Legal Document Updates in English (11/2013)

VND 450,000 IS THE CHARGE POLICE OFFICERS
MUST PAY FOR TESTING ON DRIVING CAR
 

On March 19, 2012, the Ministry of Finance issued the Circular No. 32/2013/TT-BTC 2013promulgating the regime of collection, payment, management and use of charges for granting the driving road motor license for People's Police.
Accordingly, Police officers working in People’s Police Offices when requesting for testing to get the driving road motor license at units of People’s Police and being tested by these units must pay charges and fees for testing from May 05, 2013 as follows: For testing for driving motorcycle (ranks of A1, A2, A3, A4), theory testing: VND 40,000 /time; practice testing: VND 50,000 /time; for testing for driving automobile (ranks of B1, B2, C, D, E, F): theory testing: VND 90,000 /time; practice testing in pictures: VND 300,000 /time; practice testing on public traffic roads: VND 60,000 /time;

Besides, Agencies, units managing the testing for granting the driving license also take the charge level of granting the driving license is VND 30,000 /time (for new issuance, extension, exchange and re-issuance of driving license). Charges of testing for granting the driving license are revenues of the State budget, the agencies collecting charges are entitled to extract 65% of testing charges for costs of holding the testing and collection. Agencies collecting charges shall submit 35% of testing charges and 100% of collected fees for granting the driving license to the state budget.

INCREASE BY 20% TO IMPORT TAX FOR USED CARS
OF 9 SEATS OR LESS
 

On March 15, 2012, the Ministry of Finance issued the Circular No. 28/2013/TT-BTC amending import and export taxes for used cars prescribed in clause 1, Article 1 of the Decision No. 36/2011/QD-TTg dated June 29, 2011, of the Prime Minister.

Accordingly, the Ministry of Finance increases 20% to import tax for used cars of 9 seats or less with a cylinder capacity of under 1,500 cc (Preferential Import Tariff headings 8703), in particular: import tax for used cars of 09

seats or less with a cylinder capacity of under 1,000 cc is USD 4,200/car; with a cylinder capacity from 1,000 cc to 1,500 is USD 9,600/car.
Other import taxes for used cars shall be still the same with the previous regulations, within that, import tax for used cars of 10 - 15 seats with a cylinder capacity of under 2,000 cc is USD 9,500/car; from 2,000 cc – 3,000 is USD 13,000/car; above 3,000 cc is USD 17,000/car and so on.
This Circular takes effect on April 29, 2013.

VND 20,000 IS THE CHARGE FOR VISITING
VIETNAM MUSEUM OF ETHNOLOGY
 

On March 12, 2013, the Ministry of Finance issued the Circular No. 27/2013/TT-BTC promulgating on level, regime, management and usage of collecting visiting charges for Vietnam Museum of Ethnology.

Accordingly, from April 25, 2013, the Ministry of Finance decides to increase the charges for visiting Vietnam Museum of Ethnology, in particular: for adults:  VND 20,000/people/time (VND 5,000 is the previous charge); for students, pupils (trainees) in universities, colleges, vocational schools: VND 15,000/people/time , within that, students and pupils (trainees) must have cards issued by schools in Vietnam’s people education system; for children and pupils in secondary and high schools (from 06 – 16 years old) : VND 10,000/people/time (VND 2,000 is the previous charge).

Besides, the Ministry of Finance also discounts for visiting Vietnam Museum of Ethnology for objectives receiving preferential policy for coming in culture prescribed at Article 2 of the Decision No. 170/2003/QD-TTg; the elderly; the heavy disabled.

Agencies taking responsibilities in charges shall extract 90% charges for collecting charges in accordance with regulation. The remains (10%) shall be pay to state budget in accordance with chapter, section of the current list of state budget.

This Circular takes effect on April 25, 2013 and annuls the Decision No. 34/2007/QD-BTC dated May 15, 2007.

SUPPORT 100% EXPENSE FOR HOLDING SEMINARS
ON VIETNAM INVESTMENT ENVIRONMENT
 

On March 18, 2013, the Ministry of Finance issued the Circular No. 31/2013/TT-BTC guiding the financial management mechanism on national investment promotion program.

According to this Circular, organizations participate in domestic and overseas exhibition in order to introduce investment environment and investment results in Vietnam shall be supported 100% expense for exhibition organization including hiring places for national exhibition, expenses of electricity, water, decoration, design, necessary materials, printing and photocopy documents, document transportation, stationery, popularization for exhibition activities, hiring event company; supported 100% business expense for all objectives who are public employees of state managing agencies in the course; support ed70% business expense for all objectives receive salaries from state budget in the courses. Besides, for all the activities in support investors from countries having high

MERGER IS COMPULSORY FOR THE BANK UNDER SPECIAL CONTROL
WITHOUT LEGAL CAPITAL
 

On March 14, 2012, the State Bank of Vietnam issues the Circular No. 07/2013/TT-NHNN stipulating special control over credit institutions.

Accordingly, based on the inspection results of the State Bank and at the request of Inspector Agency, the banking inspector of the State Bank’s branches in the provinces and centrally-run cities (State Bank’s branch) or Special Control Board to have special control, request the owner of credit institutions placed under special control to implement the raising of charter capital to ensure the actual value of charter capital that is not lower than the legal capital, to ensure the safety ratio for operation according to the Law in a specific period; or to request the owner of credit institutions placed under special control to build and report to the State Bank for approving the restructuring plan or merger and acquisition plan with other credit

institutions in the case that credit institution placed under special control is incapable of raising the charter capital as requested and in the period determined by the State Bank;
Also according to this Circular, the information on special control for credit institution shall be published including information on measures to improve and adjust credit institution placed under special control which is approved by the relevant authorities. The information on special control for credit institutions shall be published in central newspaper or local newspaper; press conference; website of credit institutions; shareholder meeting.

