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| NUMBER | TITLE |
| In This Updates: | |
TAX – FEE – CHARGE |
| TAX – FEE – CHARGE | |||
1 | Decision No. 526/QD-BTC dated April 16, 2018 of the Ministry of Finance on expansion of the scope of pilot application of e-invoices with verification codes of tax agencies |
| Expansion of the scope of pilot application of e-invoices with verification codes | Page 2 | |
2 | Circular No. 34/2018/TT-BTC dated March 30, 2018 on prescribing the rates and collection, remittance and management of charges for appraisal for recognition of ratings of tourist accommodation establishments and recognition of other tourism service establishments as meeting tourist service standards |
| 3-star establishments must pay the charge of VND 2 millions | Page 2 | |
3 | Circular No. 33/2018/TT-BTC dated March 30, 2018 of the Ministry of Finance on prescribing the rates and the collection, remittance and management of appraisal charges for grant of international tour operator licenses or domestic travel service business licenses; appraisal charges for grant of tour guide’s cards; and fees for grant of licenses for establishment of Vietnam-based representative offices of foreign travel service business enterprises |
| Appraisal charge for grant of tour guide’s cards is VND 650,000/card | Page 2 | |
FINANCE – BANKING |
| FINANCE – BANKING | |||
4 | Directive No. 02/CT-NHNN dated April 13, 2018 of the State Bank of Vietnam on measures to enhance control of virtual currency-related transactions and activities |
| SBV requires enhancing control of virtual currency | Page 2 | |
5 | Directive No. 10/CT-TTg dated April 11, 2018 of the Prime Minister on enhancing the management of activities related to Bitcoin and other similar virtual currencies |
| The Prime Minister issues the Directive on Bitcoin and virtual currencies | Page 3 | |
6 | Decision No. 13/2018/QD-TTg dated March 6, 2018 of the Prime Minister on prescribing eligibility and documentation requirements and procedures for application for approval of credit overextensions granted by credit institutions and foreign bank branches |
| Allowed to receive credit overextensions if not incur bad debts for 03 years | Page 3 | |
INVESTMENT |
| INVESTMENT | |||
7 | Decree No. 38/2018/ND-CP dated March 11, 2018 of the Government detailing the investments in small and medium-sized start-up companies |
| Funding within 05 years for small and medium-sized start-up companies | Page 4 | |
SUMMARY:
Ü ENTERPRISE
| ||
On April 16, 2018, the Ministry of Finance issues the Decision No. 526/QD-BTC on expansion of the scope of pilot application of e-invoices with verification codes of tax agencies. Accordingly, the Ministry of Finance decides to expand the scope of application of the Minister of Finance’s Decision No. 1209/QD-BTC of June 23, 2015, on the pilot application of e-invoices with verification codes of tax agencies to a number of enterprises in Da Nang city. | The General Department of Taxation shall, based on the information technology system for managing e-invoices with verification codes of tax agencies, select enterprises in provinces and centrally run cities for the pilot application of e-invoices with verification codes of tax agencies other than the enterprises in Hanoi and Ho Chi Minh City. This Decision takes effect on the signing date. | |
| ||
In accordance with the Circular No. 34/2018/TT-BTC dated March 30, 2018 of the Ministry of Finance prescribing the rates and collection, remittance and management of charges for appraisal for recognition of ratings of tourist accommodation establishments and recognition of other tourism service establishments as meeting tourist service standards. The charge rates of Appraisal for recognition of ratings of tourist accommodation establishments (including appraisal | for first-time recognition and appraisal for re-recognition) for 1-star and 2-star establishments is VND 1,500,000 per dossier; For 3-star establishments is VND 2,000,000 per dossier; for 4-star and 5-star establishments is VND 3,500,000 per dossier. Appraisal for recognition of other tourism service establishment as meeting tourist service standards is VND 1,000,000 per dossier. This Circular takes effect on May 14, 2018. | |
| ||
The rates and the collection, remittance and management of appraisal charges for grant of international tour operator licenses or domestic travel service business licenses; appraisal charges for grant of tour guide’s cards are prescribed by the Ministry of Finance at the Circular No. 33/2018/TT-BTC. The appraisal charge for grant of tour guide’s cards (including grant of a new card and renewal and re-grant of a card) is VND 650,000/card of international and domestic tour guides and VND 200,000/card for tour guides at tourist sites. | The appraisal charge for grant of international tour operator licenses or domestic travel service business licenses is VND 3,000,000/license; VND 2,000,000/license; VND 1,500,000/license for grant of a new license and renewal or re-grant of a license The fees for grant of licenses for establishment of Vietnam-based representative offices of foreign travel service business enterprises is VND 3,000,000/license for grant of a new license and VND 1,500,000/license for renewal, modification or extension of a license. This Circular is issued on March 30, 2018 and takes effect on May 14, 2018. | |
Ü FINANCE – BANKING
| ||
