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In This Updates: |
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FINANCE – BANKING |
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FINANCE - BANKING |
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1 |
Circular No. 67/2016/TT-BTC of the Ministry of Finance dated April 29, 2016 amending, supplementing some contents of the Circular No. 111/2007/TT-BTC dated September 12, 2007 guiding the implementation of financial management mechanism for Vietnam Development Bank |
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* Adjusting the financial management mechanism for Vietnam Development Bank |
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TAX – FEE – CHARGE |
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TAX – FEE – CHARGE |
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Circular No. 65/2016/TT-BTC dated April 26, 2016 of the Ministry of Finance prescribing rates and the collection, remittance, management and use of charges for securities operations to be applied at the stock exchanges and the Vietnam securities depository center |
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* The fee for initial list of stock is 10 million VND |
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INFORMATION – COMMUNICATIONS |
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INFORMATION - COMMUNICATIONS |
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* All citizens are treated equal in exercising their right of access to information |
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POLICY |
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POLICY |
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Circular No. 03/2016/TT-BCT dated May 10, 2016 of the Ministry of Industry and Trade detailing a number of articles of the Decree No. 19/2016/ND-CP dated March 22, 2016 of the Government |
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* Agent shall sell LPG at the prices decided by the principal |
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FOREIGN AFFAIRS |
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FOREIGN AFFAIRS |
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5 |
Law No. 108/2016/QH13 dated April 9, 2016 of the National Assembly on treaties |
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* Principles in which a treaty is concluded |
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SUMMARY:
Ü FINANCE - BANKING
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On April 29, 2016, the Ministry of Finance issued the Circular No. 67/2016/TT-BTC amending; supplementing some contents of the Circular No. 111/2007/TT-BTC dated September 12, 2007 guiding the implementation of financial management mechanism for Vietnam Development Bank. In particular, after calculating the total actual capital amount as a basis to calculate the difference of interest, Vietnam Development Bank shall be excluded the actual capital amount that has been used to invest, purchase fixed assets (price of fixed assets minus depreciation); apart from ODA capital, authorized capital of the local, organizations, individuals, state capital transferred to clear debts for customers according to the Decision of the Government, |
capital sources used for activities that are not granted for the difference of interest; cash and deposit at other credit institutions to ensure liquidity at the actual rate but it should not exceed 7% over the capital used to lend on average. Particularly, instead of the previous regulations that the expenditure paid for transaction costumes does not exceed 01 million dong per year, this Circular regulates that the expenditure should not exceed ½ of the maximum expenditure for transaction costumes in cash to be included in the expenses that are deducted when determining the taxable income for enterprises. This Circular takes effect on June 20, 2016. |
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Ü TAX – FEE – CHARGE
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In accordance with the Circular No. 65/2016/TT-BTC dated April 26, 2016 of the Ministry of Finance prescribing rates and the collection, remittance, management and use of charges for securities operations to be applied at the stock exchanges and the Vietnam securities depository center, in the case of changing on the next listing, the charge must be charged is 05 million VND; the time for paying is within 05 working days from the date of the Stock Exchange issues the decision for listing register and listed organizations. On the transaction on the Stock Exchange, the normal transaction for stocks, the Certificate of Listing Investment Fund (excluding ETF); ETF lists the shares, UPCOM and bonds in turn 0,03%; 0,02% and 0,0075% of transaction value. |
Also in accordance with the regulations in this Circular, from June 10, 2016, the fee for depository members at the Stock Exchanges shall deducted from 40 million VND per year to 20 million VND per year. The charge for initial registration of stock exchanges are still the same with current regulations; in particular, 10 million VND for the stock registration under 80 billion VND; 15 million VND for the stock registration from 80 billion VND to 200 billion VND and 20 million VND for the stock registration from 200 billion VND and above. Additionally, the charge for securities ownership transfer shall be paid by parties performing ownership transfer or party receiving securities ownership transfer or investor performing the transfer (purchase, sell of the ETF) with ETF through depository members. This Circular takes effect on June 10, 2016. |
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Ü INFORMATION – COMMUNICATIONS
