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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. 136/2014/TT-BTC dated September 15, 2014 of the Ministry of Finance amending and supplementing some articles of the Circular No. 122/2013/TT-BTC dated August 28, 2013 of the Ministry of Finance |
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Not collect charges for film appraisal serving for political tasks |
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FINANCE – BANKING |
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FINANCE - BANKING |
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Circular No. 27/2014/TT-NHNN dated September 18, 2014 of the Government on amending, supplementing a number of Articles of the Circular No. 16/2010/TT-NHNN dated June 25, 2010 guiding the implementation of the Decree No. 10/2010/ND-CP dated February 12, 2010 of the Government on credit information and related activities |
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Conditions for certificate application for credit information activities |
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Circular No. 18/2014/TT-BTP dated September 8, 2014 of the Ministry of Justice guiding the asset auctions as prescribed in Decree No. 53/2013/ND-CP on establishment, organization and operation of Vietnam Asset Management Company |
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The reserve price of the auctioned assets |
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CONSTRUCTION |
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CONSTRUCTION |
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Law No. 50/2014/QH13 dated June 18, 2014 of the National Assembly on Construction |
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Exempted from construction permit for housing development projects with under 7 stories |
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BIDDING |
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BIDDING |
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Decree No. 71/2014/ND-CP dated July 21, 2014 of the Government detailing the Law on Competition on imposition of violation penalties against the Law on Competition |
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Any advertisement giving incorrect information or confusing the customers shall be fined up to VND 140 million |
Page 3 |
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SUMMARY:
Ü TAX – FEE – CHARGE
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On September 15, 2014, the Ministry of Finance issued the Circular No. 136/2014/TT-BTC amending and supplementing some articles of the Circular No. 122/2013/TT-BTC dated August 28, 2013 of the Ministry of Finance, decides that Not collect charges for appraisal of art performance programs (programs, plays) serving for political tasks and films in the foreign film display program in Vietnam serving for political and foreign tasks permitted by agencies with function of art management. The Circular prescribes that organizations and individuals must pay charges, fees as prescribed in this Circular when they have art performance programs appraised (prescribed |
at the Decree No. 79/2012/ND-CP dated October 05, 2012 of the Government) and movies appraised, screenplays appraised, or when they are appraised for license of eligibility for trading in film production and appraised for license of setting up representative office of foreign movie establishments in Vietnam by competent agencies (prescribed at the Decree No. 54/2010/ND-CP dated May 21, 2010 of the Government detailing a number of articles of Cinematography Law and Law Amending and Supplementing a Number of Articles of the Cinematography Law. This Circular takes effect on October 31, 2014. |
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Ü FINANCE - BANKING
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On September 18, 2014, the State Bank of Vietnam issued the Circular No. 27/2014/TT-NHNN amending, supplementing a number of Articles of the Circular No. 16/2010/TT-NHNN dated June 25, 2010 guiding the implementation of the Decree No. 10/2010/ND-CP dated February 12, 2010 of the Government on credit information and related activities. Accordingly, from November 01, 2014, beside primary conditions on information technology infrastructure, charter capital, conditions on Director, General Director..in accordance with current regulations, the president of the Board of Management and the President of Member’s Council must possess a university or postgraduate degree in finance, banking or information technology and have worked for at least 3 years in finance, banking or information technology for being issued with the eligible certificate for credit information activities. |
Also in accordance with this Circular, credit information companies shall preserve their certificates in good conditions through their operations. In case its certificate is lost, burnt, torn or otherwise damaged, a credit information company shall send dossiers directly or by post to request the State Bank to consider and re-grant the certificate. A credit information company shall send to the State Bank the quarterly and annual financial statements made as stipulated; operation report, covering: list and structure of products; a detailed list of information sources; a list of credit providers committing to provide information; number of borrowers by group (small- and medium-sized enterprises, households and individuals); number of products provided to each group of users; operation of technological equipment, assurance of data and information safety. This Circular takes effect on November 01, 2014. |
