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In This Updates: |
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TAX – FEE – CHARGE |
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TAX – FEE – CHARGE |
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Circular No. 12/2013/TT-BTC dated January 21, 2013 of the Ministry of Finance amending preferential import tax rates applicable to item of non-alloy steel wire of code 7217.10.39 in the preferential import tariff |
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Reduce the import tax rate on non-alloy steel wire |
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FINANCE – BANKING |
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FINANCE - BANKING |
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Circular No. 06/2013/TT-BTC dated January 09, 2013 of the Ministry of Finance guiding financial regime for microfinance institutions |
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Regulating the cost management for microfinance institutions |
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Circular No. 05/2013/TT-BTC dated January 09, 2013 of the Ministry of Finance guiding financial regime for credit institutions and foreign bank branches |
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Banks do not depreciate real estate’s held temporarily |
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SECURITIES |
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SECURITIES |
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Circular No. 13/2013/TT-BTC dated January 25, 2013 of the Ministry of Finance on supervision of securities transactions on the securities market |
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Tighten the supervision securities transactions |
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EDUCATION – TRAINING – VOCATION |
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EDUCATION – TRAINING - VOCATION |
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5 |
Decision No. 05/2013/QD-TTg dated January 15, 2013 of the Prime Minister regulation on overseas study of Vietnamese citizens |
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VND 500,000,000 is the minimum deposit for overseas study consultation agencies |
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SUMMARY:
Ü TAX – FEE - CHARGE
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This is regulated under the Circular No. 12/2013/TT-BTC dated January 21, 2013 of the Ministry of Finance on amending preferential import tax rates applicable to item of non-alloy steel wire of code 7217.10.39 in the preferential import tariff under the List of taxable items in the Annex II promulgated together with the Circular No. 193/2012/TT-BTC, of November 15, 2012 of the Ministry of Finance on promulgating the Export Tariff, Preferential Import Tariff in according to the list of taxable items. Accordingly, from March 07, 2013, preferential import tax rates applicable to item of non-alloy steel wire not plated or coated, whether or not polished, containing by |
weight 0.6% or more of carbon (not including spokes wire; bead wire; flat hard steel reed wire; pre-stressed steel wire; free cutting steel wire) are adjusted to 3% (the previous regulation is 5%). The tax rate on other items in code 7217 is still unchanged. Specifically, for wire of iron or non-alloy steel containing by weight less than 0.25% of carbon, the rate is 15%; from 0 - 10% for wire of iron or non-alloy steel containing by weight 0.25% or more but less than 0.6% of carbon. This Circular takes effect as from March 07, 2013. |
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Ü FINANCE - BANKING
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On January 09, 2013, the Ministry of Finance issued the Circular No. 06/2013/TT-BTC on guiding the financial regime for microfinance institutions. One of the most notable contents is regulation on the regime of commission costs. Under this Circular, for the brokerage expenses for asset rental (including assets foreclosed, assets used as payment for debt): Broker spending level to rent out assets of the microfinance institutions must not exceed 5% of all proceeds from the asset leasing brought by the brokerage during the year. For the expenses for brokerage of selling assets mortgaged, pledged: spending level for brokerage commission to sell assets mortgaged, pledged of the microfinance institutions must not exceed 1% of the actual value obtained from the sale of assets through brokerage. Those entitled to brokerage commissions are the organizations and individuals (domestic and foreign) to provide brokerage services to the microfinance institutions. Brokerage commissions are not be applied to the subjects as agents |
of the microfinance institutions, the customers designated, the titles of management, employees of the microfinance institutions. The expense for brokerage commissions of the microfinance institutions must be linked to economic efficiency brought by the brokerage. The microfinance institutions are based on guidelines of brokerage commission costs of the Finance Ministry. Besides, the Circular also regulated that, during the operation, business, the microfinance institutions must remain limited investment in the construction, procurement of fixed assets in direct service to the business by the principle of: residual value of fixed assets shall not exceed 50% of the charter capital and additional reserve fund for charter capital of the microfinance institutions. For real estate’s held temporarily by the microfinance institutions to sell, transfer to withdraw funds, the microfinance institutions shall not account increase of assets, shall not depreciate. This Circular takes effect from February 25, 2013. |
