Legal Document Updates in English (37/2012)

AMENDING THE PREFERENTIAL IMPORT TAX RATES
ON SOME CHEMICAL COMMODITIES
 

On September 18, 2012, the Ministry of Finance issued the Circular No.154/2012/TT-BTC guiding the preferential import tax rates on some commodities guiding the preferential import tax rates on some commodities in heading 2815.11.00 and 2842.10.00 in the preferential import tariff.

Under this Circular, preferential import tax rates for sodium hydroxide (caustic soda); potassium hydroxide (caustic potash); peroxides of sodium or potassium are reduced from 10% to 3%, reduced by 7% compared with the previous regulation. From November 02, 2012, preferential import tax rate for double or complex

DOSSIER FOR THE APPRAISAL OF THE SELECTION OF BIDDERS
 

On September 12, 2012, the Government issued the Decree No. 68/2012/ND-CP amending and supplementing a number of September 12, 2012 , articles of the Government's Decree No. 85/2009/ND-CP dated September 15, 2009, guiding the implementation of the Law on bidding and the selection of bidders in accordance with the law on construction, regulating the composition of the application for the appraisal of the bidding plan that is similar to that of the application for the approval of the bidding plan.

Specifically, dossier submitted for approval includes: the document submitting a bidding plan for approval indicates: jobs already done, including those related to project preparation and bidding packages executed in advance

MUST NOT GET THE LICENSE FOR TAPES CIRCULATED
IN VIETNAM
 

On July 16, 2012, the Ministry of Culture, Sports and Tourism issues the Circular No. 07/2012/TT-BVHTTDL to guide the Government’s Decree No. 32/2012/ND-CP of April 12, 2012, on management of the export and import of cultural products for non-commercial purposes.

Under this Circular, audio- and video-recording tapes and disks of films of all kinds, magnetic tapes, floppy disks, hard disks, optical disks already recorded, and other audio-visual products already recorded with information in the form of script, sound or image which are in lawful distribution or circulation in Vietnam; Photographic films, sound-and image-recording tapes and disks with contents featuring personal or family daily-life, travels, weddings, birthday

CONDITIONS OF THE TEMPORARY IMPORT FOR WINE AND
BEER’S  RE-EXPORT
 

On September 07, 2012, the Government issued the Directive No.  23/CT-TTg on the enhancement of State management of the business of temporary import for re-exports, transit, and bonded warehouse, regulating that the trader must operate in goods export and import, or temporary import for re-export of goods, for at least 2 years as from the date of establishment to be eligible for doing business of temporary import for re-export and transit of goods having the special consumption tax rate such as wine, beer, cigarettes, cigars …

Besides, the Prime Minister also announced some regulations on the operation of doing business of temporary import for re-exports and transit of goods subject to special excise duty (wine, beer, cigarettes, cigars) and goods temporarily imported for re-export under the licenses issued by the Ministry of Industry and Trade. Specifically, traders doing business of temporary import for re-export and transit

CONDITION FOR LISTING SHARES IS THE BAD DEBT RATIO <>
IN 02 QUARTERS
 

This is one of the conditions for credit institutions to list joint-stock credit institutions on the securities market as prescribed under the Circular No. 26/2012/TT-NHNN dated September 13, 2012 of the State Bank of Vietnam guiding the approval procedures of the State bank of Vietnam for listing shares of joint-stock credit institutions on the domestic and foreign securities market.

Besides the conditions of the bad debt ratio < 3%="" compared="" to="" the="" total="" outstanding="" debt="" at="" the="" end="" of="" the="" quarter="" in="" 02="" quarters="" preceding="" the="" quarter="" when="" they="" apply.="" joint-stock="" commercial="" banks;="" joint-stock="" financial="" companies;="" joint-stock="" finance="" leasing="" companies="" must="" comply="" with="" other="" conditions="" for="" listing="" joint-stock="" credit="" institutions="" on="" the="" securities="">

Specifically, the shortest operation time is 02 years at the time of applying; the actual value of the charter capital at the time of applying is not lower than the legal capital as prescribed by current law provisions; the business is profitable according to the audited consolidated Financial statements and audited separate Financial statements in 02 consecutive years prior to the year when they apply; Within 12 months prior to the time of applying, the joint-stock credit institution must not incur total fines of 30 million VND or more for administrative violations of finance and banking.

The Circular shall take effect on October 29, 2012 and replace the Decision No. 787/2004/QD-NHNN dated June 24, 2004.

PROHIBIT CHANGING THE INTENTION OR THE PLAN
OF REPURCHASE OF SHARES
 

This is one of the contents regulated under the Circular No. 130/2012/TT-BTC dated August 10, 2012 of the Ministry of Finance guiding the repurchase of shares, the sale of treasury shares, and the additional shares issuance of public companies.

Accordingly, the public company must not change the intention or the plan of repurchase of shares as reported and announced, except for force majeure (such as natural disaster, fire, war, and other situations accepted by the State Securities Commission), and must be reported to the State Securities Commission. At the same time, public companies must announce such change on means of mass media within 24 hours as from making the decision on changing the repurchase of shares.