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In This Updates: |
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FINANCE – BANKING |
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FINANCE - BANKING |
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Circular No. 105/2014/TT-BTC dated August 07, 2014 of the Ministry of Finance amending, supplementing a number of articles of the Circular No. 153/2013/TT-BTC dated October 31, 2013 of the Ministry of Finance providing the procedures for collection and payment of fines, fine payment receipts and funds from the state budget to ensure the operation of forces sanctioning administrative violations |
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Receive 10% of the value of confiscated material evidences and fine payment on announcing administrative violations |
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Circular No. 16/2014/TT-NHNN dated August 01, 2014 of the State Bank of Vietnam guiding the use of account of accounts of foreign currency and Vietnamese dong at authorized banks for residents and non-residents |
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Guiding the use of foreign currency’s accounts at authorized banks |
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Circular No. 15/2014/TT-NHNN dated July 24, 2014 of the State Bank of Vietnam guiding the exchange management of the business of prize-winning electronic games for foreigners |
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Casino business must have licenses for collection and payment of foreign currency
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Joint Circular No. 16/2014/TTLT-BTP-BTNMT-NHNN dated June 06, 2014 of the Ministry of Justice, the Ministry of Natural Resources and Environment and the State Bank of Vietnam guiding a number of matters on disposal of security assets |
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Disposal of security assets must be informed at least before 7 days |
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Circular No. 56/2014/TT-BTC dated April 28,2014 of the Ministry of Finance guiding the Government’s Decree No. 177/2013/ND-CP of November 14, 2013, detailing and guiding the implementation of a number of articles of the Law on Prices |
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Guidance for registering prices |
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SUMMARY:
Ü FINANCE - BANKING
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This is the content prescribed at the Circular No. 105/2014/TT-BTC dated August 07, 2014 of the Ministry of Finance amending, supplementing a number of articles of the Circular No. 153/2013/TT-BTC dated October 31, 2013 of the Ministry of Finance providing the procedures for collection and payment of fines, fine payment receipts and funds from the state budget to ensure the operation of forces sanctioning administrative violations. Accordingly, fee for buying information for each case is not over 10% of the fines and money from selling confiscated material evidences and means for state fund (if any) and not over 5,000,000 VND. For handling violations on environmental protection, smuggling, trade fraud, and fake goods, the rate is not over 10% of the fines and money from selling confiscated material evidences and means for state fund and the maximum rate is not over 50,000,000 dong. Also in accordance with this Circular, the State Treasury, the commercial banks authorized to collect the fines shall base on the decision on sanction against violations and |
days of late payment to calculate and collect the amount of late payment together with collecting the fine from administrative violation. Collecting the fines due to the late payment shall be applied for cases with value of 1000 dong or over. If the decision on sanction against violation is handed directly, the day to calculate the late payment is after 10 days (including Tet, holidays) since the day of receiving the decision on sanction against violation according to the regulations or the decision on sanction against violation is sent by post. If sanctioned organizations, individuals don’t have the certification on the day of receiving the decision on sanction against violation and fail to present the days of issuing the decision on sanction against violation, but it is not under the case that intentionally refuses to receive the decision according to the regulations under Point d of this Clause, the day to calculate the late payment is after 12 days (including Tet, holidays). This Circular takes effect on October 01, 2014. |
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In accordance with the Circular No. 16/2014/TT-NHNN dated August 01, 2014 of the State Bank of Vietnam guiding the use of accounts of foreign currency and Vietnamese dong at authorized banks for residents and non-residents. The residents as individuals are entitled to use foreign currency account at the authorized banks to transact their receipts of foreign currency receipts remitted from abroad; foreign currency receipts transferred to pay for exported goods and services from the accounts of non-residents as organizations opened at authorized banks in the country; receipts of foreign currency cash carried from abroad. receipts of foreign currency from legal sources in the country as residents as foreign individuals are entitled to earn wage, bonus, allowance and purchase foreign currency from the legal sources in Vietnamese dong. Besides, the Circular also allows the residents as organizations to use foreign currency accounts at the authorized banks for transactions of receipts of foreign currency receipts remitted from abroad; foreign currency receipts transferred for payment for exported goods and services from the accounts of non-residents as organizations opened at authorized banks in the country or legal foreign currency revenues earned in the country such |
as receipts from the purchase of transferred foreign currency at the authorized credit institutions or receipts of transferred foreign currency or remittance of foreign currency cash deposited into the account. Besides, for foreign currency and VND flow in the holder’s accounts, the Circular prescribes that the residents and non-residents as organizations and individuals are entitled to transfer foreign currency between the foreign currency accounts of such organizations and individuals opened at different authorized banks or in the same system of one authorized bank, except that the residents as organizations must not transfer foreign currency as regulated by the State Bank of Vietnam on sale and purchase of foreign currency of economic Group or state-owned Corporation. Besides, the non-residents as organizations or individuals and the residents as foreign individuals are entitled to transfer Vietnamese dong between Vietnamese dong accounts of such organizations or individuals opened at different authorized banks or in the same system of one authorized bank. This Circular takes effect on September 15, 2014. |
