Wednesday, September 19 2018


Corporate tax deadline extended

Update: February, 01/2012 - 10:09

The Prime Minister issued Decision No 04/2012/QD-TTg on January 19, extending by an additional three months the dealines for paying corporate income taxes due from small- and medium-sized enterprises and labour-intensive enterprises for the first and second quarters of last year. Under the decision, the deadline for first quarter 2011 tax payments is moved to July 30, 2012, and that for second quarter payments becomes October 30, 2012.

The deadlines have been previously extended twice, under Decision No 21/2011/QD-TTg of April 6, 2011, and Decision No 54/2011/QD-TTg of October 11, 2011.

New rules for temporary residency

The Ministry of Public Security and the Ministry of Foreign Affairs issued Joint Circular No 01/2012/TTLT-BCA-BNG on January 3, clarifying regulations and procedures for foreigners seeking a temporary residence card (TRC). Accordingly, foreigners applying for a TRC shall submit a dossier to the Immigration Department or Police Immigration Office at the provincial level. The dossier must include: Application for TRC (Form No N7A); information document of the foreigner requesting TRC (Form No N7B); passport; and documents proving the purpose of residing in Viet Nam, e.g., a work permit, certification as the head of a representative office, member of a board of management, or other equivalent documents. A TRC shall be granted for each individual under Form N8 attached to the joint circular. The joint circular takes effects 45 days from the date of signing.

Ministry sets auction royalty rates

The Ministry of Finance issued Circular No 03/2012/TT-BTC on January 5, regulating auction royalties and fees paid to professional auction organisations by individuals and entities selling property by auction pursuant to Decree No 17/2010/ND-CP of March 4, 2010.

Under the circular, the royalty rate is to be calculated upon the value of property sold at auction. If the property is sold for less than VND50 million (US$2,300), the royalty shall be 5 per cent of the value; if the property is sold for VND50 million to under VND1 billion ($ 47.620), the royalty shall be VND2.5 million plus 1.5 per cent of the value of the property in excess of VND50 million. The total royalty shall not exceed VND300 million ($14,280) in a single auction.

Auction organisations shall receive a fee of VND50,000 for property valued at up to VND20 million ($950) and VND100,000 for property valued at VND20 million to VND50 million. The circular also sets the fee these organisations must pay to receive an auction practice certificate at VND200,000, or VND100,000 to renew the certificate.

The circular takes effect on March 1, replacing Circular No 96/2006/TT-BTC of January 2006.

Industrial property rights protected

The Ministry of Science and Technology issued Circular No 37/2011/TT-BKHCN on December 27, 2011, guiding implementation of Government Decree No 97/2010/ND-CP of September 2010 on administrative sanctions for industrial property violations. The new circular defines the unlawful gains arising from infringements of industrial property rights to include the sale price of infringed goods and services based on valid receipts and documents. If needed, competent authorities shall inspect, verify and collect evidence in accordance with the law. The circular, which also details behaviours constituting violations of industrial property rights, takes effect on February 10. — BIZCONSULT

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