This Circular takes effect on April 27, 2013 and replaces the Circular 08/2010/TT-NHNN dated March 22, 2010 and the Decision No. 92/2001/QD-NHNN dated February 08, 2001.

MUST DEPOSIT WHEN TRADING GOLD BAR WITH THE STATE BANK
 

This is the new regulation of the State Bank of Vietnam at the Circular No. 06/2013/TT-NHNN dated March 12, 2013 guiding the trade on gold bar in domestic market.
Accordingly, credit institutions and enterprises that trade gold bars and have demand on taking participate in trading transaction with the State Bank shall apply directly or send by post 01 (one) registration dossier for establishing trading transaction for gold bar to the State Bank (Transaction Department). The dossier includes: registration application for establishing trading transaction relationship of gold bar with the State Bank; Enterprise Registration Certificate or Business Registration Certificate (certified copy);  document for registering representative’s signatures of credit institutions and enterprises; authorization document of credit institutions and enterprises for transaction’s representative.

The transaction representative of credit institutions and enterprises having gold bar trading (direct trading) or winning bid (bidding) must sign to confirm the gold bar trading with the State Bank within 30 (thirty) minutes from the time of notifying volume, purchasing price, selling price with each credit institution and enterprise (direct trading), bidding results(bidding).

The State Bank shall cancel trading transactions of gold bar with credit institutions and enterprises. Credit institutions and enterprises must not re-establish trading transaction relationship of gold bar with the State Bank within 01 (one) year from the date of cancellation.

BUILD AND ISSUE VIETNAM ACCOUNTING AND AUDIT STANDARDS
 

This is the content of the Decision No. 480/QD-TTg of the Prime Minister on March 18, 2012 approving the accounting - audit strategy up to 2020, vision to 2030.

Specifically, Establish a complete accounting and audit system that is suitable with Vietnam’s management mechanism and regional and world accounting – audit career development is one of important objectives need implementing, issuing so that Vietnam accounting and audit standards can be suitable with international common practices and Vietnam conditions.

For accounting: update and build new standards of enterprise accounting. Within that, update 26 issued accounting standards in 2012 – 2015; build and issue remaining accounting standards in 2016 - 2020; at the same time, consider the standard applications to specialized enterprises. For independent audit: Evaluate

applications of 37 new audit standards (issued in 2013); study, update and supplement remaining accounting standards in 2013 – 2015; update international accounting standards and ensure to comply with international audit standards.

Besides, develop market of accounting – audit service such as direct all objectives forced to have financial statement’s audits to implement audit mechanism; expand scale and quantity as well as quality of independent audit enterprises, enterprises supplying accounting services by completing mechanism and career conditions; develop accounting – audit service market by international and mutual agreements for audit career in ASEAN and among Vietnam and countries such as England, Australia and other countries.

GUIDANCE ON THE REMISSION OF ENVIRONMENT PROTECTION TAX
FOR PLASTIC PACKAGES
 

On March 18, 2013, the Ministry of Finance issued the Circular No. 30/2013/TT-BTC promulgating the remission of environmental protection’s tax for prepackaged goods’ plastic packages under the Resolution No. 02/NQ-CP dated January 07, 2013 of the Government.

Accordingly, producers and importers who are organizations, households and individuals shall receive the remission of environmental protection’s tax and fines for late payment, and are not called to pay taxes if producers and importers have declared but not yet paid and fines for late payment if any from January 01, 2012 to the end of November 14, 2012, applicable to prepackaged goods’ plastic packages.

In order to receive the remission of environmental protection tax, package’s producers or importers must complete and submit the applications before June 30, 2013 to tax agencies or the customs agencies of tax declaration and tax payment, including: Proposal minute for refunding state budget; The additional tax declaration; The receipts for environmental protection tax’s payment and fines for tax late payment. In the case of importing packages for packing products produced or handled by importers or buy products to make packages or package services, it is compulsory to have additional documents.

This Circular takes effect on May 02, 2013.

MINIMUM AREA OF STOCK EXCHANGE’S HEAD OFFICE IS 100M²
 

On March 06, 2013, the State Securities Commission issued the Decision No. 132/QD-UBCK promulgating guidance on offices and facilities in security activities.

In accordance with this Decision, head offices, branches, transaction offices (hereinafter called offices) of securities companies must be in Vietnam’s territory, at the defined addresses with number of room (if any), number of floors, name of building (for leasing office buildings), house number, name of street or name of commune (ward or township), district (district, town or provincial-level city), province (municipal cities); the right to use offices of a securities company is at least one year, from the date when such securities company applies dossier for establishment and operation permits or dossier for location changes; the

minimum floor area of securities transaction at head office with professional activity on securities broker is 100m2.
Additionally,  beside general material facilities such as office equipment system; provision system; information and data storage system; confidential and security system, it is also compulsory to have material facilities in service for securities broker activities such as counters system; seats for investors; system of information disclosure; server system; storage system; order input and output system; command transfer system...Material facilities in service of securities self-business such as servers system; command transfer system; software system; storage system.

This Decision takes effect on the signing date.