DEPOSITS ELIGIBLE FOR PREMATURE WITHDRAWAL AT CREDIT INSTITUTIONS
On June 16, 2022, the State Bank of Vietnam issues the Circular No. 04/2022/TT-NHNN providing for the application of interest rates upon premature withdrawal of deposits from credit institutions and foreign bank branches. Accordingly, deposits eligible for premature withdrawal include: Time saving deposits; Time deposits; Certificates of deposit, promissory notes, treasury bills and bonds issued […]
AMEND REGULATIONS REGARDING THE APPROPRIATION OF PROVISIONS OF LOSS OF INVESTMENT
On April 07, 2022, the Ministry of Finance issues the Circular No. 24/2022/TT-BTC amending and supplementing a number of articles of the Minister of Finance’s Circular No. 48/2019/TT-NHNN dated August 08, 2019, providing instructions on the appropriation and use of provisions of devaluation of inventories, loss of investments, bad receivable debts and warranty for products, […]
THE NUMBER OF IMPORT TAX RATES WILL BE 20 BY 2030
This is a remarkable content defined in the Decision No. 508/QD-TTg dated April 23, 2022 of the Prime Minister on approving the Tax System Reform Strategy until 2030. According to this Decision, by 2025, strive that the percentage of electronic support for taxpayers will be at least 70%; at least 80% of tax registration dossiers […]
Increase maximum annual overtime to 300 hours from April
On March 23, 2022, the National Assembly Standing Committee issues the Resolution No. 17/2022/UBTVQH15 on employees’ monthly, annual overtime hours in the context of prevention and control of the COVID-19 pandemic and socio-economic recovery and development. Accordingly, the employer may request the employee for overtime work for more than 200 hours but not exceeding 300 […]
INCREASE THE LIMITATION OF PENALTY FOR ADMINISTRATIVE VIOLATIONS AND PENALTIES WITH MULTIPLE INVOICES RELATED TO INVOICES
From 2022, increase the statute of limitations for sanctioning administrative violations on invoices On November 16, 2021, the Government issued Decree 102/2021/ND-CP amending Decrees on sanctioning administrative violations in the field taxes, invoices; custom; insurance business, the lottery business. Accordingly, the statute of limitations for sanctioning administrative violations on invoices is 02 years (instead of […]
REDUCE VAT RATE TO 8% FROM FEBRUARY 01
On January 28, 2022, the Government issues Decree No. 15/2022/ND-CP on tax exemption and reduction policy under the National Assembly’s Resolution No. 43/2022/QH15 on fiscal and monetary policies supporting socio-economic recovery and development programs. Accordingly, business establishments that calculate value-added tax according to the value-added tax credit method may apply the value-added tax (VAT) rate […]
THE INVESTOR’S EQUITY IS NOT LESS THAN 20% OF THE TOTAL INVESTMENT CAPITAL FOR A PROJECT USING UNDER 20 HECTARES OF LAND
This is a remarkable content specified in the Government’s Decree No. 02/2022/ND-CP detailing a number of articles of the Law on Real Estate Business dated January 06, 2022. Before, organizations and individuals doing real estate business shall establish enterprises in accordance with the law on enterprises or establish cooperatives in accordance with the law on […]
INCREASE THE PENALTIES FOR MANY ADMINISTRATIVE VIOLATIONS ON LABOR AND INSURANCE
This is a notable content in Decree 12/2022/ND-CP stipulating penalties for administrative violations in the field of labor, social insurance, and Vietnamese employees working abroad under contracts. . Accordingly, compared with Decree 28/2020/ND-CP, the fine has increased with many administrative violations on labor such as: (i) A fine of between 20 and 40 million dong […]
ENTERPRISES SENDING VIETNAMESE WORKERS ABROAD MUST MAKE A DEPOSIT OF VND 2 BILLION
On December 10, 2021, the Government issues Decree No. 112/2021/ND-CP detailing a number of articles and measures to implement the Law on Vietnamese Guest Workers. Accordingly, an enterprise providing the service of sending Vietnamese workers aboard as guest workers shall deposit VND 2,000,000,000 (two billion Vietnam dong) at a bank, a foreign bank branch legally […]
THE TOTAL NUMBER OF EXTRA WORKING HOURS OF AN EMPLOYEE MUST NOT EXCEED 300 HOURS/YEAR
This highlighted content is prescribed by the Ministry of Labor, Invalids and Social Affairs in Circular No. 18/2021/TT-BLDTBXH dated December 15, 2021, prescribing working time and rest time for employees doing seasonal production jobs or processing goods under orders. Specifically, the maximum daily standard working hours and extra working hours as follows: The total number […]