Vietnamese* From January 2010, LuatVietnam deploys and supplies the section English translations for Vietnam legal documents which are issued from 1986 to this moment with the desire to support individual and units for learning about Vietnamese Law in English. By the certified quality of Vietnam Law and Legal Forum’ s translations in many years, LuatVietNam hopes to give the best searching address for English translations in Vietnam.
* For further details, please visit: www.english.luatvietnam.vn
#
| NUMBER | TITLE |
| In This Updates: | |
FINANCE – BANKING |
| FINANCE - BANKING | |||
1 | Circular No. 109/2014/TT-BTC dated August 15, 2014 of the Ministry of Finance guiding a number of articles of the Prime Minister’s Decision No. 72/2013/QD-TTg of November 26, 2013, on financial mechanisms and policies applicable to border-gate economic zones |
| Tourists may buy duty-free imports worth no more than VND 1,000,000/person/day | Page 2 | |
2 | Circular No. 157/2014/TT-BTC dated October 23, 2014 of the Ministry of Finance on audit service quality control |
| Control audit service quality | Page 2 | |
3 | Joint Circular No. 29/2014/TTLT-BGDDT-BTC-BLDTBXH dated August 26, 2014 of the Ministry of Education and Training, the Ministry of Finance and the Ministry of Labor, War Invalids and Social Affairs on the management of finance, accounting, audit and tax applicable to foreign cooperation and investment in education, training and vocational training |
| Foreign-invested education institutions must pubic the school fees and charges | Page 2 | |
EXPORT – IMPORT |
| EXPORT - IMPORT | |||
4 | Joint Circular No. 34/2014/TTLT-BYT-BNNPTNT-BCT dated October 27, 2014 of the Ministry of Health, the Ministry of Agriculture and Rural Development and the Ministry of Industry and Trade guiding the goods label for some foods, food additives and aids for processing packaged foods |
| Guiding the goods label for some foods, food additives and aids for processing packaged foods | Page 3 | |
ECONOMIC – SOCIAL POLICIES |
| ECONOMIC – SOCIAL POLICIES | |||
5 | Decision No. 47/2014/QD-TTg dated August 27, 2014 of the Prime Minister promulgating the Regulation on management of the operation of inland clearance depots |
| Adjusting the lease price inland clearance depot once every 5 years | Page 3 | |
SUMMARY:
Ü FINANCE - BANKING
| ||
This is the content prescribed at the Circular No. 109/2014/TT-BTC guiding a number of articles of the Prime Minister’s Decision No. 72/2013/QD-TTg of November 26, 2013, on financial mechanisms and policies applicable to border-gate economic zones issued by the Ministry of Finance on August 15, 2014. In accordance with regulations in this Circular, tourists in non-tariff areas of border-gate economic zones may buy and bring into the inland duty-free imports worth no more than VND 1,000,000 (one million)/person/day. When the value of goods exceeds VND 1,000,000/person/day, tourists shall carry out customs procedures, declare and pay import duty and value-added tax for the excessive value under regulations. Besides, the Circular also prescribes some regulations on personal income tax; VAT tax and special consumption tax..in particular, Vietnamese and foreigners who directly work or carry out production and business activities in | border-gate economic zones, earn incomes from their jobs or production and business activities in border-gate economic zones and are liable to personal income tax under the Personal Income Tax Law are entitled to a 50% reduction of payable tax amounts. On VAT, the Circular emphasizes that, goods and services exported abroad from non-tariff areas of border-gate economic zones; goods and services produced and consumed in non-tariff areas of border-gate economic zones; goods and services traded between non-tariff areas of border-gate economic zones are not subject to value-added tax; goods and services imported from abroad into and consumed in non-tariff areas of border-gate economic zones are not subject to value-added tax, except those on the list of goods liable to tax upon importation from abroad into non-tariff areas of border-gate economic zones..are not subject to value-added tax. This Circular takes effect on October 01, 2014. | |
| ||
On October 23, 2014, the Ministry of Finance issue the Circular No. 157/2014/TT-BTC dated October 23, 2014 of the Ministry of Finance on audit service quality control, financial report and information examination service, and other assurance services as stipulated in Paragraph 1, Article 40 of the Law on Independent Audits (hereinafter referred to as the audit services) undertaken by certified auditors, auditing enterprises and branches of foreign auditing enterprises in Vietnam. Contents of audit service quality control includes inspecting the construction, promulgation and implementation of policies and internal quality control procedures by the auditing enterprises; inspecting performance of auditing service contracts fulfilled by the Auditing enterprises and certified auditors and inspecting compliance with other regulations of the law on independent audit and relevant laws such as registration and maintenance of auditing service business conditions by the auditing enterprises; registration and maintenance of auditing service business conditions by certified auditors; execution of independent audits on public-interest entities… Term of direct inspection is at least every three years with respect to auditing enterprises subject to the list approved | of performing auditing for securities related public-interest entities; at least every four years with respect to auditing enterprises subject to the list approved of performing auditing for other public-interest entities (excluding those approved of performing auditing for securities related public-interest entities) and at least every five years with respect to remained auditing enterprises. The Auditing enterprises may be subject to unexpected inspection in case that there are signs of violation of audit service result or signs of serious violation of professional ethics, laws and relevant regulations during the operation and provision of audit services; they provide an audit service contract which may result in high risk of auditing, replacing the audit service contract provided to the same client by alternative auditing enterprise without a proper season; there are major disputes between capital contributing members or there is a major change in certified auditors of the Auditing enterprises which may have a considerable effect on audit service quality and there is information of reflection and accusation against behavior of unhealthy competition to attract clients or to cause damages to the interests of other auditing enterprises. This Circular takes effect on the signing date. | |
| ||
