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TITLE |
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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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1 |
Circular No. 152/2015/TT-BTC dated October 02, 2015 of the Ministry of Finance guiding the severance tax |
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Many cases of exemption from severance tax |
Page 2 |
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LABOR – SALARY |
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LABOR - SALARY |
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2 |
Decree No. 88/2015/ND-CP dated October 07, 2015 of the Government on amending a number of article of the Decree No. 95/2013/ND-CP dated August 22, 2013 of the Government on penalties of administrative violations in labor, social insurance and overseas manpower supply by contract |
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Impose a fine of VND 3,000,000 upon any employer for collecting money from applicants |
Page 2 |
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FINANCE – BANKING |
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FINANCE - BANKING |
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Circular No. 18/2015/TT-NHNN dated October 22, 2015 of the State Bank of Vietnam regulating on refinancing loans on the basis of special bonds of Asset Management Company for Vietnamese Credit Institutions |
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Refinancing loans on the basis of special bonds of VAMC |
Page 3 |
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Circular No. 16/2015/TT-NHNN dated October 19, 2015 of the State Bank of Vietnam amending, supplementing a number of articles of the Circular No. 32/2013/TT-NHNN dated December 26, 2013 of the State Bank Governor guiding the implementation of regulations on restricting the use of foreign exchange within the territory of Vietnam |
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To supplement the subjects to use of foreign exchange within Vietnam territory |
Page 3 |
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TRANSPORTATION |
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TRANSPORTATION |
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Decision No. 47/2015/QD-TTg dated October 05, 2015 of the Prime Minister on mechanism and policies on encouraging and developing the inland waterway transportation |
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Exemption from registration fees for high-speed crafts |
Page 3 |
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SUMMARY:
Ü TAX – FEE – CHARGE
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On October 02, 2015, the Ministry of Finance issued the Circular No. 152/2015/TT-BTC guiding the severance tax, and the taxable items are metallic minerals; non-metallic minerals; products of natural forests; natural aquatic organisms, including marine animals and plants; natural water; natural bird’s nests other than those collected from construction of houses… This Circular prescribes the details on the cases of exemption from severance tax are entities extracting natural marine organisms; entities extracting branches, firewood, bamboo, rattan, etc.; entities extracting natural water for hydroelectricity generation; natural water; land areas given/leased out to organizations and individuals and used on the spot; earth used for leveling, construction of security, military works, dykes… In the case that taxpayers who suffer from a natural disaster, conflagration, or accident that inflicts damage the declared resources may be given exemption or reduction of |
severance tax on the amount of damaged resources. If tax has been paid, taxpayers shall receive a refund or have it offset against severance tax payable in the next period. Also in accordance with this Circular, the basis for calculation of severance tax is the taxable extraction quantity of natural resources, unit price, and tax rate. Severance tax payable in the period equals to Taxable extraction quantity of natural resources multiplied by unit price and tax rate. In case an authority imposes a certain amount of severance tax on a unit of natural resources extracted, severance tax payable in the period equals Taxable extraction quantity multiplied by the severance tax on a unit of natural resources extracted. Imposition of severance tax must be based on the database of tax authorities and conform to regulations on tax imposition. This Circular takes effect on November 20, 2015 and replaces Circular No. 105/2010/TT-BTC dated July 23, 2010 of the Ministry of Finance. |
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Ü LABOR - SALARY
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There are many important contents prescribed at the Decree No. 88/2015/ND-CP dated October 07, 2015 of the Government on amending a number of article of the Decree No. 95/2013/ND-CP dated August 22, 2013 of the Government on penalties of administrative violations in labor, social insurance and overseas manpower supply by contract. Firstly, the Decree prescribes clearly that a fine of from VND 1,000,000 to VND 3,000,000 shall be imposed upon any employer that have failure to publicly announce the labor demand, failure to announce the labor demand at least 5 working days before receiving workers’ applications, or failure to make an announcement that contain sufficient information; failure to publicly announce the recruitment result or failure to announce the recruitment result within 05 working days from the day on which the result is available. And a fine of from VND 1,000,000 to VND 3,000,000 shall be imposed upon any employer for collecting money from applicants; and have failure to make a labor management book; failure to make a labor management book on schedule or that contains sufficient information as prescribed by law; failure to record and update information about works on the labor management book when employment contracts take effect; failure to update information about changes on the labor management book. And in the case that the employer have the act of discrimination by gender, skin color, social class, marital status, belief, religion, HIV infection, impairment in recruitment, employment, and worker management, a fine of from VND 5,000,000 to VND 10,000,000 shall be imposed.
