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In This Updates: |
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ENTERPRISE |
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ENTERPRISE |
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1 |
Decree No. 92/2016/ND-CP dated July 1, 2016 of the Government providing for conditional business sectors or activities in the civil aviation industry |
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* The minimum amount of capital required for an airline is VND 300 billion |
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TAX – FEE – CHARGE |
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TAX – FEE – CHARGE |
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Decree No. 100/2016/ND-CP dated July 01, 2016 of the Government on elaboration and guidelines for some articles of the law on amendment of the law on value-added tax, the law on special excise duty and the law on tax administration |
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* The late payment interest at 0.03% per day on the outstanding amount |
Page 2 |
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Circular No. 95/2016/TT-BTC dated June 28, 2016 of the Ministry of Finance on guidelines for tax registration |
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* Deactivate the TIN of the business entity of non-operation at registered address |
Page 2 |
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LABOR – SALARY |
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LABOR – SALARY |
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4 |
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* Encourage to provide for the voluntary supplemental retirement program |
Page 3 |
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MEDICAL – HEALTH |
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MEDICAL – HEALTH |
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5 |
Decree No. 102/2016/ND-CP dated July 01, 2016 of the Government on drug business requirements |
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* Conditions for drug business to a drug retailer |
Page 3 |
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SUMMARY:
Ü ENTERPRISE
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This is the content prescribed at the Decree No. 92/2016/ND-CP dated July 1, 2016 of the Government providing for conditional business sectors or activities in the civil aviation industry and takes effect on July 01, 2016. In particular, the minimum amount of capital required for establishment and maintenance of an airline shall comply with the following regulations with regard to an airline operating up to 10 airplanes, the minimum amount of capital shall be VND 700 billion required for an airline providing international air transport services; VND 300 billion required for an airline only providing domestic air transport services; with regard to an airline operating from 11 to 30 airplanes, the minimum amount of capital shall be VND 1,000 billion required for an airline providing international air transport services; VND 600 billion required for an airline only providing domestic air transport services; with regard to an airline operating up to 30 airplanes, the minimum amount of capital shall be VND 1,300 billion |
required for an airline providing international air transport services; VND 700 billion required for an airline only providing domestic air transport services. The minimum amount of capital required for establishment and maintenance of a general aviation enterprise shall be VND 100 billion. A foreign-invested airline must conform to the requirements as foreign ownership shall not exceed 30% of the charter capital; there is at least one Vietnamese natural or legal entity owning the highest share of charter capital. In cases where a Vietnamese legal entity has foreign investment capital, the foreign share of equity participation shall not exceed 49% of the charter capital of that entity. Transfer of shares, portions of equity participation from airlines that do not have foreign investment capital to foreign investors shall be allowed only after 02 years from the date of issuance of a license for air transport service business. |
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Ü TAX – FEE – CHARGE
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This is the important content prescribed at the Decree No. 100/2016/ND-CP dated July 01, 2016 of the Government on elaboration and guidelines for some articles of the law on amendment of the law on value-added tax, the law on special excise duty and the law on tax administration. On particular, a taxpayer who fails to pay tax by the deadline or extended deadline or deadline written in the notice or tax decision issued by the tax authority shall fully pay tax and late payment interest at 0.03% per day on the outstanding amount. Regarding outstanding tax incurred before July 01, 2016, including tax arrears discovered after inspections by competent authorities, the late payment interest rate shall be charged from July 01, 2016. While paying the tax arrears in installments, the taxpayer still have to pay late payment interest at 0.03% |
of the tax arrears per day. The taxpayer shall fully pay tax and late payment interest. Besides, the Government also emphasizes to get the exemption and reduction of special excise tax, resource royalty, personal income tax granted to a taxpayer who suffers from a natural disaster, fire or unexpected accident and consequently is not able to pay tax in accordance with law; exemption of tax on non-agricultural land, tax on agricultural land, land rent, water surface rent, registration fee granted to taxpayers; tax exemption granted to a household or individual that pays less than VND 50,000 in annual non-agricultural land tax. This Decree takes effect on July 01, 2016. |
