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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. 96/2015/TT-BTC dated June 22, 2015 of the Ministry of Finance guiding the Enterprise Income Tax in the Decree No. 12/2015/ND-CP dated February 12, 2015 of the Government detailing the implementation of the Law Amending and Supplementing a Number of Articles of the Tax Laws and amending and supplementing a number of articles of the decrees on taxes; amending a number of articles of the Circular No. 78/2014/TT-BTC dated June 18, 2014; Circular No. 119/2014/TT-BTC dated August 25, 2014 and the Circular No. 151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance |
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Tax paid on individual’s behalf is in deductible expenses |
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LABOR – SALARY |
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LABOR – SALARY |
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Circular No. 23/2015/TT-BLDTBXH dated June 23, 2015 of the Ministry of Labor, War Invalids and Social Affairs guiding a number of articles on wages of the Decree No. 05/2015/ND-CP dated January 12, 2015 of the Government guiding the implementation of a number of the Labor Code’s contents |
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Overtime payment on a public holiday is at least 300% of actual hourly wage |
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INVESTMENT |
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INVESTMENT |
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Circular No. 23/2015/TT-BCT dated July 13, 2015 of the Ministry of Trade and Industry promulgating on orders, procedures of investment on the thermal power plant project in the form of Build – Operate – Transfer |
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International bidding for thermal power plant project with more than two BOT investors |
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Resolution No. 94/2015/QH13 dated June 25, 2015 of the National Assembly on investment policy on the Long Thanh International Airport Project |
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To invest VND 336,630 billion for Long Thanh International Airport Project |
Page 3 |
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SECURITIES |
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SECURITIES |
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Decree No. 60/2015/ND-CP dated June 26, 2015 of the Government amending and supplementing a number of articles of the Decree No. 58/2012/ND-CP dated July 20, 2012 of the Government stipulating in detail and guiding the implementation of a number of articles of the securities Law and the law amending and supplementing a number of articles of securities Law |
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The rate of foreign ownership will not be restricted in the public company |
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SUMMARY:
Ü TAX – FEE – CHARGE
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On June 22, 2015, the Ministry of Finance issued the Circular No. 96/2015/TT-BTC guiding the Enterprise Income Tax in the Decree No. 12/2015/ND-CP dated February 12, 2015 of the Government detailing the implementation of the Law Amending and Supplementing a Number of Articles of the Tax Laws and amending and supplementing a number of articles of the decrees on taxes; amending a number of articles of the Circular No. 78/2014/TT-BTC dated June 18, 2014; Circular No. 119/2014/TT-BTC dated August 25, 2014 and the Circular No. 151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, defines that the enterprise may include expenditure of lease of assets and tax payment on the individual’s behalf in deductible expenses. Besides, the Circular also annuls the control for allowance for employees on business trips, allowance for travelling and accommodation of employees on business trips will be |
deductible expenses when calculating taxable income if they have adequate invoices. Similarly, in case the enterprise has both monetary and in-kind expenditures on employees’ clothing, the monetary expenditure must not exceed VND 05 million/person/year and the in-kind expenditure must have invoices in order to be deductible. Also in accordance with this Circular, in a tax period, if a enterprise makes a transfer of real estate, project of investment, or right to participate in a project of investment (except for mineral exploration and extraction) and suffers from a loss, such loss shall be offset against the profit from the business operation. The loss that remains after offsetting shall carried forward to the next years within the carry forward time limit. This Circular takes effect on August 06, 2015 and applies to the EIT tax period 2015 onwards. |
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Ü LABOR –SALARY
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This is the content prescribed at the Circular No. 23/2015/TT-BLDTBXH dated June 23, 2015 of the Ministry of Labor, War Invalids and Social Affairs guiding a number of articles on wages of the Decree No. 05/2015/ND-CP dated January 12, 2015 of the Government guiding the implementation of a number of the Labor Code’s contents. In accordance with this Circular’s regulations, the overtime payment on a normal working day is at least 150% of actual hourly wage on a normal working day; the overtime payment on a weekly day off is at least 200% of actual hourly wage on a normal working day and the overtime payment on a public holiday or paid day off (exclusive of wages of public holidays and paid days off prescribed by the Labor Code) is at least 300% of actual hourly wage on a normal working day. This rate is applied to employees receiving daily wages. With regard to piece workers who receive overtime payment when the employees and the employer reach an |
agreement on overtime work in additional to normal working hours; the overtime payment for products done on a normal working day is at least 150% of piece rate on a normal working day; the overtime payment for products done on a weekly day off is at least 200% of piece rate on a normal working day and the overtime payment for products done on public holiday or paid day off is at least 300% of piece rate on a normal working day. And employees working at night shall be paid at least 30% of number of night work hours. Depending on the characteristics of work and business conditions, employers shall decide on the method of wage payment that ensure wage matches the work performance, encourage employees to improve work efficiency and performance. The selection or change of wage payment method must be written in employment contracts and collective bargaining agreement. This Circular takes effect on August 08, 2015. |
