Sept. 15 – According to the information provided by the Ministry of Finance (MoF), domestic merchants providing petrol to manufacturers at open economic and cross-border industrial zones will be subject to temporary import and re-export laws.
All fuel-trading activities between traders and producers will be to operate in accordance with General Department of Customs procedures. Continue reading
By Francesca Grassi
Sept. 7 – On June 17 of this year, the Vietnamese government issued Decree n.46/2011/ND-CP (effective from August 1, 2011) amending and supplementing Decree n.34/2008/ND-CP dated March 25, 2008 on the employment and administration of foreigners working in Vietnam.
The new legislation aims at improving the ineffective implementation of foreign labor regulations with strong regard to the working permit requisite.
In fact, the newly called “expats” (foreigners) are entitled to work in Vietnam if they meet all profile requirements listed in Article 3 paragraphs 1, 2, 3 and 4. Namely, the individual is a minimum 18 years of age; in good health; holds a manager, director or expert position; and has no criminal record for national security offense. Continue reading
By Bich Lien
Aug. 25 – On August 4, 2011, Vietnam’s Ministry of Finance promulgated Circular No.113/2011/TT-BTC amending and supplementing the guidance of the PIT Law mentioned in the Circular No.62/2009/TT-BTC dated March 27, 2009, Circular No.02/2010/TT-BTC dated January 11, 2010, and Circular No.12/2011/TT-BTC dated January 26, 2011.
Accordingly, organizations and individuals who pay commission to goods sale agents, salaries, wages, remuneration or other sums of money to individuals performing services with total income of VND1,000,000 or more each time shall deduct PIT before paying incomes to these individuals (in previous regulations, performing services with total income of VND 500,000 or more each time will be subject to such PIT deductions) as per below tariff: Continue reading
Jul. 13 – Vietnam’s Ministry of Finance has issued Circular No. 91/2011/TT-BTC dated June 20, 2011, amending import tax rates for certain goods in the Preferential Import Tariff.
Beginning August 4, 2011, import tax rates increase for some items in the Preferential Import Tariff according to the list of taxable goods issued together with Circular No. 184/2010/TT-BTC by the Ministry of Finance. Continue reading
Jul. 7 – Last April, Vietnam’s Prime Minister executed a tax extension for small and medium-sized enterprises (SMEs) for 2010 corporate income taxes with the total amount of around VND7 trillion. The eligible enterprises for this incentive are about 200,000 of the total 360,000 small and medium enterprises currently operating in Vietnam.
In the government’s regular meeting in May, the government has asked the Ministry of Finance (MoF) to consider tax exemption options for SMEs in June. This would assist the SMEs to overcome the hard time to stabilize and boost production. Continue reading
Political and legal aspects
Jul. 6 – Government targets and support mechanisms in the field of renewable energy are available in legal documents from the Minister of Trade and Industries and the Institute of Energy.
Examples include:
The Master Plan for Renewable Energy
This source describes national goals for the development of renewable energy sources within the next five years, as well as the nation’s 2025 goals in renewable energy. Continue reading
Jul. 5 – In an afternoon news conference on June 30, 2011, Deputy of Vietnam’s Ministry of Agriculture and Rural Development Diep Kinh Tan said Circular No. 13/2011/TT-BNNPTNT would guide the inspection of food safety resources and vegetable imports effective from July 01, 2011.
The Circular clarified that if the origin of plants and goods are not registered with authorities in Vietnam, they will not be allowed to be imported into the country. Goods imported into Vietnam must come from nations which the competent authorities in Vietnam recognize fully meet the requirements for food safety. Goods should also be packaged in the appropriate way, have secondary labeling in Vietnamese, or are labeled in Vietnamese and have been tested and certified as safe. Continue reading
By Bich Lien
Jun. 29 – On June 8, 2011, Vietnam’s Ministry of Finance issued Circular No.78/2011/TT-BTC regarding personal income tax exemption. Accordingly, allowances provided by the company to employees for medical treatment to cure serious diseases of those employees or their direct family members shall not be subject to personal income tax if the amount paid is from profits after tax, or the welfare fund, or the reward fund of the company. Continue reading
Jun. 20 – Vietnam’s Ministry of Finance will propose that the government consider the National Assembly Standing Committee’s report covering a number of urgent solutions to help taxpayers awaiting repairs to the personal income tax law.
With the stock market down sharply recently, many investors are seeing almost no income, and some are even experiencing losses. Therefore, the Ministry of Finance has proposed tax exemptions for stock investors from August 1, 2011 to 2012. Income received from dividends will be exempt from personal income tax to make it fair to persons who have money in bank savings accounts. Continue reading
Apr. 26 – On March 21, 2011, the Vietnamese Ministry of Industry and Trade (MoIT) issued a circular regulating the issuance of the certificate of origin (C/O) for goods being exported.
Circular 06/2011TT-BCT will come into effect on May 4, 2011 de facto replacing former circulars concerning the C/O. The main progress of this circular is the shortening of the C/O issuance procedure, starting from the reception of the carefully completed dossier, from the current three working days to only four working hours for air shipments and eight for sea and road shipments. Continue reading
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