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In This Updates: |
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TAX – FEE – CHARGE |
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TAX – FEE – CHARE |
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Circular No. 218/2015/TT-BTC dated December 31, 2015 of the Ministry of Finance providing for the policy and tax management for traders engaged in purchase, sale and exchange of goods in border markets, border- gate markets and markets in border-gate economic zones according to the Decision No. 52/2015/QD-TTg dated October 20, 2015 of the Prime Minister on the management of border trade with neighboring countries |
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* Selling goods with the value of VND 200,000 in border market must have invoice |
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FINANCE – BANKING |
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FINANCE - BANKING |
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Circular No. 41/2015/TT-NHNN dated December 31, 2015 of the State Bank of Vietnam amending, supplementing a number of Articles of the Circular No. 23/2013/TT-NHNN dated November 19, 2013 of the State Bank Governor providing for the State credit institutes’ maintenance of deposit balances at the Vietnam Bank for Social Policies |
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* Regulations on State credit institutions not maintain deposit balances at the VPSP |
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Circular No. 31/2015/TT-NHNN dated December 28, 2015 of the State Bank of Vietnam providing for assurance of information systems safety and security in banking operations |
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* Assurance of information systems safety and security in banking operations |
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Circular No. 26/2015/TT-NHNN date December 09, 2015 of the State Bank of Vietnam guiding the procedures and formalities for mortgaging and releasing mortgage of housing construction projects and off-the-plan residences |
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* Guidance on having mortgaged off-the-plan residences in housing construction projects |
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INFORMATION – COMMUNICATIONS |
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INFORMATION - COMMUNICATIONS |
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* List of 6 telecommunication services subject to quality control |
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SUMMARY:
Ü TAX – FEE – CHARGE
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On December 31, 2015, the Ministry of Finance issued the Circular No. 218/2015/TT-BTC providing for the policy and tax management for traders engaged in purchase, sale and exchange of goods in border markets, border- gate markets and markets in border-gate economic zones according to the Decision No. 52/2015/QD-TTg dated October 20, 2015 of the Prime Minister on the management of border trade with neighboring countries. In accordance with the regulations in this Circular, Traders engaged in purchase, sale and exchange of goods in border markets, border- gate markets and markets in border-gate economic zones must use invoices as stipulated. When selling goods with the value of 200,000 dong or more each time, they shall issue invoices for the purchaser and must be responsible for the origin of invoices. If selling goods with value of 200,000 dong or more each time, the purchaser refuses to get invoices or
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refuses to provide name, address, tax code (if any), the seller still has to write the invoice and clearly mention “the purchaser refuses to get the invoice” or “the purchaser refuses to provide name, address, tax code”. Within that, date of issuance for selling goods is the time of transferring the ownership or rights of using goods to the purchaser, irrespective of collecting money or not collecting money. Traders engaged in the purchase, sale and exchange of goods in border markets, border- gate markets and markets in border-gate economic zones shall declare and pay value added tax monthly; temporarily pay corporate income tax quarterly and finalize corporate income tax as stipulated by the law on tax management and guidelines of the Ministry of Finance; and revenue of selling goods shall be determined according to the monthly tax declaration form. This Circular takes effect on February 14, 2016. |
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Ü FINANCE - BANKING
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The Circular No. 41/2015/TT-NHNN issued by the State Bank of Vietnam on December 3, 2015 amending, supplementing a number of Articles of the Circular No. 23/2013/TT-NHNN dated November 19, 2013 of the State Bank Governor providing for the State credit institutes’ maintenance of deposit balances at the Vietnam Bank for Social Policies. At this Circular, the State credit institutions shall maintain deposit balances at the Vietnam Bank for Social Policies including Commercial Banks and Joint Stock Commercial |
Banks with the State ownership of over 50% working capital (hereinafter referred to as the State credit institutions). The State credit institutions shall not implement provisions maintaining deposit balances of 2% at the Vietnam Bank for social policies in the time of being under the special control. The State credit institutions shall maintain balances at the Vietnam Bank for social policies according to the term deposit contract and appendixes signed between credit institutions and the Vietnam Bank for social policies… This Circular takes effect on January 01, 2016. |
