VIOLATIONS OF COPYRIGHT WILL BE FINED UP TO VND 500 MILLION
On December 02, 2011, the Government issued the Decree No. 109/2011/ND-CP amending, supplementing some articles of the Decree No. 47/2009/ND-CP dated May 13, 2009 on sanctioning administrative violations of copyright and related rights. Click here to read the full document.
THERAPEUTIC METHODS WITHOUT LICENSES ARE PROHIBITED
On October 18, 2011, the Government issued the Decree No. 94/2011/ND-CP amending and supplementing a number of articles of the Government’s Decree No. 147/2003/ND-CP of December 2, 2003, on conditions and procedures for licensing and management of operation of voluntary drug detoxification establishments. Click here to read the full document.
ALLOW TO TRADE GOLD, SUPPLY SOURCES INCREASE SHARPLY
Allowing commercial banks to convert mobilized and currently kept gold amounts into cash and open overseas gold accounts to offset gold-price fluctuation risks is the next solution of the State Bank of Vietnam to pull domestic gold price to the international gold price. Click here to read the full document.
REGULATIONS ON THE COPYRIGHT TO COMPUTER PROGRAMS ARE AMENDEDS
On September 20, 2011, the Government issued the Decree No. 85/2011/ND-CP amending and supplementing a number of articles of the Government's Decree No. 100/ 2006/ND-CP of September 21, 2006, detailing and guiding a number of articles of the Civil Code and the Intellectual Property Law regarding copyright and related rights, including amendments related to copyright to computer programs. Click here to read the full document.
INSPECTION CONCLUSIONS MUST BE PUBLICIZED WITHIN 10 DAYS
On September 22, 2011, the Government issued the Decree No. 86/2011/ND-CP detailing and guiding the implementation of a number of articles of the Law on Inspection on the principles of inspection activities. In this Decree, the Government regulates that inspection conclusions must be publicized, except inspection conclusion contents classified as state secrets. Click here to read the full document.
THE LICENSING AND GRANT OF PRACTICE CERTIFICATES MUST BE
COMPLETED BEFORE DECEMBER 31, 2015
The Government issued the Decree No. 87/2011/ND-CP dated September 27, 2011 detailing and guiding a number of articles of the Law on medical examination and treatment.This Decree details about 7 organizational forms of medical examination and treatment establishments, including: hospitals; medical assessment establishments; clinics, maternity hospitals; diagnostic establishments; medical service establishments; commune level health centers, infirmaries of agencies, units and organizations. Click here to read the full document.
NOT TO GRANT INVESTMENT CERTIFICATES TO PROJECTS
WHICH WASTEFULLY USE ENERGY
The implementation of the Resolution No. 13/NQ-CP on orientations and solutions for attracting and managing foreign direct investment funds still remain delays in addressing problems in the attraction and management of foreign direct investment over the past time. The grant of investment certificates unconformable with planning was seen in some localities, especially for golf course, forestation, steel and mining projects; Many projects had not been thoroughly verified and considered in terms of technical, technological, environmental and labor criteria…. Click here to read the full document.
DETAILING THE MAKING OF REQUIREMENT DOSSIERS FOR
CONSULTANCY CONTRACTOR APPOINTMENT
On September 9, 2011, the Ministry of Planning and Investment issued the Circular No. 09/2011/TT-BKHDT detailing the making of requirement dossiers for consultancy contractor appointment. Click here to read the full document.
REGULATIONS ON THE PURCHASE OF CORPORATE BONDS
BY CREDIT INSTITUTIONS
The State Bank of Viet Nam issued the Circular No. 28/2011/TT-NHNN dated September 01, 2011 providing for credit institutions’ and foreign bank branches’ purchase of corporate bonds issued for the first time sale to purchasers on the primary market in the territory of the Socialist Republic of Viet Nam, including the purchase of quantities of corporate bonds not yet sold up to purchasers according to corporate bond issuance underwriting commitments. Click here to read the full document.
MULTI-LEVEL SALE REGISTRATION NEEDS NO COMMUNE-LEVEL
POLICE OFFICE'S CERTIFICATION
On September 23, 2011, the Ministry of Industry and Trade issued the Circular No. 35/2011/TT-BCT amending, supplementing some contents of administrative procedures at the Circular No. 195/2005/TT-BTM dated November 08, 2005 of the Ministry of Trade guiding some Regulations in the Decree No. 110/2005/ND-CP dated August 24, 2005, on management of multi-level sale of goods. Click here to read the full document.
