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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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1 |
Circular No. 20/2017/TT-BTC dated March 06, 2017 of the Ministry of Finance amending and supplementing Clause 2 Article 8 of the Circular No. 195/2015/TT-BTC dated November 24, 2015 of the Ministry of Finance (amended and supplemented according to the Circular No. 130/2016/TT-BTC dated August 12, 2016 of the Ministry of Finance) |
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* Guidelines for deducting special excise tax of import goods |
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Decree No. 20/2017/ND-CP dated February 24, 2017 of the Government prescribing tax administration for enterprises engaged in transfer pricing |
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* Taxpayers that be exempted declaration of from transfer pricing |
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FINANCE - BANKING |
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FINANCE - BANKING |
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Decree No. 163/2016/ND-CP dated December 21, 2016 on detailing a number of articles of the Law on the State Budget |
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* Budget borrowings for Hanoi, Ho Chi Minh City must not exceed 60% revenues of local budget |
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NATURAL RESOURCES - ENVIRONMENT |
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NATURAL RESOURCES - ENVIRONMENT |
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Circular No. 35/2016/TT-BTNMT dated November 28, 2016 of the Ministry of Natural Resources and Environment prescribing the process for disclosure of national remote sensing super-data |
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* Disclosure of national remote sensing super-data |
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ORGANIZATIONAL STRUCTURE |
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ORGANIZATIONAL STRUCTURE |
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Decree No. 14/2017/ND-CP dated February 17, 2017 of the Government on functions, tasks, powers and organizational structure of the Ministry 0f Labor, War Invalids and Social Affairs |
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* There are 23 units in the Ministry of Labor, War Invalids and Social Affairs |
Page 3 |
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SUMMARY:
Ü TAX - FEE - CHARGE
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On March 06, 2017, the Ministry of Finance issued Circular No. 20/2017/TT-BTC amending and supplementing Clause 2 Article 8 of the Circular No. 195/2015/TT-BTC dated November 24, 2015 of the Ministry of Finance (amended and supplemented according to the Circular No. 130/2016/TT-BTC dated August 12, 2016 of the Ministry of Finance). Accordingly, payers of special excise tax on goods subject to special excise tax at import (except for gasoline) may deduct special excise tax paid at importation from special excise tax payable on goods sold domestically; deductible special excise tax is equal to special excise tax on goods subject to special excise tax that are sold after import, and |
must not exceed the special excise tax on goods sold domestically. The taxpayer may include special excise tax that remains after deduction when calculating corporate income tax. In order to be deducted special excise tax, taxpayer must have the receipt for special excise tax payment (when importing materials subject to special excise tax to manufacture goods subject to special excise tax, and when importing goods subject to special excise tax) or sale contract, copies of the Certificate of Business Registration of the seller, Bank transfer receipts and VAT invoices (if materials are purchased from a domestic manufacturer)… This Circular takes effect on April 20, 2017. |
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According to the Decree No. 20/2017/ND-CP dated February 24, 2017 of the Government prescribing tax administration for enterprises engaged in transfer pricing, taxpayers engaged in transfer pricing must make declaration of their related-party transactions; eliminate factors causing reduction in tax obligations that are controlled or affected by related-party relationships in order to define tax obligations imposed on related-party transactions which are comparable to independent transactions having the same requirements. Within that, related-party transaction is transactions arising between parties having related-party relationships during their production and business process, including purchase, sale, exchange, hire and rent of machinery, equipment… Also in accordance with this Decree, a taxpayer shall be exempted from declaration of the transfer pricing only if it is engaged in a related-party transaction with an entity that must pays corporate income tax within the territory of Vietnam, is subject to the same corporate income tax rate as applied to the taxpayer, and where neither of them is not offered the corporate income tax incentive within a specified |
tax period, but shall be required to provide bases for such exemption according to the law. With regards to the exemption from the transfer pricing documentation, a taxpayer is engaged in the transfer pricing but the total revenue arising within a specified tax period is less than VND 50 billion and the total value of the related-party transactions arising within a specified tax period does not exceed VND 30 billion and taxpayer performing business activities by exercising routine functions, neither generating any revenue nor incurring any cost from operation or use of intangible assets, generating sales of less than VND 200 billion, as well as applying the ratio of net operating profit before loan interest and corporate income tax relative to sales revenue, engages in related-party transactions: at least 5% with distribution; at least 10% with manufacturing and at least 15% with toll manufacturing, shall be exempted from the transfer pricing documentation but still be responsible for declaration of transfer pricing information. This Decree takes effect on May 01, 2017. |
