LEGAL UPDATE ON MARCH, 2016 ja

NEW TERM BRIEFS

1.     1. TAXATION

Adjusting the regulations related to:

a.    The quarterly tax declaration of value-added tax with a revenue of ancillary products on the List of prioritized ancillary products (“List”), in details:

Taxpayer is the organization:

–          Including the revenue from other business activities, the taxpayer must declared quarterly;

–          The taxpayer may choose the form of value-added tax declaration on monthly, and it must be informed to the Tax Authorities.

                   Taxpayer is the individual:

–          To make yearly tax declaration and pay quarterly the value-added tax on total revenue;

–          The taxpayer may declare and pay the value-added tax upon each time of income generation from the products in the List;

–          The taxpayer may choose to make declaration and pay tax on monthly, and it must be noticed to the Tax Authorities. 

b.    The incentive enterprise income tax:

–          To be applied with the enterprise executing the ancillary industry project from January 01, 2015 and having a Confirmation Letter about the ancillary industry products;

–          Schedule, procedure and post-verification of the ancillary industry project in the List according to the Circular No. 55/2015/TT-BCT;

–          In case the enterprise being taken the incentive enterprise income tax due to the manufacturing ancillary products but also other business manufacturing, a basic for determining the preferential income tax under the above regulations shall be not including the revenue from the other manufacturing. 

2.     2. FINANCE

a.    To open and use loans accounts, to pay the foreign debts:

The loans account and payment of foreign debts are only use when conducting transaction related to foreign loans and payment of foreign debts, in the following details:  

–          To take the amount of withdraw capital from the foreign loans;

–          Purchasing the foreign exchange of bank which provide the account service to transfer for payment of foreign debts (principal, interest) and other fees regarding the loan agreements;

–          Foreign exchange transection be taken by the foreign loan withdraw capital resources, when the money disbursement of the lender is not the money of loan account, payment of foreign debt;

–          Income from account in foreign currency exchange of the borrower opened in an allowed credit institution in Vietnam, or from borrower account opened in foreign country.

b.    To promulgate the foreign exchange management related to the secured transaction of foreign loans:

Regarding mandatory debt:

–          The mandatory debt means the debt shall be returned to securer by securee after the securer executed the payment obligations of secure;

–          An agreement between the amount of debt receive and the amount of payment of mandatory debt must satisfy with the regulations of foreign exchange use limitation. 

3.     3. ENTERPRISE

Cases of legal violation of founder or business management shall be warned in National Information System for enterprise registration, including:

The founder or enterprise management has signature to commit crime under the criminal law, and has been moved to Investigation Authority by Tax Authority;

–          The enterprise has the founder or the business management who was the founder or the business management of enterprise being informed no longer doing business in the registered address by Tax Authority;

–          The owner of private company, partnership company violate the regulations in Article 175 and Article 183 of Law on Enterprise.

4.     4. ADMINISTRATION

A handling and approval of application dossier for granting, renewal or re-grant the citizen’s identify card (“CCCD”) of the Commune Police before transferring to the Police Department for Administrative Management Division of Social Order, as follows:

a.    In cities or towns:

–          In case of grant, renewal of CCCD: 1,5 working days from the date of receiving fully the dossier;

–          In case of re-grant of CCCD: 05 working days from the date of receiving fully the dossier.

b.    In highland mountainous, border and island districts: 10 working days from the date of receiving fully the dossier for grant, renewal, re-grant of CCCD.

c.    In remaining areas: 05 working days from the date of receiving fully the dossier for grant, renewal, re-grant of CCCD.

                In the same time, the Circular No. 11/2016/TT-BCA promulgate the time limit to resolve the dossier of  grant, renewal, re-grant of CCCD in Public Security Departments of provinces and Police Department resident registration management and national data.