LEGAL UPDATE ON APRIL 2016 ja
Legal Update on May & June 2016
22/11/2017
LEGAL UPDATE ON FEBRUARY, 2016 ja
22/11/2017LEGAL UPDATE ON APRIL 2016 ja
|
LEGAL UPDATE ON APRIL, 2016 (15/03/2016 – 15/04/2016) |
|
DOCUMENT – DATE OF ISSUE – DATE OF EFFECT |
RELEVANT DOCUMENT |
|
FINANCE |
|
|
Decision No. 306/QD-TTg – 26/02/2016 – 15/03/2016 – Prime Minister – amending the lending level for family households that do manufacture and business in difficult areas;
|
Decision No. 31/2007/QD-TTg dated 05/03/2007; |
|
Decision No. 307/QD-TTg – 26/02/2016 – 15/03/2016 – Prime Minister – amending the lending level for entrepenuers that do business in difficult areas;
|
Decision No. 92/2009/QD-TTg dated 08/07/2009; |
|
Circular No. 53/2016/TT-BTC – 21/03/2016 – 21/03/2016 – Ministry of Finance – amending and adding some articles of Circular No. 200/2014/TT-BTC dated 22/12/2014 guiding the corporate accounting system; (Appilcation for the financial year starting on or after 01/01/2016. The Enterprises may choose to apply the exchange rate specified in Article 1 of this Circular for their financial statement of 2015) |
Decree No. 129/2004/ND-CP dated 31/05/2004 guiding the implementation of some Article of the Accounting Law in business activities;
|
|
|
|
|
TAXATION |
|
|
Circular No. 51/2016/TT-BTC – 18/03/2016 – 02/05/2016 – Ministry of Finance – on amendments to the list of commodity heading and specific preferential import tax rates for iron or steel articles used in the manufacture of tire bead in Chapter 98 of the Preferential import tariff promulgated under the Circular No. 182/2015/TT-BTC dated 16/11/2015; |
Law on import tax, export tax No. 45/2005/QH11; Resolution No. 295/2007/NQ-UBTVQH12 on the preferential import tariff; |
|
Circular No. 48/2016/TT-BTC – 17/03/2016 – 18/03/2016 – Ministry of Finance – on amendments to preferential import tax rates applicable to certain article of oils and spirit in heading 27.10 of the preferential import tariff; |
Decree No. 87/2010/ND-CP dated 13/08/2010; Circular No. 182/2015/TT-BTC dated 16/11/2015; |
|
INVESTMENT – TRADE |
|
|
Circular No. 52/2016/TT-BTC – 21/03/2016 – 01/06/2016 – Ministry of Finance – guiding to implement insurance products of universal life; (1) Decree No. 19/2016/ND-CP – 22/03/2016 – 15/05/2016 – The Government – on gas business; (II) Decsion No. 862/QD-BCT – 07/03/2016 – 22/03/2016 – Ministry of Industry and Trade – on application of temporary safeguard mesures; Decree No. 24a/2016/ND-CP – 05/04/2016 – 26/05/2016 – Chính phủ – on management of construction materials. |
Law on insurance business No. 24/2000/QH10; Decree No. 45/2007/ND-CP dated 27/03/2007; Replacing Decree No. 107/2009/ND-CP dated 26/11/2009; Ordinance No. 42/2002/PL-UBTVQH10 dated 25/5/2002; Decree No. 150/2003/ND-CP dated 08/12/2003; Replacing Decree No. 124/2007/ND-CP dated 31/07/2007. |
|
|
|
___________________________________________________________________
IN BRIEF
|
(I) THE UNIVERSAL LIFE INSURANCE PRODUCT |
Pursuant to the Circular No. 52/2016/TT-BTC (replacing the Decision No. 96/2007/QD-BTC dated 23/11/2007):
The universal life shall belong to the operation of investment-linked insurance and in territory of the Socialist Republic of Vietnam.
Characteristics of the universal life insurance product, including:
– Separation between risk insurance and investment in the structure of insurance premiums and benefits;
– Insurance buyers enjoy all investment yields brought about by the universal life fund (is raised from insurance premiums paid under universal life insurance policies and constitutes the policy holder fund. Assest of its fund are undi vidable and commonly determined for all universalized insurance policies) of insurance enterprises at a rate not lower than the minimum investment radio committed by insurance enterprises in insurance policies;
– Insurance enterprises enjoy charges paid by insurance buyers as agreed in the insurance contract.
When providing universal life insurance, the life insurance enterprise must satisfy the following conditions:
– Its solvency margin is at least VND 100 billion higher than the minimum solvency margin;
– It has an information technology system suitable for managing and controlling the universal life fund in a pnident and efficent manner;
– The universal life insurance product is approved by the Ministry of Finance.
Setting up a professional operation reserves: Insurance enterprises do not change the methods and figures of professional operation reserves in a fiscal year. If want to change in the following fiscal year, it must be allowed by the Ministry of Finance with prior written notice under the Circular No. 125/2012/TT-BTC and Circular No. 194/2014/TT-BTC.
|
(II) GAS BUSINESS |
Pursuant to the Decree No. 19/2016/ND-CP (Replacing the Decree No. 107/2009/ND-CP dated 26/11/2009):
Gas trading in Vietnam is including gas business and gas service business.
Regarding to gas business, there has its requirements depending on the following forms:
– Gas importers and exporters;
– Gas-producing and gas processing entities;
– Gas distributors;
– Gas blending;
– LPG general agents;
– LPG agents;
– Bottled LPG shops;
– LPG bottling stations, LPG distribution stations and vehicle LPG filling stations;
– LPG distribution stations and LPG filling stations for vehicles;
– CNG distribution stations and CNG filling stations for vehicles;
– LPG bottles in Vietnam market;
– Bottled LPG in Vietnam market.
Regarding to gas service business, there has also its requirements depending on the following forms:
– Gas storehouses and ports for lease;
– Gas carriage services.
One of the most conditions to conduct gas business (and gas service business) is a CERTIFICATE OF ELIGIBILITY FOR GAS BUSINESS. And the Enterprises should pay attendtion to following cases:
– Obtaining a permanent Certificate of Eligibility for operation berfore 15/05/2016, this Certificate will has one (01) more effective year from 15/05/2016;
– Traders obtaining the Certificate of Eligibility for operation before 15/05/2016, shall be entitled to operate up to the expiration date of the Certificate;
– LPG bottling stations obtaining the Certificates of Eligibility for operation shall be entitled to operate for two (02) more years from 15/05/2016.
After the set forth period, such Enterprises must comply with the requirements in accordance with the regulations of this Decree No. 19/2016/ND-CP.
___________________________________________________________________