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Takes effect on July 01, 2018, the Law No. 104/2016/QH13 on information access passed on April 06, 2016 prescribes that all citizens are treated equal and not discriminated in exercising their right of access to information, the Government grants favorable opportunities for the disabled and those who reside in border regions, islands, mountainous regions, areas faced to extremely difficult social and economic conditions to practice their right of access to information. Accordingly, information is provided free of charge for citizens, except for other cases of fee collection as regulated by law. The applicant for the provision of information must pay fees actually incurred from printing, duplication, photocopying and sending information. Within that, all information on legislative documents; administrative documents with universal effect; international treaties of which the Socialist Republic of Vietnam is a member or international agreements to which Vietnam is a signatory; administrative procedures and working procedures of state agencies; information regarding the dissemination and guidance on the implementation of laws and policies in sectors under the state management; drafts of legislative documents as regulated by the law on promulgation of legislative documents; contents and results |
of the referendum and acquisition of people’s opinions about issues which are under the decision of state agencies and have to be asked for people’s opinions as regulated by the law; schemes and their drafts on the establishment, dissolution, merger or division of administrative units or modification of administrative areas… shall be disclosed publicly on post information on portals and websites of state agencies; provide information via the mass media; post information on Official Gazettes; post information in the notice form at head offices of state agencies and other locations… Information relating to a trade secret may be accessible if the trade secret holder has assented to the access to such information. Information relating to secrets and privacy of an individual may be accessible if such individual grants an assent; information relating to family secrets may be accessible if there is an assent granted by all members of that family, heads of state agencies may, during the execution of their functions, tasks and powers, and where necessary, decide the provision of information concerning trade secrets, personal secrets and privacy or family secrets… shall be provided under one of the methods such as requested information is directly provided at the head office of the requested agency; requested information may be provided electronically, by fax or mail. |
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Ü POLICY
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Every agent shall sell LPG at the prices decided by the principal, do not receive LPG or bottled LPG that fails to satisfy the quality, volume and requirements for being sold on the market are the important contents prescribed at the Circular No. 03/2016/TT-BCT dated May 10, 2016 of the Ministry of Industry and Trade detailing a number of articles of the Decree No. 19/2016/ND-CP dated March 22, 2016 of the Government. Besides, every LPG wholesaler shall register for their LG distribution channel and notify the Ministry of Industry and Trade of their product label using the Appendix 20 enclosed herewith by March 30 of every year; publish the retail prices of their gas distributional channel on their website or on means of mass media; notify all units within their distribution channel and the Department of Industry and Trade of changes in retail prices (if any) in writing. Every |
LPG general agent and agent shall register for their LG distribution channel at the Department of Industry and Trade where their headquarters is located; submit the schedule of retail prices to the Department of Finance and Department of Industry and Trade where the LPG business facility is located. On registration for dedicated gas production, importation and processing, gas traders shall submit their applications for dedicated gas import, production and processing to the Ministry of Finance directly or by post by October 30 of every year. According to traders’ applications, the Ministry of Industry and Trade shall publish lists of dedicated gas- importing, gas-producing and gas-processing entities on their website. This Circular takes effect on May 15, 2016. |
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Ü FOREIGN AFFAIRS
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On April 09, 2016, the National Assembly passed the Law No. 108/2016/QH13 on treaties, emphasizes that conclusion and operation of treaties must compliance with the Constitution of Socialist Republic of Vietnam; respect for and observance of national independence, sovereignty, integrity, prohibition of the use or threat of force, non-interference in the domestic affairs of each other, equality, mutual interests and other fundamental principles of international law; protection of national and human interests, and conformity with diplomatic policies of the Socialist Republic of Vietnam and compliance with a treaty to which the Socialist Republic of Vietnam is a party. A bilateral treaty must have a text in Vietnamese language, unless otherwise agreed with foreign signatories. In cases where a treaty is signed in various languages, texts so written shall have the similar effect, unless otherwise agreed with foreign signatories. And in cases where a treaty |
is signed only in foreign languages, a Vietnamese translation of such treaty is required in the proposal submitted to conclude such treaty. On entry into force, a treaty or part of a treaty may be provisionally applied during the period of completion of procedures for the entry into force of the treaty as provided in the treaty or as agreed upon between the Vietnamese side and the foreign signatories. The provisional application of a treaty shall be terminated if the Vietnamese side notifies the foreign signatories, or the foreign signatories notify the Vietnamese side, of the termination of the provisional application of the treaty, unless otherwise provided for in the treaty or agreed upon between the Vietnamese side and the foreign signatories. This Law takes effect on July 01, 2016 and annuls the Law on conclusion, accession to and implementation of treaties No. 41/2005/QH11. |
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