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Ü FINANCE - BANKING
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On December 21, 2016, the Government issued Decree No. 163/2016/ND-CP detailing a number of articles of the Law on the State Budget, in which, the most important content is the provision about limits of local budget borrowings. Accordingly, the limits of local budget borrowings for Hanoi or Ho Chi Minh City must not exceed 60% of the revenues enjoyed by the local budget as assigned; for a locality with its assigned budget revenues higher than its current expenditures, this limit must not exceed 30% of its assigned budget revenues; for a locality with its assigned budget revenues lower than or equal to its current expenditures, this limit must not exceed 20% of its assigned budget revenues. Also in accordance with this Decree, central budget expenditure estimates and expenditure estimates of budgets of local administrations at all levels may set aside a contingency equal to between 2% and 4% of total expenditures of the |
budget at each level. About competence to decide on the use of central budget contingency for an expenditure of over VND 3 billion for each task, the Ministry of Planning and Investment shall assume the prime responsibility for, and coordinate with the Ministry of Finance and related agencies in, submitting to the Prime Minister for decision development investment expenditures and expenditures under the Ministry of Planning and Investment’s management; with other expenditures, The Ministry of Finance shall assume the prime responsibility for, and coordinate with related agencies in submitting to the Prime Minister for decision. The Minister of Finance shall decide on an expenditure not exceeding VND 3 billion for each task and summarize and report thereon on a quarterly basis to the Prime Minister. This Decree takes effect on January 01, 2017, and applies from the 2017 budget year. |
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Ü NATURAL RESOURCES - ENVIRONMENT
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The Ministry of Natural Resources and Environment issued Circular No. 35/2016/TT-BTNMT on November 28, 2016 prescribing the process for disclosure of national remote sensing super-data. According to this Circular, the Department of National Remote Sensing shall regularly disclose national remote sensing super-data on its e-portal within 30 working days after receiving such from agencies, organizations and individuals. National remote sensing super-data shall be regularly disclosed contains: Information of agencies, organizations and individuals that submit national remote sensing super-data; Total number of submitted remote |
sensing image scenes and plans; Total number of submitted remote sensing image scenes and plans with a cloud cover of below 10%; Remote sensing image areas; Partial topographic maps and groups of information on national remote sensing super-data. Within that, national remote sensing super-data must be complete, accurate and timely and convenient for the exploitation and use of national remote sensing data; the information on national remote sensing super-data shall be made in a manner convenient for access and use… This Circular takes effect on January 16, 2017. |
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Ü ORGANIZATIONAL STRUCTURE
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From February 17, 2017, there are only 23 units in the Ministry of Labor, War Invalids and Social Affairs, reduce 01 unit as described in previous provision. This is the most important provision in Decree No. 14/2017/ND-CP dated February 17, 2017 of the Government on functions, tasks, powers and organizational structure of the Ministry of Labor, War Invalids and Social Affairs. In which, the Institute for Orthopedics and Functional Rehabilitation is no longer in the organizational structure of the Ministry of Labor, War Invalids and Social Affairs. The Inspectorate and the Office are changed to Inspectorate and Office; The Labor and Salary Department is changed to Department of Social Security; The Child Protection and Care Department is changed to Department of Children; The Directorate of Vocational Training is changed to General Department of Vocational Education. 18 other units are still the same, including: The Social Insurance |
Department; The Gender Equality Department; The Legal Affairs Department; The Overseas Labor Management Department; The Occupational Safety and Health Department; The Employment Department… The Ministry of Labor, War Invalids and Social Affairs takes responsible to provide guidelines for registration and management of operation of employee representatives; discharge the duties of national-level contact point in terms of labor sector in the course that Vietnam entering into international trade agreements; provide guidelines for wages, bonuses, and remuneration paid to employees and managers working in state-owned enterprises, state-invested enterprises; promulgate charters of junior colleges, professional secondary schools vocational education centers; regulations of enrollment and training; regulations on exams, tests, and graduation assessment… This Decree takes effect on the signing date. |
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