On August 26, 2014, the Ministry of Education and Training, the Ministry of Finance, the Ministry of Labor, War Invalids and Social Affairs No. 29/2014/TTLT-BGDDT-BTC-BLDTBXH on the management of finance, accounting, audit and tax applicable to foreign cooperation and investment in education, training and vocational training. Education institutions carrying out joint training may decide on revenue levels to ensure full payment of expenses for joint training activities and accumulation for reinvestment and development. School fee rates for each course shall be made public before enrolment. Also in accordance with this Circular, foreign-invested education institutions shall deduct at least 2% of the total | school fee into the learning promotion scholarship fund. Upon annual finalization of the fund, any amount which remains unused or has been used improperly shall be added to the revenue-expenditure balance. Expenses from the learning promotion scholarship fund for proper purposes may be accounted as deductible expenses when determining enterprise income tax in the tax period. Foreign-invested education institutions shall make deductions for the scientific and technological development fund according to Clause 11, Article 1 of the Law Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax and its guiding documents. This Circular takes effect on October 10, 2014. | |
Ü EXPORT - IMPORT
| ||
On October 27, 2014, Joint-ministries of Health, Agriculture and Rural, Industry and Trade issued Joint Circular No. 34/2014/TTLT-BYT-BNNPTNT-BCT guiding the goods label for some foods, food additives and aids for processing packaged foods, every product sold on the market must bear the number of Certificate of Declaration of conformity or Certificate of Declaration of conformity with the food safety regulations issued by competent authorities. Beside the Certificate of Declaration of conformity or Certificate of Declaration of conformity, information mandatory to be introduced into labels: product name; composition; product quantity; date of manufacture; shelf-life and preservation instructions; usage instruction; name and address of organizations, individuals taking | responsibility for the product; origins; number of Certificate of Declaration of conformity or Certificate of Declaration of conformity with the food safety regulations; recommendations and warnings on food safety. Exemption from mandatory labeling requirements is applied to labels smaller than 10 cm2 or having secondary labels or usage instructions being accompanied. With the exception of spices and herbs, small units with largest surface area being smaller than 10 cm2 may be exempted from declaration of ingredients, shelf-life, and instructions for preservation, instruction of use if secondary labels or outer package have conveyed all of that information. This Circular takes effect on December 19, 2014. | |
Ü ECONOMIC – SOCIAL POLICIES
| ||
The Prime Minister has just issued the Decision No. 47/2014/QD-TTg dated August 27, 2014 promulgating the Regulation on management of the operation of inland clearance depots. The inland clearance depot infrastructure lessor shall submit to the agency which has decided on the investment in the inland clearance depot for consideration and approval the adjustment of the lease price once every 5 years; the inflation rate in Vietnam exceeds 15% a year and other circumstances proposed by the lessor or the lessee and approved by the investment-deciding agency. The inland clearance depot infrastructure operation lease price shall be determined on the fixed price, which is the price calculated based on the annual asset depreciation rate, loan payment and interest (if any), expenses for management of operation of leased inland clearance depot infrastructure and other expenses as prescribed. The infrastructure operation lease price must not be lower than the fixed price; the changeable price, which is the price collected according to a percentage (%) of the annual revenue from the operation of the leased assets; the value of the leased assets; the technical properties of the leased | assets; the leasing conditions and the rights, obligations and responsibilities of the parties. Within that, the inland clearance depot infrastructure-using duration for calculation of leasing prices must not exceed 30 years. Besides, the Prime Minister also prescribes some regulations on inland clearance depots. In particular, Inland clearance depot locations must be conformable with the approved master plan on the inland clearance depot system; linked with major transport corridors (national and international transport axes) and connected to seaports that serve regional economic development; have at least two modes of transport in order to facilitate organization of multimodal transport or being directly connected with a high-capacity transport mode; have large enough for arrangement of working offices of concerned agencies and organizations and meeting long-term development demands and satisfy the requirements of fire and explosion prevention and fighting, environmental pollution prevention and defense and security requirements as prescribed by law. This Decision takes effect on November 15, 2014 | |
Details of Legal Updates are posted fully on LuatVietnam Database. Customers will receive all contents of legal documents in Legal Updates when becoming subscribers of searching service for legal documents in English. All the requirements on legal documents in English, please contact: [email protected]. Customers can study all information on LuatVietnam service via address: www.english.luatvietnam.vn
Official translations (Available for English subscription): are supplied by the Vietnam Law and Legal Forum Magazine (directly under Vietnam News Agency). Its translations are often used as the comparison when having any differences among current unofficial translations. Vietnam Law and Legal Forum’s translations are considered as the best insurance (or the most credit one) for studying Vietnam State’s legal documents in English.
Reference translations (Available for Vietnamese and English subscription): are supplied in order to fulfill the richness and diversification among them (official and unofficial translations) in Vietnam.
We would like to show great thanks to you for reading our Legal Updates!
LUATVIETNAM CENTER - INCOM COMMUNICATIONS.,JSC
Hanoi: 3rd Floor, TechnoSoft Building, Duy Tan Street, Dich Vong Hau Ward, Cau Giay District, Hanoi.
Tel: 04.37833688 (Ext 518) - Fax: 04.37833699
Ho Chi Minh: No. 456 Phan Xich Long, Ward No. 02, Phu Nhuan District, Ho Chi Minh
Tel: (08) 399 507 24 - Fax: (08) 399 507 27
Email: [email protected]
Notice: The legal updates are designed for general information announcement only. Customers receiving this are encouraged to login the website to see and download full text. If you wish to unsubscribe, please follow the instructions in the email enclosed herewith https://luatvietnam.vn/huy-dang-ky-nhan-ban-tin.html. You will receive the final confirmation before un-list your email address in our system.
