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TITLE |
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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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Circular No. 303/2016/TT-BTC dated November 15, 2017 of the Ministry of Finance on guiding the printing, issuance, management and use of documents for the collection of charges and fees belonging to the state budget |
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* Guiding the issuance the receipt of charges and fees |
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Decree No. 167/2016/ND-CP dated December 27, 2016 of the Government on duty free business |
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* Goods temporarily imported for sale at duty free shops are exempt from import duty and VAT |
Page 2 |
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FINANCE - BANKING |
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FINANCE - BANKING |
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Circular No. 28/2017/TT-BTC dated April 12, 2017 of the Ministry of Finance amending and supplementing a number of articles of the Circular No. 45/2013/TT-BTC date d April 25, 2013 and the Circular No. 147/2016/TT-BTC dated October 13, 2016 of the Ministry of Finance guiding the management, use and depreciation of fixed assets |
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* Guiding the depreciation of assets being houses used for doing business and sale |
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INDUSTRY |
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INDUSTRY |
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Decision No. 11/2017/QD-TTg dated April 11, 2017 of the Prime Minister on mechanism for encouragement of development of solar power in Vietnam |
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* Price for solar electric is 2,086 VND/kWh |
Page 3 |
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AGRICULTURE - FOREST |
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AGRICULTURE - FOREST |
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Circular No. 07/2017/TT-BNNPTNT dated March 21, 2017 of the Ministry of Agriculture and Rural Development introducing the national technical regulation on “fishery product - frozen Tra fish fillets” |
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* The national technical regulation on frozen Tra fish fillets |
Page 3 |
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SUMMARY:
Ü TAX – FEE – CHARGE
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On November 15, 2016, the Ministry of Finance issued Circular No. 303/2016/TT-BTC guiding the printing, issuance, management and use of documents for the collection of charges and fees belonging to the State budget. Accordingly, receipt issuance notices shall be made for receipts printed on orders placed by provincial-level Tax Departments before their first-time sale; a receipt issuance notice shall be sent to all provincial -level Tax Departments nationwide within 10 working days after it is made and before receipts are sold; the serial numbers of a receipt code must be not identical. In case a provincial-level Tax Department that has posted a receipt issuance notice on the General Department of Taxation’s website shall not be required to send such notice to other provincial-level Tax Departments. Similarly, a charge- or fee-collecting organization shall make a receipt issuance notice and send it to its managing |
tax office before using receipts. A receipt issuance notice must contain the following details: The title of the legal document defining the functions, tasks and powers to provide services or perform state management work for a charge or fee; The name, tax identification number and address of the charge-or fee-collecting organization or agency authorized to collect charges and fees, or agency assigned to make out charge or fee receipts; The types of receipts used (enclosed with specimen receipts); The date of use commencement; The name, tax identification number and address of the receipt-printing organization (for receipts printed on order); the name and tax identification number (if any) of the receipt creation software supplier (for self-printed receipts); the name and tax identification number (if any) of the intermediary e-receipt solution provider (for e-receipts); The date of making the issuance notice; name and signature of the at-law representative and seal of the charge- or fee-collecting organization. This Circular takes effect on January 01, 2017. |
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The Government issued Decree No. 167/2016/ND-CP on December 27, 2016 on duty free business, prescribed that persons on exit or in transit, passengers onboard international flights from Vietnam or persons awaiting exit may purchase duty-free goods without limits in quantity and value but shall take responsibility for procedures and allowances for importing them into countries of entry. About goods sold at duty free shops, goods sold at duty free shops include goods temporarily imported to Vietnam; Vietnam-made goods; goods for which import procedures have been cleared and which are permitted for circulation in accordance with Vietnamese law. In which, goods temporarily imported for sale at duty free shops are exempt from import duty and are not liable to excise tax and value-added tax (VAT); Vietnam-made goods sold at duty free shops are entitled to tax policies applicable to temporary exports. For imports sold at duty free shops for which import duty has been paid, the overpaid tax amount shall be handled in accordance with the law on tax administration. |
Also in accordance with this Decree, goods sold at duty free shops shall be kept at duty free shops or duty free warehouses of duty free traders. In case goods temporarily imported for sale at duty free shops are sold in the domestic market, the management policy and tax policy for imports shall be applied at the time of opening the new customs declaration for sale in the domestic market unless the policy on management of imports and exports has been fully implemented at the time of registering the first declaration. Especially, cigarettes, cigars, liquors and beers sold at duty free shops shall be stuck with the “VIETNAM DUTY NOT PAID” stamp issued by the Ministry of Finance; stamps shall be stuck to goods before they are displayed for sale at duty free shops or delivered to goods buyers in case goods are delivered to buyers directly from duty free warehouses. This Decree takes effect on February 15, 2017. |
