Legal Document Updates in English (32/2015)

PUBLICIZATION OF INFORMATION ON HANDLING OF ENTERPRISES
COMMITTING VIOLATIONS OF LAW
 

On May 28, 2015, the Joint-ministries: the Ministry of Planning and Investment, the Ministry of Finance and the Ministry of Home Affairs issued the Joint Circular No. 04/2015/TTLT-BKHDT-BTC-BNV issuing the model Regulation on coordination among functional agencies in provinces and centrally run cities in the state management of enterprises after establishment registration, in order to detect and promptly handle enterprises violating the law, prevent and reduce negative impacts caused by enterprises on the society…

Accordingly, the coordination in inspection and examination of enterprises must assure accuracy, objectiveness, honesty, publicity, democracy and promptness; no overlap in the scope, subjects, contents of inspection and examination at a time among agencies conducting inspection and examination; and minimization of troubles and obstacles to normal operations of enterprises. Enterprises shall not be required to carry out any additional administrative procedures and their normal operations shall be facilitated. And exchange, provision and publicization of enterprise information must be accurate, sufficient and timely. Requests for exchange and provision of enterprise information shall be based on state management

GUIDANCE ON ELECTRONIC TAX TRANSACTIONS
 

The Ministry of Finance has just issued the Circular No. 110/2015/TT-BTC dated July 28, 2015 on electronic tax transactions.

In accordance with this Circular, The taxpayer who has declared tax electronically must also make other transactions electronically, If the error is caused by the taxpayer’s system, the taxpayer must deal with it or contact the supervisory tax authority for instructions and support except for the case that If the taxpayer has not resolved the error by the deadline for submitting tax documents or deadline for paying tax, the taxpayer shall submit paper documents to the tax authority whether directly or by post and pay tax at a bank. The taxpayer’s supervisory tax authority has the responsibility to support and instruct the taxpayer to make electronic transactions in the next periods.

A taxpayer must have an effective digital certificate issued by a certificate authority (CA) or a competent authority and recognized by a competent authority, unless the  case that

BANKS ALLOWED TO TRANSFER LOANS INTO CAPITAL STOCK
 

In accordance with the Circular No. 11/2015/TT-NHNN of the State Bank of Vietnam providing guidelines on handling with loans of agriculture and forestry companies when restructuring, renovating according to the Decree No. 118/2014/ND-CP dated December 17, 2014 of the Government, credit institutions shall agree with agriculture and forestry companies to transfer loans into capital stock (for equitized agriculture and forestry companies).

If agriculture and forestry companies hand over the land for the local to manage and assets are formed with loans from credit institutions, agriculture and forestry companies shall determine the value of assets formed from a part or entire of loans from credit institutions (assets formed from loans) at the time of handing over as a basis to determine the loans (principal and interest) equivalent to the value formed from loans. The determination of value of assets formed from loans shall be done according to current regulations.

IN THE PERIOD 2016 – 2020, THE EXPORT OF GOODS INCREASES
11%/YEAR ON AVERAGE
 

The Prime Minister has  just signed the Decision No. 1233/QD-TTg dated 1233/QD-TTg of the Prime Minister approving the import management scheme by 2020 in conformity with the international commitments with the vision to provide guidance on import management activities in order to meet the objectives stated in the strategy for export and import of goods for the period 2011 - 2020 with a vision to 2030, such as an average increase of 11%/year in the export of goods, an average increase of less than 10%/year in the import of goods reported for the period 2016 – 2020. Gradually reduce the trade deficit and work towards the trade balance in 2020.

At the Scheme, the Prime Minister defines to sustain the current system for applying measures to ban import of certain goods in order to ensure the national security, environment and occupational safety and achieve other relevant public objectives in conformity with International Agreements of which our country is a signatory and member; apply import management measures in the form of permits for import of goods that may cause impact on the

DISSOLVE COOPERATIVES THAT DO NOT OPERATE
OR OPERATE INEFFECTIVELY
 

In order to create favorable conditions for cooperative development, contributing positively to economic restructuring, implementing industrialization and modernization of the country,  hunger eradication and poverty reduction, especially in agriculture and rural development…on July 24, 2015, the Prime Minister issued the Directive No. 19/CT-TTg on promoting the implementation of the Law on Cooperatives.

At the Directive, the Prime Minister requires the Ministry of Labor, War Invalids and Social Affairs and the Ministry of Industry and Trade to take charge and cooperate with the Ministry of Planning and Investment, the Ministry of Finance to provide specific guidance on conditions and criteria for beneficiaries of the policy of development of infrastructure of cooperatives, cooperative unions operating in agriculture,

forestry, fishery and salt fields; take charge and cooperate with relevant Ministries, departments to support and direct the transformation of cooperatives established before July 1, 2013 and encourage the establishment of cooperatives in trade, industrial and handicraft fields; facilitate cooperatives to participate in national trade promotion Program and to access to local industry promotion fund. People’s Committees of central-affiliated cities and provinces shall aggregate the demand and formulate the support plan under the contents of the Program, People’s Committees of central-affiliated cities and provinces shall review and guide the cooperatives in reorganizing under the Law on Cooperatives or transforming to other forms before July 1, 2016; dissolve cooperatives that do not operate or operate ineffectively without organizing and operating under the provisions of the Law on Cooperatives