Legal Document Updates in English (48/2015)

SUPPLEMENT THE SUBJECTS NOT SUBJECTED TO VALUE-ADDED TAX DECLARATION
AND ASSESSMENT
 

On November 24, 2015, the Ministry of Finance issued the Circular No. 193/2015/TT-BTC dated November 24, 2015 of the Ministry of Finance amending and supplementing the Circular No. 219/2013/TT-BTC dated December 31, 2013 of the Ministry of Finance guiding the implementation of the Law on Value-Added Tax and the Government’s Decree No. 209/2013/ND-CP of December 18, 2013, detailing and guiding a number of articles of the Law on Value-Added Tax.

Accordingly, apart from some cases prescribed by the current regulations…from January 10, 2016, organizations or enterprises paid remunerations by government bodies for their provision of authorized collection or payment services are not subjected to value-added tax declaration and

ADJUSTMENTS ON COMPULSORY RESERVES APPLICABLE TO CREDIT INSTITUTIONS
 

On December 04, 2015, the State Bank of Vietnam issued the Circular No. 23/2015/TT-NHNN dated December 04, 2015 of the State Bank amending, supplementing a number of articles of the Decree No. 581/2003/QD-NHNN dated June 09, 2003 of the State Bank Governor promulgating the regulation on compulsory reserves applicable to credit institutions.

In accordance with the Circular, on January 28, 2016, the payment of interests on compulsory reserves, excessive compulsory-reserve of each type of credit institution and each type of deposit in each period shall be made according to the State Bank’s regulations instead of the Government’s regulations prescribed in previous regulations.

Another important content prescribed in this Circular is the regulations on compulsory reserves applicable to credit institutions. In cases where credit institutions are placed under the approved re-structural plan, credit institutions are implementing to re-structure the poor credit institutions as requested, the State Bank Governor shall consider and decide to reduce the compulsory-reserve rates applicable to

PUBLIC COMPANY SHALL BUILD ITS WEBSITE WITHIN 6 MONTHS
AFTER IT BECOMES PUBLIC
 

Takes effect on January 01, 2016, the Circular No. 155/2015/TT-BTC dated October 06, 2015 of the Ministry of Finance guiding the disclosure of information on the securities market, requires that public company shall build its website within 6 months after it becomes public.

Similarly, public company shall build its website within 6 months after it becomes public.  An institution issuing bonds to the public shall build its website before conducting a public bond offering. A securities company or fund management company shall build its website when officially commencing its operation. A listed or registered-for-trading institution shall build its website when carrying out procedures for registering its listing or trading on the Stock Exchange;

b/ An institution that builds its website shall report to the State Securities Commission and Stock Exchange and publicize its website address and any change related to such address within 3 working days after completing the building of the website or when changing the website address.

CARGO TRANSPORTATION OF OVER 100 TONS ON INLAND WATERWAYS
MUST BE APPROVED
 

The Ministry of Transport has just issued the Circular No. 61/2015/TT-BGTVT dated November 02, 2015 on regulations on cargo transportation on inland waterways, Organizations or individuals should submit 01 (one) set of application for approval for the cargo with actual inseparable size over 10 m, 40 m or 4.5 m in width, length and height respectively or inseparable cargo of over 100 tons to Vietnam Inland Waterways Agency or Regional Inland Waterways Branch, to the Services of Transport to Vietnam Maritime Administration or Maritime Branch.

The application includes a written request and super-size or super-weight cargo transport plan according to instructions. Besides, the Circular also allows the cargo transport traders to request transport buyers to open packages for examination in case of any doubt about declaration of cargo types; reject transport of packages failing to meet requirements and cargo banned from transportation; request payment of fees for storage of cargo on the ship as

FREE TAX FOR PURCHASE, SALE AND EXCHANGE OF GOODS
BY BORDER INHABITANTS
 

The subjects are entitled to exemption from import duty and other taxes (if any) for purchased, sold or exchanged goods valued at no more than VND 2,000,000 (two million)/person/day/time, for 4 times at most a month, for goods on the Ministry of Industry and Trade-promulgated list of goods allowed for purchase, sale and exchange by border inhabitants is the important content prescribed at the Decision No. 52/2015/QD-TTg dated October 20, 2015 of the Prime Minister on the management of border trade with neighboring countries.