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Ü FINANCE - BANKING
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On April 12, 2017, the Ministry of Finance issued Circular No. 28/2017/TT-BTC amending and supplementing a number of articles of the Circular No. 45/2013/TT-BTC dated April 25, 2013 and the Circular No. 147/2016/TT-BTC dated October 13, 2016 guiding the management, use and depreciation of fixed assets. According to this Circular, for assets being houses used for both doing businesses for enterprises and selling or leasing as stipulated by the law, enterprises shall determine and make a specific account for each part of the house by purposes of using. Specifically, for value of the asset (area) of the house used for doing businesses of the enterprise and used for leasing, the enterprise shall write down the value of the asset as the fixed asset, management, use and depreciation of fixed assets shall be processed as stipulated. For value of the asset (area) in the complex house that |
is used for selling, the enterprise shall not write down as the fixed asset and shall not depreciate and supervise it as an asset for sale. In case enterprises have complex houses but they can’t determine value of the asset (area) to serve for doing business, used for sale and leasing, the enterprise shall not make an account for the entire value of the asset (area) being fix assets and shall not depreciate it as stipulated. For assets used related to work of the complex house such as playground, roads, parking areas, the determination of each kind of assets and depreciation value shall be allocated according to procedures to determine value of each kind of assets and allocation of depreciation of the complex house. This Circular takes effect on May 26, 2017 and applies from the financial year 2016. |
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Ü INDUSTRY
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This is the most important content in Decision No. 11/2017/QD-TTg dated April 11, 2017 of the Prime Minister on mechanism for encouragement of development of solar power in Vietnam (Solar power project is a project to generate electric power by using solar panel to convert energy from the sun into electricity). Accordingly, regarding to grid-connected project, Vietnam National Electricity Corporation (EVN) or member units authorized by EVN has the responsibility to purchase all generated energy from grid-connected projects at 2,086 VND/kWh (excluding VAT). This price is adjusted to the exchange rate between VND and USD; only applicable to grid-connected projects with the efficiency of solar cells greater than 16% or efficiency of the module greater than 15%. Rooftop projects shall be implemented in net-metering with two-way electricity meters. In a trading cycle, if the amount of electricity generated from rooftop projects is greater than |
the consumed amount, the surplus will be carry forward to the next trading cycle. At the end of the year or when the contract is terminated, the surplus amount of energy will be sold to the buyer at the price of grid-connected project. Also in accordance with this Decision, there is mechanism to encourage the development of solar power projects. Such as: Solar power projects are eligible for exemption of import duties on goods imported as fixed assets; Corporate income tax exemption and reduction granted to solar power projects shall be the same as those granted to projects eligible for investment incentives. About land incentives, grid-connected solar power projects, transmission lines and substations shall be eligible for exemption or reduction land levy, land rent, water surface rent in accordance with current regulations on investment incentive programs. This Decision takes effect from June 01, 2017 to June 30, 2019. |
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Ü AGRICULTURE – FOREST
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On March 21, 2017, the Ministry of Agriculture and Rural Development issued Circular No. 07/2017/TT-BNNPTNT introducing the national technical regulation on “fishery product - frozen Tra fish fillets”. Within that, frozen Tra fish fillet refers to the boneless flesh which has been cut from a Tra fish body by cutting lengthwise along one side of the fish parallel to the backbone, may be skinless or has skin on, may be trimmed or kept untrimmed, and undergoes the freezing process carried out in properly designed freezing equipment in such a way that the range of temperature of maximum crystallization is passed quickly and that freezing process is considered as complete until the product temperature has reached -180C or colder at the thermal centre. According to the Technical regulation, the glazing percentage of this product is not allowed to exceed 20% of |
the gross weight of the product; the adhering water content is not allowed to exceed 86% of the gross weight of the product. The sample unit shall be considered defective when it exhibits any of the properties defined below: Greater than 10% of the surface area of the sample unit exhibits excessive loss of moisture clearly shown as white or yellow abnormality on the surface which masks the colour of the flesh and penetrates below the surface, and cannot be easily removed by scraping with a knife or other sharp instrument without adversely affecting the appearance of the product; There is the presence of either a parasite detected with a capsular diameter greater than 3 mm or a parasite not encapsulated and greater than 10 mm in length; A sample unit affected by persistent and distinct objectionable odours or flavours indicative of decomposition or rancidity… This Circular takes effect on May 05, 2017. |
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