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What’s most important is that A fine of from VND 1,000,000 to VND 2,000,000 shall be imposed upon any employer that commits any of the following violations and multiplied by the number of workers when the employer has failure to pay sickness benefit, maternity benefit, health recovery benefit within 03 working days from the day on which satisfactory documents are received from the workers; and failure to pay occupational accident benefit or occupational disease benefit within 15 days from the day on which the payment decision is received from the social insurance agency. Within that, the previous fine for these acts were from VND 200,000 to VND 500,000. The violations such as paying workers lower than the levels in the pay scale or payroll sent to the labor authority of the district; failure to pay or failure to sufficiently pay for overtime work, night work, and wages for suspension period to workers; deducting workers’ wages; paying wages against the law when temporarily reassigning workers against their labor contracts, during the suspension period, strike period, or unused annual leave shall be imposed upon any employer with the fines from VND 5,000,000 to VND 10,000,000 if the violation involves 01 – 10 workers; from VND 10,000,000 to VND 20,000,000 if the violation involves 11 – 50 workers; from VND 20,000,000 to VND 30,000,000 if the violation involves 51 – 100 workers; from VND 30,000,000 to VND 40,000,000 if the violation involves 101 – 300 workers and from VND 40,000,000 to VND 50,000,000 if the violation involves more than 300 workers. This Decree takes effect on November 25, 2015. |
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Ü FINANCE - BANKING
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The Circular No. 18/2015/TT-NHNN dated October 22, 2015 of the State Bank of Vietnam regulating on refinancing loans on the basis of special bonds of Asset Management Company for Vietnamese Credit Institutions (VAMC) with a view to supporting the operating capital of credit institutions in the process of handling bad debts. Accordingly, credit institutions having legal ownership of special bonds that are deposited at the State Bank and are not paid by Asset Management Company of credit institutions and setting up risk provision levels for special bonds as stipulated according to the Decree No. 53/2013/ND-CP, Decree No. 34/2015/ND-CP shall be refinanced with the total value of special bonds, results of risk provision for special bonds and results of handling bad debts but it shall not exceed 70% of the value of special bonds. For credit institutions that are performing restructuring plan that has been approved, the refinancing level shall be decided by the State Bank Governor on each specific case but it shall not exceed 100% of the value of special bonds. |
In the case, refinancing loan is due, credit institution fails to pay debt and not being permitted extending by the State Bank, the State Bank shall transfer the debt of credit institutions into the overdue debt and apply the overdue refinancing interest rate since the excessive date with the rate that overdue refinancing interest rate is equal to 150% of refinancing interest rate quoted in the credit contract between the State Bank and credit institution or the State Bank of Vietnam shall conduct measures to collect debts as to extract the deposit account of credit institutions at the State Bank; request Asset Management Company to use the collecting money that credit institution is enjoyed from bad debt bought by special bonds; collect debts from other sources of credit institutions; request credit institution to transfer the ownership of valuable papers that are under the ownership of credit institution for the State Bank…. This Circular takes effect on December 10, 2015 and replaces the Circular No. 20/2013/TT-NHNN dated September 09, 2013. |
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Takes effect on December 03, 2015, the Circular No. 16/2015/TT-NHNN dated October 19, 2015 of the State Bank of Vietnam amending, supplementing a number of articles of the Circular No. 32/2013/TT-NHNN dated December 26, 2013 of the State Bank Governor guiding the implementation of regulations on restricting the use of foreign exchange within the territory of Vietnam, allow the cases related to security, national defense, oil and other necessary cases, organizations that are allowed to use foreign exchange in the territory of Vietnam will be considered and approved in writing by the State Bank Governor to use of foreign exchange within the territory of Vietnam. Organizations that want to use foreign exchange in the territory of Vietnam as stipulated shall prepare an application dossier on approval of using foreign exchange in the territory of Vietnam by post or submit directly at the State Bank of Vietnam and the dossier includes application on approval of using foreign exchange in the territory of |
Vietnam, of which clearly mentions necessities of using foreign exchange; copies of papers proving the legal operation of the organization; business registration certificate or investment registration certificate or other equivalent papers; dossiers, documents proving necessities of using foreign exchange in the territory of Vietnam. The documents must be made in Vietnamese. If a part of the documents is translated from foreign languages, the organization shall select to submit documents that are certified with the signature of the translator according to regulations on certification of the Vietnamese law or documents certified by the legal representatives of the organization. Within 45 working days since the full receipt of the valid dossier, the State Bank of Vietnam shall consider and approve on using foreign exchange in the territory of Vietnam based on the actual situations and necessities of each case; if refusal, the State Bank of Vietnam should clearly mention reasons. |
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Ü TRANSPORTATION
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On October 05, 2015, the Prime Minister signed the Decision No. 47/2015/QD-TTg on mechanism and policies on encouraging and developing the inland waterway transportation, and takes effect on December 01, 2015; within that the inland waterway vehicles are boats, ships and other floating structures with without engine always operating on the inland waterway. In accordance with this Decision, Exemption from registration fees for inland waterway vehicles such as high-speed crafts and inland waterway container transportation vehicles. Besides, provide assistance of loan interest at credit institutions to the investment projects in new building of pulling and pushing inland waterway vehicles with load of 1,500 tons and engine capacity of 250 HP or more; similarly, the self-propelled inland waterway vehicles and the special-use inland waterway vehicles with load of 800 tons or more for transporting goods by inland waterway in |
accordance with the operation conditions of inland waterway routes shall be provided assistance of loan interest at credit institutions. The People’s Committee of provinces and centrally-run cities shall base themselves on the local resources to provide price support or expense support for public transportation of passenger by inland waterway; give exemption from fare to children under 6 years old and reduce fare to people with meritorious services to the revolution, people with severe disability and particularly severe disability, the elderly, students as Vietnamese citizens. For inland waterway vehicle operators, providing 100% of training and instruction fund assistance for the inland waterway vehicle operators in particularly poor communes, frontier communes and security area communes of provinces and centrally run cities. |
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