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On July 24, 2014, the State Bank of Vietnam (SBV) issued the Circular No. 15/2014/TT-NHNN guiding the exchange management of the business of prize-winning electronic games for foreigners. Accordingly, from September 06, the business of prize-winning electronic games for foreigners such as collecting foreign-currency cash from the sale of tokens; collecting foreign-currency cash from prize-winning electronic gaming machines with the function of collecting foreign-currency cash directly from players; collecting foreign-currency transfers from overseas accounts of players; paying out in foreign-currency cash or via bank transfer prize money to prize-winning players; returning foreign-currency amounts in cash or via bank transfer to players’ foreign-currency payment accounts opened at a licensed bank in Vietnam or to their overseas accounts in case players do not use up their tokens; returning foreign-currency amounts transferred via bank to overseas accounts of players in case players do not use up all foreign-currency amounts transferred from abroad to special-use foreign-currency accounts of enterprises…must be issued the licenses for collection and payment of foreign currency by the SBV. The validity duration of a license corresponds to that of the certificate of eligibility for doing the business of prize-winning electronic games of the enterprise and does not exceed 10 years counting from the effective date of this certificate. |
Also in accordance with this Circular, enterprises licensed by the State Bank shall open 1 (one) special-use account for each type of foreign currency at 1 (one) licensed bank. Especially, at latest September 06, 2015, enterprises which have obtained the State Bank’s approval to collect and pay foreign-currency cash for the business of prize-winning electronic games for foreigners shall carry out the procedure for converting the previous approval documents into licenses. Past the above time limit, enterprises that fail to carry out the procedure for conversion shall terminate the collection and payment of foreign currencies and other foreign exchange activities related to the business of prize-winning electronic games for foreigners. The enterprise fails to deploy foreign-currency collection and payment and other foreign exchange activities after 12 (twelve) months from the date of receiving the license; the enterprise is divided, merged, consolidated or dissolved or goes bankrupt in accordance with law; the enterprise has its investment certificate, enterprise registration certificate or certificate of eligibility for doing the business of prize-winning electronic games revoked by a competent state agency or the enterprise has been sanctioned 3 or more times for administrative violations related to foreign exchange management shall be revoked the license of an enterprise by the State Bank of Vietnam. This Circular takes effect on September 6, 2014. |
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On June 06, 2014, the Joint-ministries of Justice, Natural resources and Environment, the State Bank of Vietnam issued the Joint Circular No. 16/2014/TTLT-BTP-BTNMT-NHNN guiding a number of matters on disposal of security assets, prescribing that the mortgagee shall send directly or by post to the transferee of asset ownership or use rights a written notice of the recovery of assets, enclosed with one (1) original of the lawfully notarized security contract or one (1) copy of the security contract certified by the commune-level People’s Committee or issued by a notarization practice organization from the original or one (1) copy of the secured transaction registration certificate issued by the secured transaction registration agency. At least 7 working days before taking security assets into custody, security asset disposers may send a written notice of the custody of security assets to commune-level People’s Committees of localities where security assets are taken into custody. Besides, disposal of mortgaged assets being land use rights and land-attached assets in case the mortgage contract is registered before a competent state agency recovers land or assets under law. During the formulation of a compensation, support and resettlement plan under the |
land law, the organization performing compensation tasks shall seek information on land use rights and land-attached assets subject to recovery at the land use rights registration office. On the basis of mortgage registration contents provided by the land use rights registration office, the organization performing compensation tasks shall notify in writing the mortgagee and mortgagor of the compensation amount, and the time and place for payment of such amount. In case security assets cannot be sold at the prices determined by the price appraisal agency or organization, within fifteen (15) days from the date of failure to sell the assets, the secured party may reduce the sale prices of assets. Such reduction may be made three (3) times, with each reduction not exceeding ten percent (10%) of the determined prices and the interval between two reductions being at least thirty (30) days, for immovable assets, or at least fifteen (15) days, for movable assets. The secured party shall notify the securing party of the reduction of the sale prices of security assets. This Circular takes effect on July 22, 2014. |
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On April 28, the Ministry of Finance issued the Circular No. 56/2014/TT-BTC guiding the Government’s Decree No. 177/2013/ND-CP of November 14, 2013, detailing and guiding the implementation of a number of articles of the Law on Prices. Accordingly, an organization or individual shall make price registration under Article 6 of Decree No. 177/2013/ND-CP by filling in the price registration form (below referred to as form) and send it to a state agency competent to receive forms by directly submitting 2 copies of the form at the office of the form-receiving agency (enclosed with a stamped envelope bearing the name and address of the organization or individual and full name and telephone number of the responsible person); sending through the official correspondence channel 2 copies of the form (enclosed with a stamped envelope bearing the name and address of the organization or individual and full name and |
telephone number of the responsible person) to the form-receiving agency; e-mailing the form bearing the organization’s or individual’s e-signature or a scanned copy of the form bearing the signature and seal to the e-mail address notified by the form-receiving agency or faxing the form and making a phone call to notify the faxing to the form-receiving agency. At the same time, sending through the official correspondence channel to the form-receiving agency 2 copies of the form (enclosed with a stamped envelope bearing the name and address of the organization or individual and full name and telephone number of the responsible person). In particular, the method of registering prices of preventive and curative medicines for human use on the list of essential curative medicines must comply with the Ministry of Health’s guidance. This Circular takes effect on June 14, 2014. |
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