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On December 28, 2015, the State Bank of Vietnam issued the Circular No. 31/2015/TT-NHNN providing for assurance of information systems safety and security in banking operations. In accordance with the regulations in this Circular, the State Bank of Vietnam (the State Bank), credit institutions (except for grassroots people's credit funds with total asset of below VND 10 billion, microfinance institutions), foreign bank branches and providers of payment intermediary services must set out regulations on information systems safety and security which are consistent with specific information systems, organizational structure, managerial and operational requirements of these institutional units. The head (or the legal representative) of each institutional unit must sign, conduct implementation and dissemination of such regulations on information systems safety and security throughout the institutional unit. The information systems safety and security include management of information technology assets; management of use of mobile devices; management of use of information bearing objects; human resource management; assurance of physical and environmental safety; operating and communications management; online access management; management of third parties’ information technology services… Each institutional unit must review, revise and improve regulations on information systems safety and security at least once a year and ensure completeness of these |
regulations in accordance with provisions laid down in this Circular. Whenever there is any deficiency or irrationality that may risk information systems safety or upon the request of competent authorities, each institutional unit must immediately amend and modify existing regulations on information systems safety and security. Each institutional unit must review, revise and improve regulations on information systems safety and security at least once a year and ensure completeness of these regulations in accordance with provisions laid down in this Circular. Whenever there is any deficiency or irrationality that may risk information systems safety or upon the request of competent authorities, each institutional unit must immediately amend and modify existing regulations on information systems safety and security. The data center must meet the requirements such as entrance or exit gate/door of the data center must have 24/7 security guards; areas for installation of information technology equipment must be protected from direct sunlight, and prevented from leakage and flood; areas for installation of equipment of important information systems must be put under 24/7 guard and surveillance; have at least one power source supplied by the power transmission grid and one supplied by the power generator; have an air conditioning system to ensure continuous operations…. This Circular takes effect on March 01, 2016. |
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The State Bank of Vietnam issued the Circular No. 26/2015/TT-NHNN dated December 09, 2015 guiding the procedures and formalities for mortgaging and releasing mortgage of housing construction projects and off-the-plan residences, allow that investors are allowed to mortgage projects and off-the-plan residences in the projects at credit institutions to borrow capital for the investments into the projects or construction of such residences. Similarly, organizations and individuals building off-the-plan residences on their legitimate lands are allowed to mortgage such residences at credit institutions to borrow capital for the construction of such residences. Organizations and individuals purchasing off-the-plan residences from investors’ housing construction projects are allowed to mortgage such residences at credit institutions for purchasing such residences. For organizations and individuals mortgaging off-the-plan residences purchased from investors’ housing construction projects, organizations and individuals can mortgage off-the-plan residences can have house purchase contracts |
made with the investors; have the agreements for transfer of house purchase contracts if being the transferees of house purchase contracts according to the regulations; have written evidences of installing payments for the residences to the investor according to the schedule agreed in the house purchase contract; no complaint, lawsuit or dispute over house purchase contracts or transfer of house purchase contracts exists… Besides, the Circular also details the housing construction projects eligible for mortgage loans such as an investment project freshly constructing or renovating an independent residence or a cluster of residences; an investment project constructing residences with synchronized technical and social infrastructures in rural areas; an investment project constructing urban areas or using mixed types of lands, parts of which are exploited for the construction of residences; a construction investment project that has buildings for both residential and business purposes. This Circular takes effect on December 10, 2015. |
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Ü INFORMATION - COMMUNICATIONS
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The Ministry of Information and Communication issued the Circular No. 35/2015/TT-BTTTT dated December 15, 2015 on regulations on telecommunication services subject to quality control. In accordance with the regulations at the Circular, from February 15, 2016, there are 06 telecommunication services subject to quality control. In particular, these are telephone services via terrestrial fixed telecommunications network; terrestrial fixed broadband internet access services using FTTH/xPON (Fiber optic Internet access |
services); terrestrial fixed broadband Internet access services using Cable Modem Technology (Television cable Internet access services); terrestrial fixed broadband Internet access services using xDSL (xDSL Internet access services); telephone services via terrestrial mobile telecommunications network ; Internet access services via terrestrial mobile telecommunications network IMT-2000. This Circular takes effect on February 15, 2016 and supersedes the Circular No. 02/2013/TT-BTTTT dated January 22, 2013. |
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