Legal Document Updates in English (11/2016)

INCREASE THE IMPORT TAX FOR DIAMMONIUM PHOSPHATE TO 5%

This is the important content prescribed at the Circular No. 25/2016/TT-BTC dated February 16, 2016 on changes in preferential import tax rates imposed on diammonium hydrogen phosphate (diammonium phosphate) of HS code 3105.30.00 in preferential import tariff schedule.

In particular, on April 03, 2016, the preferential import tax rates imposed on Diammonium hydrogen phosphate is formally increased to 5% instead of 3% as prescribed by the current regulation.

The preferential import tax rates for other mineral or chemical fertilizers are the same as 6% in current regulations, such as mineral or chemical fertilizers

MID-TERM AND LONG-TERM LOANS MUST BE REGISTERED WITH THE SBV

On February 26, 2016, the State Bank of Vietnam issued the Circular No. 03/2016/TT-NHNN providing several instructions on foreign exchange administration in respect of enterprise’s foreign borrowing and foreign debt repayment of enterprises.

In accordance with this Regulation’s regulations, mid-term and long-term foreign loans; renewed short-term loans which have more than 01 (one) year of maturity term and short-term loans which are not covered by any loan renewal contract but remain the outstanding principal owed on the anniversary of the date of first fund withdrawal in a full 01 (one) calendar year, except to the extent that borrowers have already fulfilled their debt obligations within a permitted duration of 10 (ten) days after the anniversary of the date of first fund withdrawal in a full 01 (one) year are subjected to registration with the State Bank.

The borrower may choose to carry out declaration of information for registration or registration for changes of loans, and preparing review reports on effecting of conventional loans in one of the forms of online declaration by means of websites; conventional declaration through any non-website means. The borrower may choose online declaration of registration information rather than

EXEMPTION OR REDUCTION OF LAND RENTS FOR ENTERPRISE PARTICIPATING
IN ACCOMPLISHMENT OF POLITICAL OBJECTIVES

On January 20, 2016, the Ministry of Finance issued the Circular No. 14/2016/TT-BTC on finance mechanism applied to wholly state-owned single-member limited liability companies participating in political objectives, assurance of social security, and regulation of supply and demand of the economy.

Accordingly, any enterprise participating in accomplishment of political objectives that satisfy conditions for exemption or reduction of land rents, land levies, or water surface rents shall be granted exemption or reduction of land rents, land levies, or water surface rents on the area of land or water surface serving accomplishment of political objectives.

Also in accordance with this Circular, expenditures incurred during participation in accomplishment of political objectives shall be separately, reasonably, and legitimately accounted for in accordance with the Law on Corporate income tax

INVESTOR CAN OPEN MANY DERIVATIVE TRADING ACCOUNTS
 

This is one of contents on trading accounts of the investors prescribed at the Circular No. 11/2016/TT-BTC dated January 19, 2016 of the Ministry of Finance guiding for a number of contents of the Government’s Decree No. 42/2015/ND-CP dated May 05, 2015 on derivatives and derivatives market.

In particular, The investor can open many derivative trading accounts provided that the only one (01) trading account is opened at a trading member and open a margin account at the appointed clearing member in corresponding with each trading account in accordance with Article 8 of this Circular. Fund Management Company can open a derivative trading account on its name at the trading member for each entrusting investor.

Besides, the Circular also allows  that a securities company, which has obtained certificate of good qualification for self-trading in derivatives and is not a derivative trading member, can open a trading account at the trading member and a margin account at the appointed clearing member to invest in derivatives in accordance with this Circular. A securities company which is established in a

MANAGEMENT AND USE OF INTERNATIONAL STANDARD BOOKS NUMBER
 

On March 01, 2016, the Ministry of Information and Communications issued the Circular No. 05/2016/TT-BTTT on management and use of international standard books number.

Accordingly, In the case of printed books, each ISBN encoded in a barcode must appear on the lower section of the outside back cover. If the book has the dust jacket/wrapper, ISBNs must appear on the jacket/wrapper; each ISBN must be displayed immediately above the barcode, preceded by “ISBN” and succeeded by the elements that must each be clearly separated by hyphens. The below serial number must coincide with the above serial number without hyphens. In addition, the ISBN in digit must be displayed on the foot of the page display number of publication decision. Each ISBN encoded into an EAN-13 barcode must contain Name of publisher; Name of book; Name of author, translator (for translated book); Year of publication; Framework, number of pages; Genre; Summary of contents, theme, topic…