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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. 01/2016/TT-BCT dated January 05, 2016 of the Ministry of Industry and Trade Prescribing the import of unmanufactured tobacco under 2016 tariff quota |
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* Quantity of unmanufactured tobacco imported in 2016 is 48,620 tons |
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Circular No. 201/2015/TT-BTC dated December 16, 2016 of the Ministry of Finance on promulgating Vietnam’s Special Preferential Import Tariff for implementation of the Vietnam-Republic of Korea Free Trade Agreement during 2015-2018 |
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* Applying preferential import tariff for imports from Korea |
Page 2 |
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INVESTMENT |
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INVESTMENT |
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Decree No. 135/2015/ND-CP dated December 31, 2015 of the Government on prescribing offshore indirect investment |
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* Individuals may only make offshore indirect investment in the form of bonus provision of stocks |
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ECONOMIC – SOCIAL POLICIES |
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ECONOMIC – SOCIAL POLICIES |
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4 |
Decision No. 40/QD-TTg dated January 07, 2016 of the Prime Minister approving the Overall Strategy for international integration through 2020, with a vision toward 2030 |
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* Encourage private investment and public-private partnership |
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INSURANCE |
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INSURANCE |
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Decree No. 134/2015/ND-CP dated December 29, 2015 of the Government detailing a number of articles of the Law on Social Insurance regarding voluntary social insurance |
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* From 2018, support at least 10% for voluntary social insurance participants |
Page 3 |
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SUMMARY:
Ü TAX – FEE – CHARGE
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This content is regulated under the Ministry of Industry and Trade’s Circular No. 01/2016/TT-BCT dated January 05, 2016 prescribing the import of unmanufactured tobacco under 2016 tariff quota. Specifically, the quantity of unmanufactured tobacco (HS Code 2401) imported under 2016 tariff quota is 48,620 tons, increasing by 2,315 tons compared with that of 2015; Import tariff quota is not applicable to unmanufactured |
tobacco originated from ASEAN countries. Unmanufactured tobacco import tariff quota shall be allocated to traders licensed for cigarette production by the Ministry of Industry and Trade that have the demand to use a specific rate of imported unmanufactured tobacco for cigarette production as certified by the Ministry of Industry and Trade. This Circular takes effect from January 5, 2016, through December 31, 2016. |
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On December 16, 2015, the Ministry issued the Circular No. 201/2015/TT-BTC promulgating Vietnam’s Special Preferential Import Tariff for implementation of the Vietnam-Republic of Korea Free Trade Agreement during 2015-2018. Accordingly, in 2016 - 2018, many goods imported from Korea shall be applied duty rate of 0%. To be eligible for the Vietnam-Korea Free Trade Agreement duty rates, imports must be imported from Korea to |
Vietnam; Being specified in the Special Preferential Import Tariff; Being transported directly from Korea to Vietnam under the Ministry of Industry and Trade’s regulations; Complying with the rules of origin of goods in the Vietnam-Korea Free Trade Agreement and having a KV certificate of origin (abbreviated to C/O KV) as required by the Ministry of Industry and Trade. This Circular takes effect on December 20, 2015. |
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Ü INVESTMENT
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Under the Decree No. 135/2015/ND-CP dated December 31, 2015 of the Government prescribing offshore indirect investment, individual investors who have the Vietnamese citizenship may only make offshore indirect investment in the form of participating in programs on bonus provision of overseas issued stocks. Offshore indirect investment activities of economic institutions shall be carried out by the following methods: Offshore indirect investment dealing and offshore indirect investment trust. Accordingly, institutional dealers and trustees may make offshore indirect investment in the following forms: direct purchase and sale of securities and other valuable papers overseas; Investment through overseas purchase and sale of securities investment fund certificates or entrustment to other overseas intermediary financial institutions... |
For capital sources for offshore indirect investment, institutional dealers (except commercial banks and general financial companies) may use the core foreign-currency balance of their accounts and foreign-currency amounts purchased from credit institutions or foreign bank branches licensed to provide foreign exchange services in Vietnam within their registered dealing limits certified by the State Bank of Vietnam for offshore indirect investment; Institutional trusters (except commercial banks and general financial companies) may only use the core foreign-currency balance of their accounts for offshore indirect investment in the form of trusting institutional trustees. Particularly, investors may not use Vietnam-dong loans from credit institutions or foreign bank branches to purchase foreign currencies for offshore indirect investment. This Decree takes effect on February 15, 2016. |
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Ü ECONOMIC - SOCIAL POLICES
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The Prime Minister has signed the Decision No. 40/QD-TTg dated January 07, 2016 approving the Overall Strategy for international integration through 2020, with a vision toward 2030. International integration through 2030 aims to contribute strengthening the nation’s aggregate strength; make best use of favorable international conditions to early build the country into a modern-oriented industrial one, and improve the people’s living standards; and enhance the country’s position and prestige in the world. To achieve these above objectives, the Prime Minister assured to constantly improve the environment to attract foreign investment, associate attraction with supervision of the implementation process and ensure economic security and economic- social-environmental effectiveness. To accelerate the process of restructuring public investment and encourage private investment and public-private partnership activities; To raise competitiveness of the country, businesses and products; to strive to build national trademarks and brands that are globally prestigious; To speed up administrative reform and enhance effectiveness and effect of the state apparatus. To simplify administrative |
procedures and the process to settle administrative formalities, review and quickly abolish administrative procedures that are no longer appropriate; to forge ahead the building of the models of e-government and public administration service center so as to build an open, transparent and stable investment environment. During 2016-30, home-made goods will hold major shares of the domestic market. At the same time, to guide, encourage and create conditions for localities to proactively and actively integrate in the world so as to achieve their socio-economic development objectives; to boost cross-border integration between border areas and regions and neighboring countries; To develop and apply trade safeguards so as to protect lawful rights and interests of domestic businesses; to prioritize training of trade negotiators; to train lawyers knowledgeable about international law, proficient in foreign languages, and qualified to participate in international proceedings; to train consultants, accountants, auditors and business administrators of international levels... This Decision takes effect on the signing date. |
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Ü INSURANCE
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From January 01, 2018, voluntary social insurance participants are entitled to the State’s support of premiums in percentage (%) of monthly social insurance premiums based on the poverty line in rural areas as follows: 30%, for voluntary social insurance participants being members of poor households; 25%, for voluntary social insurance participants being members of households living just above the poverty line; 10%, for other persons. The support duration must depend on the actual period of voluntary social insurance participation of each person but must not exceed 10 years. That is one of significant contents regulated under the Government’s Decree No. 134/2015/ND-CP detailing a number of articles of the Law on Social Insurance regarding voluntary social insurance and this Decree takes effect from February 15, 2016. Besides, it is regulated that voluntary social insurance participants may make payment to the retirement and survivorship fund for every month; every 3 months; for |
every 6 months; for every 12 months; One-off payment for many subsequent years with each payment for not more than 5 years or one-off payment for the insufficient number of years, for social insurance participants who satisfy the condition on retirement age for pension enjoyment and whose insufficient period of social insurance premium payment is 10 years at most. The monthly premium payment level must equal 22% of the monthly income selected by voluntary social insurance participants. The monthly income selected by voluntary social insurance participants must at least equal the poverty line in rural areas as prescribed by the Prime Minister and must not exceed 20 times the basic salary level at the time of payment. Moreover, voluntary social insurance participants may change the premium payment method or monthly income on which voluntary social insurance premiums are based only after having completed the premium payment method they previously selected. |
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