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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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Decision No. 862/QD-BCT dated March 07, 2016 of the Ministry of Industry and Trade on application of temporary safeguard measures |
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* Apply temporary safeguard tax rate applicable to steel blanks from March 22 |
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Circular No. 51/2016/TT-BTC dated March 18, 2016 of the Ministry of Finance on amending the list of commodity headings and specific preferential import tax rates for iron or steel articles used in the manufacture of tire bead in Chapter 98 of the preferential import tariff promulgated under the Circular No. 182/2015/TT-BTC |
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* To supplement the iron or steel products to receive the preferential import tax rates of 0% |
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FINANCE – BANKING |
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FINANCE - BANKING |
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Circular No. 61/2016/TT-BTC dated April 11, 2016 of the Ministry of Finance guiding collection, remittance and management of profits and dividends earned from state capital amounts invested in enterprises |
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* Guiding remittance of profits earned from state capital amounts |
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Circular No. 54/2016/TT-BTC dated March 21, 2016 of the Ministry of Finance on the regulations on management and use of interests on loans from national employment fund |
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* Management and use of interests on loans from the national employment fund |
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INSURANCE |
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INSURANCE |
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* Conditions for guiding the implementation of universal life insurance products |
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SUMMARY:
Ü TAX – FEE – CHARGE
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From March 22, 2016, Temporary safeguard measures shall apply to the import of steel blanks and long steels from different countries/territories into Vietnam with contents is the important content prescribed at the Decision No. 862/QD-BCT dated March 07, 2016 of the Ministry of Industry and Trade on application of temporary safeguard measures. Within thatm the temporary safeguard tax rate imposed on steel blanks shall be 23.3% and apply under form of import surcharges to products imported to Vietnam with specific HS codes as 7207.11.00; 7207.19.00; 7207.20.29; 7207.20.99; 7224.90.00. The temporary safeguard tax rate applicable to long steel products shall be 14.2% and apply under form of import surcharge to products imported to Vietnam with specific HS codes as 7213.10.00; 7213.91.20;
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7214.20.31; 7214.20.41; 7227.90.00; 7228.30.10; 9811.00.00. Temporary safeguard measures shall apply for up to 200 days as of its effective date; in other words, until October 07, 2016. Temporary safeguard measures shall also cease to have effect if the Minister of Industry and Trade makes a decision on application of official safeguard measures. The information about the decision on application of temporary safeguard measures against the import of steel blanks and long steel products is available at the website of the Ministry of Industry and Trade (http://www.moit.gov.vn) and the website of the Vietnam Competition Authority (http://www.vca.gov.vn or http://www.qlct.gov.vn). This Decision takes effect on March 22, 2016. |
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On March 18, 2016, the Ministry of Finance issued the Circular No. 51/2016/TT-BTC on amending the list of commodity headings and specific preferential import tax rates for iron or steel articles used in the manufacture of tire bead in Chapter 98 of the preferential import tariff promulgated under the Circular No. 182/2015/TT-BTC dated November 16, 2015. Within that, articles of iron or steel wire used in the manufacture of tire bead shall be applied the tax rate of 0%. |
In particular, the commodities applied with the preferential import tax rates of 0% includes: bars and rods, hot-rolled, in irregularly wound coils, of circular cross-section measuring less than 14 mm in diameter, of iron or non-alloy steel used in the manufacture of tire bead and articles of iron or steel wire used in the manufacture of tire bead. This Circular takes effect on May 02, 2016. |
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Ü FINANCE - BANKING
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On April 11, 2016, the Ministry of Finance issued the Circular No. 61/2016/TT-BTC dated April 11, 2016 of the Ministry of Finance guiding collection, remittance and management of profits and dividends earned from state capital amounts invested in enterprises. Prescribing that enterprises that the state holds 100% of working capital including enterprises established and managed by political organizations, political and social organizations; national defense and security sectors must remit the remaining profits after tax after making deductions for funds. Quarterly, based on the business activities, enterprises shall remit profit after tax remaining after setting up funds to remit into state budget of the quarter no later than the thirtieth of the next quarter arising the obligations of paying profit after tax remaining after setting up funds, declaring and remitting the profit after tax remaining after setting up funds. When the fiscal year is done, based on the financial statements, enterprises shall finalize remaining profit after tax after setting up funds to remit into state budget and pay profit after tax remaining after setting up funds that need to be remitted (if any) no later than the ninetieth since the last day of fiscal year. |