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Ü INVESTMENT
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On July 13, 2015, the Ministry of Industry and Trade issued the Circular No. 23/2015/TT-BCT promulgating on orders, procedures of investment on the thermal power plant project in the form of Build – Operate – Transfer and takes effect on September 01, 2015. In accordance with the regulations in this Circular, Projects under the list of National Power Development Plan regulated by the Prime Minister shall be applied for international bidding; projects under the list of National Power Development Plan that investors are unidentified, having two BOT investors or over register shall be decided by the Prime Minister on forms of selecting BOT investors shall join in the international bidding. Projects under the list of National Power Development Plan that the Prime Minister shall appoint BOT investors; Projects under the list of National Power Development Plan that has one BOT investor register and be approved by the Prime Minister on appointing BOT investors and Projects |
proposed by BOT investors and not under the list of National Power Development Plan and approved by the Prime Minister shall be appointed the investors without joining the international bidding. Within 30 days since the receipt of investment registration certificate of the Ministry of Planning and Investment, BOT investors shall set up BOT enterprises and complete contents that need supplementing as mentioned in the investment registration certificate to sign officially project’s documents. On reporting regime, In the process of building the plant, BOT enterprise shall report monthly to the General Department of Energy and other relevant management agencies on the 5th, contents of the report include the progress of the work that has been done till the time of reporting; existing issues and proposals, recommendations (if any) and the plan of the next month…. |
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In order to construct Long Thanh International Airport of grade 4F according to the gradation by International Civil Aviation Organization (ICAO) as an important international airport of Vietnam, to be one of the international aviation transit centers of the region, on June 25, 2015, the National Assembly passed the Resolution No. 94/2015/QH13 dated June 25, 2015 of the National Assembly on investment policy on the Long Thanh International Airport Project with the general estimate for the whole Project is VND 336,630 billion (equivalent to USD 16.03 billion). Modern technologies are applied to the construction, management and operation of the project as innovative international airports in the world, ensuring the comprehensive capability towards safety, convenience, quality, and efficiency. It is planned to complete all the |
items in the Project to reach the capacity of 100 million passengers and 05 million tones of goods per year. Total land area for the Project is 5,000 hectares, where, area of land for construction of infrastructure in the airport is 2,750 hectares; area of land for national defense construction is 1,050 hectares; area of land for auxiliary items, aviation industry and other commercial works is 1,200 hectares. The Government shall be responsible for steering the organization of the complete withdrawal of land for the whole project, provide the compensation, assistance, relocation and employments for residents whose land is withdrawn; effectively manage and use the unused land area according to the approved planning of the Project; build up the socio-economic infrastructure; intensify the development of production, ensuring the steady life of residents in the areas influenced by the Project |
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Ü SECURITIES
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In accordance with the Decree No. 60/2015/ND-CP dated June 26, 2015 of the Government amending and supplementing a number of articles of the Decree No. 58/2012/ND-CP dated July 20, 2012 of the Government stipulating in detail and guiding the implementation of a number of articles of the securities Law and the law amending and supplementing a number of articles of Securities Law. Where the International Agreement of which Vietnam is a signatory lays down regulations on the rate of foreign ownership, it will be governed by this Agreement; where a public company operates in the investment and business sector which is governed by the law on investment, other relevant laws stipulating the rate of foreign ownership, it will be governed by these legal regulations. Where a public company operates in the investment and business sector subject to conditions applied to foreign investors but none of specific regulations on the rate of foreign ownership, the maximum rate of foreign ownership will be 49%. Where a public company operates in multiple industries or sectors that have different regulations on the rate of foreign ownership, it will not exceed the lowest rate defined in these industries or sectors that have regulations on the rate |
of foreign ownership, unless otherwise regulated by the International Agreement. Foreign investors shall be entitled to make unrestricted investments in certificates of securities investment fund, stocks of securities investment companies, non-voting stocks of public companies, derivative securities, depository receipts, unless otherwise prescribed by the issuer’s rules and regulations. Except for the open-end fund, the securities investment fund that has the rate of foreign ownership equal to more than 51%, the rate of foreign ownership must conform to statutory conditions and procedures applied to foreign investors that contribute capital, buy securities or paid-in capital of economic organizations. Similarly, foreign investors shall be allowed to put unrestricted investments in the Government bond, Government-backed bond, local government bonds, corporate bond, unless otherwise stipulated by relevant laws or the issuing organization. This Decree takes effect on September 01, 2015; annuls the Decision No. 55/2009/QD-TTg dated April 15, 2009. |
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