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This is one of the guidelines of the Ministry of Finance regulated under the Circular No. 05/2013/TT-BTC dated January 09, 2013 on guiding the financial regime for credit institutions and foreign bank branches. Accordingly, the credit institutions and foreign bank branches are allowed to use working capital for business activities on the principle of assurance of capital safety and development. Specifically, during the course of business activities, the credit institutions and branches of foreign banks must ensure to maintain limited investment in the construction, purchase of fixed assets directly used for business on the principles: the residual value of fixed assets does not exceed 50% of the charter capital and additional reserve fund of charter capital for the credit institutions, not exceed 50% of the granted capital and additional reserve fund of capital granted for the branches of foreign banks. For real estate’s held temporarily by the credit institutions to sell, transfer in order to withdraw capital, the credit institutions do not account increase of assets, do not depreciate. |
Besides, for revenue and cost management, the Circular amended some expenses not calculated in the cost of the credit institutions and foreign bank branches including: expenses without valid vouchers; the items accounted as expense but not paid actually; the fines for administrative violations that individuals must pay under the provisions of the law include: violation of business registration regime, violations of the statistics, accounting regime… Under this Circular, report on annual financial plan must be submitted no later than November 15 of the year before the plan year; Deadline for submission of annual financial statements is no later than 180 days for foreign credit institutions and 90 days for other credit institutions from the end of the fiscal year. This Circular takes effect from February 25, 2013 and shall be applicable from the 2013 fiscal year. This Circular replaces the Circular No.12/2006/TT-BTC dated February 21, 2006. |
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Ü SECURITIES
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On January 25, 2013, the Ministry of Finance issued the Circular No. 13/2013/TT-BTC on supervision of securities transactions on the securities market. Under this Circular, the Stock Exchanges have the duties to supervise happenings of transaction during day, many days, periodically; to analyze, evaluate and take responsibility for determining signs of violation with respect to extraordinary transactions aiming to timely detect transactions which have signs of market manipulation, internal transaction and acts violating regulations on securities transaction as prescribed; To supervise information disclosure and regime of report according to current regulations; To make periodical, extraordinarily reports and reports at request on securities transaction supervision conducted by the supervised subjects and to send them to the State Securities Commission… |
Besides, the Ministry of Finance also requested that Organizations, individuals participating in securities transactions and supplying services of securities transaction have obligation to timely, sufficiently, exactly provide information, documents, electronic data relating to content of securities transaction supervision at the request of the SSC, SEs; to make explanation at the request of the SSC, SEs on facts relating to securities transaction as prescribed by law and implement information disclosure as prescribed by law on securities and securities market if securities transactions of organizations, individuals or relevant persons with intention to hold twenty five percent (25%) of voting stocks, fund certificates of a public company. This Circular takes effect on March 08, 2013 and replaces the Decision No. 127/2008/QD-BTC dated December 31, 2008. |
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Ü EDUCATION – TRAINING - VOCATION
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On March 15, 2013, the Prime Minister issued the Decision No. 05/2013/QD-TTg on stipulating the overseas study of Vietnamese citizens. Under this Decision, the Prime Minister requested that organization of overseas study consultation services is granted the Certificate of overseas study consultation services operation registration upon meeting the following conditions: being established in accordance with regulation of law; Having sufficient financial capacity to ensure the settlement of the cases of risk; having minimum deposit of VND 500,000,000 in a commercial bank; The head of the organization of overseas study consultation services and the staff directly giving advice on overseas study must have a university degree or higher, fluent in at least one foreign language and the certificate of oversea study consultation profession training granted by the Ministry of education and Training. Besides, the organization of overseas study consultation services shall be suspended from operation if it stops operation for 06 consecutive months after being |
allowed for operation without notifying the agency which has granted the operation registration Certificate. It will be evocated Certificate of overseas study consultation services operation registration if within 05 years from the date of issuance of the Certificate of overseas study consultation services operation, the organization overseas study services is suspended from operation for the third time… Besides, the Prime Minister also requested, before 15th date of January annually, organizations shall send reports on enrolling and sending Vietnamese citizens abroad to study to the Ministry of Education and Training; organizations of overseas study services shall send activity reports to the Service of Education and Training for monitoring, management and summary of information to make a report to the Prime Minister. This Decision takes effect from March 10, 2013. |
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