Enterprises that are late for submission of dossier on declaration of remaining profit after tax after setting up funds compared with the deadline shall be fined for acts of late submission as stipulated under the law on tax management. Enterprises that are late for remittance of profits after tax remaining after setting up funds to remit into state budget shall pay an amount for late payment into state budget according to the law on tax management, the law on amending and supplementing a number of articles of the law on tax management. If the total remaining profit after tax after making deductions for funds that are temporarily paid in the fiscal year is 20% or more lower than the profit after tax remaining after setting up funds, enterprises shall have to pay for late payment for the differences from 20% or more between the amount that has to be paid according to the finalization and the temporarily paid amount from the day after the deadline of Quarter IV till the actual day of paying profit after tax remaining after setting up funds that are deficient compared with the amount of finalization. This Circular takes effect on May 26, 2016 and applies for year from 2016. |
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On March 21, the Ministry of Finance issued the Circular No. 54/2016/TT-BTC on the regulations on management and use of interests on loans from national employment fund. In accordance with the regulations prescribed in this Circular, based on the amount of interest collected, Vietnam Bank for Social Policies shall set apart an expense for the management, compilation, inspection and supervision carried out by the agency for labor – invalids and social affairs; set apart 0.3% of the amount of interest collected as a subsidy for the management, compilation, inspection and supervision carried out by the Ministry of Labor, Invalids and Social Affairs; set apart 15% of the amount of interest collected for the management, compilation, inspection and supervision carried out by local labor agencies; set apart
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10% of the amount of interest collected for addition to the national employment fund's sources of finance. Within that expenses for management, compilation, inspection and monitoring by labor agencies such as: expenses for professional conferences, training programs; organization of partial and entire summing-ups of activities of providing loans for job creation; expenses for procurement and repair of properties serving the management of the national employment fund are instructed in the Law on Bidding; expenses for investigation into provision of loans and creation of jobs, maintenance and extension of employment; expenses for commendation to collectives, individuals for achievements in managerial tasks, provision of loans for job creation…. This Circular takes effect on May 05, 2016. |
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Ü INSURANCE
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In accordance with the Circular No. 52/2016/TT-BTC dated March 21, 2016 guiding the implementation of universal life insurance products, when implementing the universal life insurance products, the insurers must meet the conditions such as the solvency of insurers is larger than the minimum solvency of 100 billion dong; have suitable information technology system for prudent and effective management and control of universal life fund… The insurance benefits under the universal life insurance contract including the benefits of risk insurance and investment benefits. Benefits of risk insurance includes that he insurers and the insurance buyers shall make agreement on benefits of risk insurance but must ensure the minimum amount of insurance is not lower than 5 times of the periodical premium of the first year for the insurance contract with periodic payment of premium or not lower than 125% of premium for insurance contract with one-time payment of premium; the provisions on minimum benefits in case of death do not apply to the additional premiums; the |
insurers can provide the insurance products complementary to the universal life insurance products. The mode of payment of premium to the complementary insurance products shall be agreed by the parties when signing contract. The investment benefits: The insurance buyer shall receive the benefits from the investment result of universal life fund with the minimum investment rate specified in the insurance contract. Also in accordance with this Circular, the insurers are only allowed to calculate the the initial fee; the fee of risk insurance; the fee of insurance contract management; the fee of fund management; the fee of insurance contract cancellation. Besides, in each contract year, the total additional premium must not exceed five (05) years of the premium of the first year for periodical premium payment contract. This Circular takes effect from on June 01, 2016. |
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