04 ARBITRATION CENTERS HAVE LICENSE OR OPERATION
REGISTRATION PAPER REVOKED
The Government issued the Decree No. 63/2011/ND-CP dated detailing and guiding a number of Articles of the Law on Commercial Arbitration on the management of arbitration; procedures for registration or termination of operation, revocation of establishment licenses and operation registration papers of arbitration centers and arbitration center branches; procedures for establishment, registration or termination of operation, revocation of establishment licenses and operation registration papers of Vietnam-based branches or representative offices of foreign arbitration institutions and so on. Click here to read the full document.
REDUCE EXPORT TAX RATE OF COPPER STEN TO 15%
The Ministry of Finance issued the Circular No. 135/2011/TT-BTC dated October 03, 2011 of the Ministry of Finance amending the export tax rate of Copper Sten in the commodity group 74.01 in the Export Tariff. Accordingly, the export tax rate of Copper Sten in the commodity group 74.01 in the Export Tariff according to the List of dutiable commodity groups issued with the Circular No. 184/2010/TT-BTC dated November 15, 2010 is reduced to 15% instead of 20% as previous regulations. The tax rate of 15% is applied from November 16, 2011. Click here to read the full document.
FROM OCTOBER 01, CEILING INTEREST RATE OF 6%/YEAR FOR
SHORT-TERM DEPOSITS IS APPLIED
The State Bank of Vietnam issued the Circular No. 30/2011/TT-NHNN dated September 28, 2011 of the State Bank of Vietnam prescribing the ceiling interest rate for Vietnam-dong capital mobilizations of institutions, individuals at some credit institutions, foreign bank’s branches. Click here to read the full document.
Tax arised from the transfer of stock purchasing right
In the opinion of the General Department of Taxation, the transfer of rights for purchasing shares is the stock transfer. Therefore, the income of individuals arised from the transfer of stock options will be subject to personal income tax under the provisions of the stock transfer tax rate of 0.1% of the selling price or 20% of the difference between selling price minus the purchase price.
Quoted from the OL No. 1724/TCT-TNCN dated 20/05/2011 of General Department of Taxation. Click here to read the full document.
Strategy of legal aid
According to the Strategy of legal aid in Vietnam, the Government will develop systems and solutions to attract and encourage the organization of political, social, professional studies, legal training, the press, media organization to participate in legal aid. In addition, the State staff lawyers will gradually be built.
Quoted from the OL No. 678/QĐ-TTg dated 10/05/2011 of General Department of Taxation. Click here to read the full document.
Investment Promotion Activities 2011
According to the List of investment promotion activities has been approved by the Ministry of Planning and Investment, in the future, the Ministry of Planning and Investment will organize more conferences and seminars to promote investment in key areas, fisheries sector .. . In particular, in the third quarter of this year, the publication of investment incentives of support industrialization will be published.
Quoted from the Decision No. 602/QĐ-BKHĐT dated 09/05/20111 of the Ministry of Planning and Investment. Click here to read the full document.
License Tax for representative offices
Because the representative offices is dependent units and authorized represented for enterprises, the General Department of Taxation has certified that the representative offices of enterprises will not have to pay license tax if only conduct transactions and trade promotion without doing business or obtaining - expending the money.
Quoted from the OL No. 1263/TCT-CS dated 13/04/2011 of General Department of Taxation. Click here to read the full document.
VAT applied for enterprises doing the business outside the province
For the warehouses located in many different locations but only to store and distribute goods, there are not business operations, income at the warehouse, business owners will not have to declare VAT to calculate. Instead, enterprises are allowed to declare the tax at the official office.
Quoted from the OL No. 1278/TCT-CS dated 14/04/2011 of General Department of Taxation. Click here to read the full document.
Tighten the condition of securities listing
Under the draft decree guiding the implementation of the Securities Law is being consulted, the Government will tighten the securities listing of companies through increasing charter capital of enterprises listed on the HOSE to 120 billion Dongs (instead of 80 billion Dongs recently) and the HNX is 30 billion Dongs(3 times now).
Quoted from the Draft of the Decree guiding the implementation of the Securities Law and the implemented, supplemented Securities Law. Click here to read the full document.
Transfering the real estate properties
In the opinion of the General Department of Taxation and authorization activities of real estate transactions will be considered as the purchase and sale of real estate and must pay tax if the authorized party to be allowed to lease, lend, transfer, change , give or mortgage without paying back the property and relevant interests and not receiving remuneration.
Quoted from the Official Letter No. 1133/TCT-TNCN dated 05 April 2011 of the General Department of Taxation. Click here to read the full document.
Guidelines on issuance of additional shares
Ministry of Planning and Investment has just agreed on guidelines and procedures on increasing capital by issuing additional shares of the joint stock company. Accordingly, most companies are not public companies will only have to perform the procedures regulated by the Law on Enterprises except in cases of register for offering private placement of shares.
