Legal Document Updates in English (41/2013)

PERSONAL INCOME TAX IS EXEMPTED UPON DIVIDING REAL ESTATE AFTER GETTING DIVORCE

Circular No. 111/2013/TT-BTC dated August 15, 2013 of the Ministry of Finance on the implementation of the Law on Personal Income Tax, the Law on the Amendments and Supplement to the Law on Personal Income Tax, and the Government’s Decree No. 65/2013/NDs-CP elaborating a number of Articles of the Law on Personal Income Tax and the Law on the Amendments to the Law on Personal Income Tax.
According to this Circular, incomes from real estate transfer between husband and wife, parents and children; adoptive parents and adopted children; parents-in-law and children-in-law; grandparents and grand children, and among siblings are exempted from tax.

TO PROVIDE FORM OF LABOR SUPPLY CONTRACT

Circular No. 22/2013/TT-BLDTBXH of October 15, 2013 of the Ministry of Labor- Invalids and Social Affair on providing the models and contents of labor supply contract and guest worker contract.
Accordingly, from December 1, 2013, the Circular officially provides the models and contents of labor supply contract and guest worker contract used in the activity of sending workers abroad with principal contents of information of contractual parties; contents on the conditions for labor supply and receipt; rights and obligations of the contractual parties; brokerage commission (if any); contract term and extension; ahead-of-schedule termination of contract and settlement of disputes, namely: Number of workers to be supplied/received; occupations or jobs to be performed; workplaces; working duration; working conditions and environment; working time and rest time; occupational safety and protection;

TO SUPPLEMENT 03 SUBJECTS ENJOYING REDUCTION OF LAND RENTS

Decision No. 1851/QD-TTg dated October 14, 2013 of the Prime Minister on supplementing subjects enjoying reduction of land rents in 2013 and in 2014, applicable to organizations, households and individuals who had to adjust unit price of renting land under policy before the effective date of the Government’s Decree No. 121/2010/ND-CP dated December 30, 2010.
Accordingly, land rent reduction of 50% in 2013 and 2014 for organizations, households and individuals who leased land from the State in form of paying land rent annually, including: Cases in which time limit to re-determine unit price of land rent for the next stable term from January 01, 2011 to prior to March 01, 2011; cases in which time limit of land- rent exemption is expired and it is required to determine the

stable period of land- rent unit price, from January 01, 2011 to prior to March 01, 2011; cases in which the land rents are being paid temporarily, and the land-rent unit price for temporary payment, or legalization of using rent land must be re-determined for the stable period of land-rent unit price, from January 01, 2011 to prior to March 01, 2011. Conditions of land rent reduction: Land rent re-determined as stated in Article 1 of this Decision has increased twice or more in comparison with the payable land rent in 2010.
This Decision takes effect on its signing date.

TO REDUCE 10% OF LENDING INTEREST RATE UNDER PREFERENTIAL TREATMENT POLICY FOR HOUSEHOLDS NEAR POVERTY LINE

Decision No. 1826/QD-TTg dated October 9, 2013 of the Prime Minister on adjusting the lending interest rate to several policy credit programs applicable at Vietnam Bank for Social Policies.

Accordingly, the preferential lending rate applied to households near the poverty line is 120% of the lending rate towards households in poverty line regulated in every period, reducing by 10% in comparison with the rate in previous regulations.

EQUITY CAPITAL MUST NOT BE LESS THAN VND 1,000 BILLION TO PROVIDE PENSION INSURANCE

Circular No. 115/2013/TT-BTC dated August 20, 2013 of the Ministry of Finance on guiding pension insurance and voluntary pension fund.
Accordingly, when carrying out products of pension insurance, the insurers must meet the following conditions: Equity capital is not less than 1,000 (one thousand) billion VND; solvency margin is higher than the minimum solvency margin with a minimum difference of 300 (three hundred) billion VND; the set up of voluntary pension fund should follow regulations prescribed in section 2 Chapter II of this Circular (Minimum fund must not be less than VND 200 billion); there are 05 (five) officers minimally in charge of managing voluntary pension fund with at least 05 (five) experience years on managing insurance pension funds or policyholders' funds; products of pension insurance have been approved by the Ministry of Finance…
Simultaneously, the insurer must be granted certificate by the Ministry of Finance when carrying out

SANCTION TO ADMINISTRATIVE VIOLATION IN ATOMIC ENERGY MAY BE  IMPOSED AT MAXIMUM LEVEL OF VND 2 BILLION

Decree No. 107/2013/ND-CP dated September 20, 2013 of the Government regulating sanction of administrative violations in atomic energy
Accordingly, the sanction level applied to organizations committing administrative violation in atomic energy will ranges from VND 1 million to 2 billion. Specifically, a warning or fine between VND 1 million to 2 million for one of the acts that fails to notify results of personal dose assessment for radiological workers or fail to provide instruction on using personal dosimeters affixed at working place of radiological workers; a fine of between VND 16 million to 30 million and VND 1 billion to 2 billion for acts failing to make burial reports upon burying radioactive waste or acts of letting nuclear accidents happen, in case violation not to the extent of being examined for criminal liability… Individuals commit the same violation above will be imposed a fine as much as half of the above level.