Legal Document Updates in English (39/2014)

THE MAXIMUM TIME LIMIT EXTENSION FOR TAX PAYMENT IS 02 YEARS
 

Many new contents on enterprise income taxes, personal income tax or VAT tax are prescribed by the Government at the Decree No. 91/2014/ND-CP dated October 01, 2014 amending, supplementing a number of Articles under the Decree regulating on Tax.

First, the Decree points out clearly in the case that taxpayers have not received capital construction investment capital amounts stated in state budget estimates, the tax payment time limit extension must not exceed 2 (two) years from the date of expiration of the tax payment time limit; however, the tax amount for extension for this case must not exceed the amount owed by the state budget (in the previous regulations, the maximum time limit extension is 01 year).

At the same time, the Decree also supplements some new forms of tax payment. Accordingly, based on the efficiency of production, the taxpayer shall pay the amount for temporary calculation on a quarterly basis no later than the thirtieth of the quarter following the quarter arising the tax obligations. Enterprises that have to make financial statements in accordance with legal regulations, based on

SUPPORT TO DEVELOP THE SECTORS WITH THE MAXIMUM LOAN 
OF  VND 10 MILLION/HOUSEHOLD
 

On October 01, 2014, the State Bank of Vietnam issued the Circular No. 28/2014/TT-NHNN amending, supplementing a number of Articles of the Circular No. 06/2009/TT-NHNN dated April 09, 2009 of the State Bank of Vietnam regulating in details the policy on lending with preferential interest rate under the program of supporting poor districts at Resolution No. 30a/2008/NQ-CP dated December 27, 2008 of the Government.

Accordingly, beside supported by the loan rate is 50% of interest rate in each period, the poor households  in 61 provinces are also have chances to get the maximum loan of VND 10 million at Vietnam Bank for social policies to buy cattle and poultry breeds, aquaculture breed or develop the

HAVE RIGHTS TO CHOOSE THE LOCATION OF TAX PAYMENT
FOR EXPORT AND IMPORT GOODS
 

The taxpayers directly pay taxes at the State Treasury or at the credit institution is the new content prescribed at the Circular No. 126/2014/TT-BTC dated August 28, 2014 of the Ministry of Finance prescribing some procedure on declaration, collection, payment of taxes, interest of late payment, fines and others payable to export and import goods.

In case the taxpayers pay taxes in cash but taxes are not collected by the State Treasury or the credit institution where customs procedures are carried out, the customs authority where customs declaration sheet is registered shall collect taxes and transfer such total collected tax into a state revenues’ account of the State Treasury which is opened at a commercial bank as prescribed.

PUBLISHING THE INFORMATION ON CONSTRUCTION CAPABILITIES
OF ORGANIZATIONS AND INDIVIDUALS
 

On August 25, 2014, the Ministry of Construction issued the Circular No. 11/2014/TT-BXD publishing the information on construction capabilities of organizations and individuals in construction.

Basing on the regulations on information publication of organization’s and individual’s capabilities in construction activities that information on construction capability provided by an entity must be accurate. When there is any change in the information, the entity must provide the adjusted information for the managing agency according to Article 8 of this Circular.

The Ministry of Construction requires that an entity who wants to publish its information on construction capability shall send an application for information on construction capability disclosure, profile and soft to the managing agency for considering publishing the information on construction capability on the website of the managing agency. With regard to foreign organizations, their applications for information on construction capability disclosure, profiles and relevant documents must be translated into Vietnamese and certified or consular legalized.

This Circular also prescribes that the local Department of Construction shall receive applications of the construction

MUST HAVING PAYMENT OF DEPOSITS FOR SCRAPS IMPORT
 

This is the content of the Law No.55/2014/QH13 on Environmental Protection passed by the National Assembly on June 23, 2014.

Accordingly, beside the requirements that organizations and individuals that import discarded materials must have separate warehouses and storing yards which satisfy environmental protection conditions for storing discarded materials or have technologies and equipment for recycling and reuse of discarded materials and removal of impurities from discarded materials to comply with environmental technical regulations. Organizations and individuals that import discarded materials must import only discarded materials for use as production materials; remove impurities from discarded materials to comply with environmental technical regulations; refrain from donating from selling impurities in discarded materials; re-export discarded materials failing to comply with environmental technical regulations; in case the re-export is impossible, these discarded materials shall be disposed of under regulations on waste management or pay collaterals for imported discarded materials under regulations of the Government.

At the same time, the Law also approves the import of used seagoing ships, however, the used seagoing ships must comply with environmental technical regulations. The Government shall specify subjects eligible and conditions for import and dismantlement of used seagoing ships.

SHIPMASTER’S AND CHIEF ENGINEER’S CERTIFICATES OF COMPETENCY
ARE VALID FOR 5 YEARS
 

The Law No. 48/2014/QH13 Amending and Supplementing a Number of Articles of the Law on Inland Waterway Navigation was passed on June 17, 2014, by the XIII^th National Assembly of the Socialist Republic of Vietnam at its 7th session. This Law does not allow handling over vessels to persons who fail to meet the conditions for operating vessels participating in inland waterway navigation. Vessel crewmembers or operators working on board such vessels and having an alcoholic content in blood higher than 50 milligrams per 100 milliliters of blood or 0.25 milligrams per 1 liter of breathed air or using other stimulants banned from use by law from January 01, 2015.

Other important contents are on conditions for sitting examinations to acquire shipmaster’s or chief engineer’s certificate of competency of higher class. A person sitting an examination to acquire shipmaster’s or chief engineer’s certificate of competency of higher class must meet the conditions such as having sufficient working period under his/her title stated in his/her certificate of competency or working period under his/her trained title or sitting examinations to acquire certificates of higher class. Within that, shipmaster’s and chief engineer’s certificates of competency are valid for 5 years and categorized as four

FINE FORGIVENESS FOR LATE PAYMENT OF TAX INCURRED OF BUSINESSES
HAVING OBJECTIVE DIFFICULTIES
 

Businesses having objective difficulties and having paid the original tax debt prior to December 31, 2014 shall be forgiven of fine for late payment of tax incurred prior to July 01, 2013 is the plan of the Government at the Resolution No. 63/NQ-CP dated August 25, 2014 of the Government on tax solutions to remove problems and difficulties and promote the business development.

At the same time, at this Resolution, the Government also allows businesses may declare and be deducted the input VAT in case of having no non-cash payment voucher as the time of payment under contract is not du; income of businesses from the implementation of new investment projects making products named in the List of industrial products given priority for development will receive the tax rate of 10% in 15 years and be exempted from tax in 04 years and reduced by 50% of tax to be paid in 9 subsequent years; Application of tax rate of 20% in 2014