxation bodies.“To prevent embezzlement, it would be better to set up regulations to restrict bribery, not to force businessmen to declare their assets,” he commented.TBKTSG The director of a public company who asked to be anonymous, said under the current regulations, the incomes of public companies’ managers must be made public to be supervised by shareholders already, and he cannot understand why their assets also need to be controlled.“Does the control infringe citizens’ legal rights for asset ownership?” he asked.Lawyer Bui Quang Nghiem from Nghiem & Chinh Law Office also thinks that there is no need to force the owners of private businesses to declare their assets.He said business owners have to pay corporate income tax, while managers (hired workers) have to pay personal income tax.

Source: VietNamNet News July 30, 2016 03:00 UTC