Quoted from the Decree No. 608/BKHDT-PC dated 28 January 2011 of the Ministry of Planning and Investment. Please contact us for receiving the full document.
Exception of the C/O Form E to be released by China
In order to facilitate the import from China, the Ministry of Finance has directed the local customs office for accepting the C/O Form E with the instructions in Chinese on the back or back of the empty section of 3rd versions which was released before 2011. This is the basis for goods to enjoy the preferences according the ACFTA trade agreement.
Quoted from the Official Letter No. 1310/BTC-TCHQ dated 26 January 2011 of the Ministry of Finance on the exception of the C/O Form E to be released by China. Please contact us for receiving the full document.
Instructions of using the C/O Form E
Since March, in order to enjoy the preferential tax rates under the ACFTA Agreement, goods to be imported from Cambodia, Laos, Indonesia, Myanmar, the Philippines must have an old model of C/O Form E. Goods to be imported or exported to China, Brunei, Singapore, Malaysia, Thailand must have a new model of C/O Form E. Enterprises should pay attention to this guide to avoid confusion.
Quoted from the Circular No. 01/2011/TT-BCT dated 14 January 2011 of Ministry of Industry and Commerce on instructions of using the new model of C/O Form E. Please contact us for receiving the full document.
Preferences for investing in Africa
According to a draft of the Ministry of Agriculture and Rural Development, investment projects located in Africa will enjoy more preferential tax, import tax exemption and many other attractions such as support for preferential loans, supported for trade promotion, entitled to use the experts who have been trained by the State ....
Determination of the taxable income of the Personal Income Tax
Relating to the Personal Income Tax, the General Department of Taxation has just issued the Official Letter on specific instructions of the formula, as well as the method for converting the after-tax income into the before-tax income. In particular, this document affirm that the personal income from various sources must be converted into the income before taxes for tax calculation.
Quoted from the Official Letter No. 3565/TCT-TNCN dated 14 September 2010 of General Department of Taxation on conversion of after-tax income for tax calculation. Please contact us for receiving the full document.
Conditions for enjoying the preferential corporate income tax rate.
Enterprises sastify the conditions to enjoy preferential corporate income tax as stipulated in the Decree No. 24 dated 31 July 2000 but do not ask for preferential recognition according to this Decree in the Investment Certificate shall not be entitled to enjoy the preferential tax rate. This is the opinion of the General Department of Taxation stated at the Official Letter No. 3067 dated 16 August 2010.
Quoted from the Official Letter No. 3067/TCT-CS dated 16 August 2010 of General Department of Taxation on income tax policies for enterprises with foreign investment capital. Please contact us for receiving the full document.
VAT for real estates transfer.
Under the guidance of the General Department of Taxation at Official Letter No. 3071 dated 16 August 2010, enterprises will have to pay VAT when deviding the winning tender land into lots and selling and the income from the real estate transfer prices up from winning tender land price. It is known that the taxable value of land is the transfer price minus the land price of the winning tender land.
Quoted from the Official Letter No. 3071/TCT-CS dated 16 August 2010 of General Department of Taxation on tax policy value for the real estates transfer. Please contact us for receiving the full document.
Conditions for e-tax registration.
The Finance Ministry is recently taking comments on the draft Circular on electronic transactions in taxation. As expected by the Ministry of Finance, enterprises can register the e-tax if the tax records are created by the software supporting the registration of tax; the certificate number is valid, and have used an stability Internet email address.
VAT deduction when purchasing real estates.
Follow the instructions of Document No. 2341 dated 01/07/2010 of the General Department of Taxation, the enterprises to be transfered with the land use rights from individuals when changing the purpose of land use will be deducted from the value of land use rights by land prices is the purpose of land use on the transferred land rent payable. However, the deducted amount is not excess of the submitted amount.
Quoted from the Official Letter No 2341/TCT-CS dated 01/07/2010 of the General Department of Taxation on land rent, land use fee of Kim Vi company. Please contact us for receiving the full document
Conditions for building construction works.
Currently, foreign invested enterprises can register to operation purposes of construction, equipment installation and finishing works in the investment certificate. However, according to the Official Letter No. 1229 dated 01/7/2010 of the Ministry of Construction, after being granted of Investment certificates, enterprises are only liable to develop construction-works when they have specific conditions and appropriate ability in accordance with the relevant law.
Quoted from the Official Letter No. 1229/BXD-HDXD dated 01/07/2010 of the Ministry of Construction of comments on the business supplementation of the construction & technique Co., Ltd. Lotte Vietnam . Please contact us for receiving the full document.