Legal Document Updates in English (12/2015)

NOT DESTROY THE INVOICE WITH INCORRECT BUYER’S NAME AND ADDRESS
 

In accordance with the Circular No.  26/2015/TT-BTC dated February 27, 2015 of the Ministry of Finance guiding the value-added tax and tax administration in Decree No. 12/2015/ND-CP on guidelines for the Law on amendments to Laws, Decrees on taxations, and amendments to Circular No. 39/2014/TT-BTC on invoices for goods sale and service provision, from 2015, If the buyer’s name or address on an issued invoice is incorrect but the buyer’s TIN is correct, only an adjustment note is required instead of an adjusted invoice.

Other important content is that from January 01, 2015when a taxpayer receives land use right from another entity, deductible land price when calculating VAT is the price written on the capital contribution contract. If the price for transfer of land use right is lower than the price of contributed land, the former shall apply.

Where a real estate company signs a contract with a household or individual who have a piece of agricultural land to convert it into housing land and such conversion is

MUST SUPERVISE THE EMPLOYMENT STATUS OF EMPLOYEES
AFTER RECOMMENDING THE JOBS
 

The Ministry of Labor, War Invalids and Social Affairs has just issued the Circular No. 07/2015/TT-BLDTBXH dated February 25, 2015 stipulating a number of Articles of the Decree No. 196/2013/ND-CP dated November 21, 2013 of the Government defining on establishment and operation of the Career Services Center and the Decree No. 52/2014/ND-CP dated May 23, 2014 of the Government defining conditions, procedures for grant of permits for employment service activities of enterprises engaged in employment service activities.

In accordance with this Circular. employment service centers shall sign the employment service contract as specified under Clause 1 Article 7 of the Decree No. 196/2013/ND-CP, employment service enterprises sign the employment service contract as specified under Clause 1, Article 4 of the Decree No. 52/2014/ND-CP, the employment service contract must contain the following

contents: name, address of parties, value of contract, payment method, specific contents of employment services provided (quantity, quality…); methods of conducting contracts; rights and obligations of parties on performing services; responsibilities due to contract violation; settlement of disputes and other contents (if any).

For the employment service contract to recommend or provide labor, besides satisfying contents as mentioned under Clause 1 of this Article, it should have regulations on responsibilities of employment service centers or enterprises conducting employment services to recommend or provide labor on supervising the employment status of employees during the time that employees perform seasonal contracts or take a job under 12 months, for employment contract from 12 months or more, supervision of employment status will be in 12 months.

FAIL TO REMIT THE ESCROW ACCOUNT WITHIN 90 DAYS
MUST PAY THE LATE AMOUNT
 

In accordance with the Circular No. 41/2015/TT-BTC dated March 27, 2015 of the Ministry of Finance amending Article 9 of the Circular No. 39/2011/TT-BTC dated March 22, 2011 of the Ministry of Finance on re-arranging and dealing with state owned housing and land. Within 90 days since relevant authorities approved the auction results (for ways of auction) or the Department of Finance promulgated the notifications on price of sale of assets on the land and from assignment of the land used right (for ways of appointment), the entire amount of money collected from sale of assets on the land and from assignment of the land use right must be remitted to the escrow account of the Ministry of Finance (for administrative body, professional unit, organizations, and state enterprises under the central management) or Department of Finance.

Within 90 days, if organizations, individuals buying assets fail to remit to the escrow account, the late amount of money shall be paid in accordance with the law on tax

REDUCE NON-PERFORMING LOANS TO BELOW 3 PERCENT OF THE TOTAL OUTSTANDING LOANS
BY THE END OF 2015
 

The National Assembly has just passed the Resolution No. 86/2014/QH13 dated November 28, 2014 on further increasing the effectiveness of the economic restructuring in public investment, state enterprises and banking system, requires Ministries, industries and relevant units to arrange and restructure weak credit institutions, continue implementing measures to reduce non-performing loans to below 3 percent of the total outstanding loans by the end of 2015.

At the same time, to continue studying and improving the operational mechanism of the Vietnam Asset Management Company and expeditiously supplement and complete regulations to solve difficulties and problems in handling collaterals, and develop the debt trading market. To increase the inspection and examination of the law compliance by credit institutions, closely supervise the cross ownership and cross investment, promptly handle violations and prevent risks. To basically control the cross ownership and cross investment.

For investment, the National Assembly emphasizes to draw up and implement specific plans and policies encouraging

AVERAGE RETAIL PRICE IS VND 1,622.01 PER KWH
 

In accordance with the Decision No. 2256/QD-BCT dated March 12, 2015 of the Ministry of Industry and Trade on electricity price, the average retail price is VND 1,622.01 per kWh (exclusive of VAT) shall be applicable from March 16, 2015 instead of the price of VND 1,508.85 per kWh prescribed in previous regulations.

Accordingly, the retail prices of electricity to domestic activities are divided into 6 levels, from 0-50 kWh with the price of VND 1,484 per kWh; from 51-100 kWh with the price of VND 1.533 per kWh; from 101-200 kWh with the price of VND 1,4841.786 per kWh; from 201-300 kWh with the price of VND 2.242 per kWh; from 301-400 kWh with the price of VND 2.503 per kWh; from 401- over kWh with the price of VND 2.587 per kWh.

The retail prices of electricity to productive sectors are divided basing on voltage and using hours. Within that, for voltage level from 110 kV and over, the retail prices of electricity in normal hours is VND 1.388 per kWh; in low hours is VND 869 per kWh; in peak hours is VND 2.459 per kWh. For voltage level from 22 kV to under 110 kV, the retail prices of electricity in normal hours is VND 1.405 per