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In accordance with the Circular No. 95/2016/TT-BTC dated June 28, 2016 of the Ministry of Finance on guidelines for tax registration, the taxpayer shall be imposed sanctions for TIN usage as prescribed by relevant law provisions. After one year from the date on which the tax authority issued a notification of non-operation at the registered address, the tax authority shall deactivate the TIN and cooperate with business registration authority in revocation of enterprise registration certificate. Also in accordance with this Circular, when a business entity, other entity, or household business suspends business or resumes business ahead of schedule specified in the notification, it must send a notification to the supervisory tax authority and the authority issuing establishment and operation license or certificate of household business registration at least 15 working days before the business suspension or resumption of business ahead of schedule. If a household business is exempted |
from business registration, it must send a notification of business suspension to the supervisory tax authority at least 1 working day before the business suspension. The suspension duration must not exceed 1 year. When the period mentioned in the notification is overdue, if the business entity, other entity, or household business still suspend business, it must send another notification to the supervisory tax authority and the authority issuing establishment and operation license or certificate of household business registration at least 15 working days before the following period of business suspension. If a household business is exempted from business registration, it must send a notification of business suspension to the supervisory tax authority at least 1 working day before the business suspension. Total consecutive period of business suspension time must not exceed 2 years. This Circular takes effect on August 12, 2016. |
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Ü LABOR - SALARY
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At the Decree No. 88/2016/ND-CP dated July 01, 201 of the Government on voluntary supplemental retirement program. The Government encourages developing voluntary supplemental retirement programs by means of incentive policies provided for in laws on taxation and investment results and payment rates made by retirement funds shall not be guaranteed by the Government. Also in accordance with this Decree, Each individual may have one or several individual retirement accounts issued at the same time and managed by different retirement fund management companies. An individual retirement account shall be used for receiving contributions made by the fund participant and the employer (if any); receiving earnings from investment after deducting the retirement fund’s operating expenses which must be incurred by each individual retirement account as determined in accordance with the retirement fund's charter; making payment of payables to the State budget as regulated; making |
payments to fund participant and the employer. Particularly, it is not allowed to use the individual retirement account for transfer; mortgage and handle bankruptcy procedures of the retirement fund management company, the supervisory bank or the depository institution. The retirement fund management company must clarify investment policies in the retirement fund’s charter, the retirement fund’s portfolios shall consist of deposits at commercial banks that meet requirements on the retirement fund’s investment policies specified in the retirement fund’s charter; government bonds, government backed bonds and local authority bonds; securities investment fund certificates under conditions on investment policies specified in the retirement fund’s charter. The proportion of investments in government bonds must be at least 50% of total asset value of the retirement fund. This Decree takes effect on July 01, 2016. |
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Ü MEDICAL – HEALTH
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On July 01, 2016, the Government issued the Decree No. 102/2016/ND-CP dated July 01, 2016 of the Government on drug business requirements. In particular, the drug retailer other than an herbal ingredient retailer when the retailing place is fixed, isolated, airy, safe, away from sources of pollution and has a conformable signboard; the retailing place is sturdily built and has an anti-dust ceiling; its walls and floor is easy to clean; lighting is sufficient but drugs are protected from direct sunlight; storage conditions written on package inserts are satisfied; and the area is suitable for the business scale; there is an area for display and storage of drug, and an area for buyers to exchange drug use information with the sellers…Cosmetics, functional foods and medical equipment (if any) are displayed in a separate area and do not affect drugs. An exporter or import of narcotic drugs, psychotropic drugs or drug precursors shall satisfy requirements |
such as the exporter or importer has at least 05 years’ experience of export or import of drugs respectively; over 5 years before applying for permission for export or import of narcotic drugs, psychotropic drugs or drug precursors, the applicant does not commit serious violations, forge or falsify documents of Vietnamese or foreign regulatory bodies, use fake seals or signatures in the export or import documents; the exporter or importer has a separate warehouse that satisfy GSP requirements to store narcotic drugs, psychotropic drugs or drug precursors suitable for the scope of business. The minimum area of the warehouse is 100 m2 and volume 300 m2. The warehouse has solid doors and locks and measures are taken to ensure safety and security; there are at least 03 business locations that satisfy GDP requirements in the North, the Central Coast and the South… This Decree takes effect July 01, 2016. |
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