The Directive No. 02/CT-NHNN on measures to enhance control of virtual currency-related transactions and activities issued by the State Bank of Vietnam on April 13, 2018. At this Directive, the State Bank of Vietnam requires to strengthen the virtual currency, in particular: Not provide the services related to virtual currency transaction Credit institutions and organizations providing intermediary payment services may not provide payment services, perform card transactions, extend credit through cards, support the processing of payment, money transfer, clearing, settlement and currency exchange transactions; and effect cross-border payment and money transfer transactions related to virtual currencies for clients as such activities may give rise risks regarding money laundering, terrorist financing, and tax fraud and evasion. Review and timely report on suspicious transactions related to virtual currencies | Credit institutions and organizations providing intermediary payment services shall further review and timely report on suspicious transactions related to virtual currencies; review lists of organizations and individuals engaged in virtual currency trading and exchange and organizations processing virtual currency trading and exchange transactions and work out handling measures to ensure compliance with the laws on prevention and combat of money laundering and terrorist financing and foreign exchange management. Suggest legal framework for virtual currencies management To proactively coordinate with related ministries and sectors in proposing and formulating a legal framework for managing and dealing with different types of virtual currencies and virtual assets and preventing abuse of the banking and payment systems for virtual currency trading or exchange or illegal use of virtual currencies as a payment instrument. | |
| ||
On April 11, 2018, the Prime Minister issued the Directive No. 10/CT-TTg on enhancing the management of activities related to Bitcoin and other similar virtual currencies. At this Directive, the Prime Minister emphasizes that Virtual currency investment and trading, capital mobilization through the initial coin offering (ICO), especially the use of virtual currencies to mobilize capital under the multilevel mode, have become more and more complicated, posing risks to threatening the stability of the financial market, social order and safety and likely to cause huge risks for participants. Refrain from performing illegal transactions related to virtual currencies The Prime Minister directs the State Bank of Vietnam to direct credit institutions and organizations providing intermediary payment services to refrain from performing illegal transactions related to virtual currencies; to further review and promptly report suspicious transactions related to virtual currencies in accordance with law; and coordinate with the Ministry of Public Security in detecting and handling acts of illegally using virtual currencies as a currency or mean of payment. Restrict the import of, and manage, equipment and machinery used for virtual currency digging The Ministry of Finance directs public companies, securities companies, fund management companies and securities | investment funds to refrain from conducting listing and trading activities or performing trading brokerage serving related to virtual currencies in contravention of law and to comply with the law on anti-money laundering; to restrict the import of, and manage, equipment and machinery used for virtual currency digging; and study the reality and international experience so as to propose measures for handling capital mobilization through ICO. Promptly handling violations related to investments in virtual currencies The Ministry of Public Security is responsible in detecting, preventing and promptly handling violations related to capital mobilization, multilevel marketing and internet phishing using virtual currencies, impersonation of virtual currency investment or trading to appropriate others’ assets. Refrain information causing anxiety about virtual currencies and Bitcoin The Ministry of Information and Communication shall direct information and press agencies to strengthen information and dissemination about risks, dangers and consequences posing those participating in virtual currency trading, transaction and investment in a prompt and accurate manner; and not provide information causing anxiety about virtual currencies and Bitcoin. | |
| ||
On March 06, 2018, the Prime Minister issues the Decision No. 13/2018/QD-TTg on prescribing eligibility and documentation requirements and procedures for application for approval of credit overextensions granted by credit institutions and foreign bank branches. Accordingly, borrowing customs, business projects or plans shall be offered credit overextensions provided borrowing customers strictly meets lawful credit extension requirements, have not incurred bad debts for 03 years preceding the year of submission of their applications for credit overextensions, have the ratio in which the debt owed | is not three times more than the owner’s equity according to their quarterly or annual financial statements… Credit overextension to a single customer equal total outstanding debt determined as at the reporting time; the remaining balance of credit determined based on the effective credit agreement; the requested amount of new credit extension that is approved… Credit overextensions approved by the Prime Minister before the effective date of this Decision shall continue to be subject to approval documents issued before that. This Decision takes effect on May 01, 2018. | |
Ü INVESTMENT
| ||
The Decree No. 38/2018/ND-CP detailing the investments in small and medium-sized start-up companies issued by the Government on March 11, 2018. In accordance with this Decree, based on the reality of local government budget, each Provincial People’s Committee shall request the People’s Council of the same level to consider designating the local financial agency to make investments in startups. An enterprise invested by the local financial agency must be a startup that operates in priority industries or sectors; and is invested by at least one venture capital fund. | The local financial agency shall quarterly update and publish the list of invested enterprises on its website and the website of Provincial People's Committee. Total investment made by the local financial agency in a startup as prescribed in Article 22 herein shall not exceed 30% of total investments jointly made by venture capital funds in that startup. The term of an investment with funding from local government budget shall exceed 05 years from the investment date. This Decree takes effect on the signing date. | |
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