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The Ministry of Justice has just issued the Circular No. 18/2014/TT-BTP dated September 08, 2014 guiding the asset auctions as prescribed in Decree No. 53/2013/ND-CP on establishment, organization and operation of Vietnam Asset Management Company (hereinafter referred to as VAMC). Accordingly, the reserve price of the auctioned assets shall be determined before VAMC signs a contract to hire a professional auctioneering organization to hold the auction or VAMC holds the auction itself. VAMC shall decide and take responsibility for the reserve price of the auctioned assets. For the auctioned assets being bad debts, in case VAMC purchased bad debts from a credit institution at market value, they shall hire an appraisal company to assess the bad debts or assess the bad debts themselves in order to determine the reserve price. In case VAMC purchased bad |
debts from a credit institution at book value with special bonds, they shall negotiate an agreement with such credit institution on the reserve price. VAMC shall announce the selection of auctioneering organizations within five (05) working days on the web portal of the State bank of Vietnam and the web portal of VAMC in order for professional auctioneering organizations to apply. VAMC shall issue, conduct and take responsibility for considering and deciding process for selection of professional auctioneering organizations to hold the auction. The professional auctioneering organizations shall be considered according to criteria such as: competence, experience, prestige, operating duration, the number of auctioneers, the quantity of successful auction contracts, auction plan, scale and facilities. This Circular takes effect on November 10, 2014. |
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Ü CONSTRUCTION
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On June 18, 2014, he Construction Law No. 50/2014/QH13 which was passed by the XIIIth National Assembly of the Socialist Republic of Vietnam at its 7th session, decides to exempt from construction permit for houses of urban development projects or housing development projects with under 7 stories and a total floor area of under 500 m2 and detailed 1:500-scale plans already approved by competent state agencies from January 01, 2015. Beside the works involving state secrets, works constructed under emergency orders and works located in the territories of two or more provincial-level administrative units; works of construction investment projects in which investment is decided by the Prime Minister, ministers, heads of ministerial-level agencies or chairpersons of People’s Committees at different levels; works undergoing repair, renovation or installation of interior equipment which does not alter their force-bearing structure and utilities and affect the environment and safety of these works or Construction works of projects on industrial parks, export processing
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zones or hi-tech parks with detailed 1:500-scale plans already approved by competent state agencies and construction designs already appraised in accordance with this Law…are exempted from construction permit from January 01, 2015. For construction sites, project owners shall install signboards at construction sites, except for separate houses with under 7 stories. The contents of a signboard include title and size of the work; dates of commencement and completion; names, addresses and telephone numbers of the project owner, construction contractor, construction designing organization and construction supervision organization or individual and perspective drawings of the work. At the same time, there must be fences, guard posts and conspicuous signboards to ensure separation between the construction site and outside. This Law replaces the Law No. 16/2013/QH13 on Construction and takes effect on January 01, 2015. |
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Ü BIDDING
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In accordance with the Decree No. 71/2014/ND-CP dated July 21, 2014 of the Government detailing the Law on Competition on imposition of violation penalties against the Law on Competition. From September 15, any enterprise directly comparing their goods and services with the goods and services of the same type of other enterprises or copying another advertisement to confuse the customers shall be fined from VND 60 million to VND 80 million; particularly for any advertisement giving incorrect information or confusing the customers with: prices, quantity, uses, designs, package, production and expiry date, sources of goods, producers, processors, processing places; use methods, serving methods, warranty periods; incorrect or confusable information shall be fined from VND 80 million to VND 140 million. Other important contents are that unhealthy competition on promotion and violations against multi-level marketing’s regulations. Accordingly, the fine for sales promotions that are fraudulent confuse the customers with the goods and services shall be increased by VND 45 million - VND 50 million to VND 50 – 80 million from September 15. The enterprises paying the multi-level salespeople the totally |
annual commission, bonus and other financial benefits which exceed the 40% of the multi-level marketing turnover of such year of the multi-level marketing companies and requests the persons wishing to be salespeople to pay the deposit or particular amounts in any shape or form to joint the scheme shall be fined in turn VND 40 – 60 million and VND 60 – 100 million. Also from September 15, each party to the agreement whose combined market share in the relevant markets is at least 30 % shall be fined up to 10% of its turnover of the financial year before the year in which one of these violations as agreement on a fixed price for some or all goods; agreement to reduce or raise the price at a specific rate; agreement on a uniform formula to calculate the price; agreement on the maintenance of a fixed rate of the price for relevant goods and so on. This fine is also applied to the enterprises imposing unreasonable sale prices for goods and services or minimum resale prices such as imposing the sale prices for goods and services, which causes damage to the customers; imposing the minimum resale price, which causes damage to the customers or bid rigging. This Decree takes effect on September 15, 2014. |
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