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Official Gazette

Tuesday, March 31, 2020

New regulations in effect

Updated: 15:03’ - 25/05/2009

- From May 1 to December 31, 2009, the registration fee rate will down by 50% for cars of 10 seats or less while value-added tax (VAT) rates will also be halved for fibers, fabrics and garment products; leather products and shoes; paper, paper products and books of all kinds (except paper for newsprint, political books, textbooks, legal document books and scientific-technical books); cement, bricks and tiles; motorbikes and motor three-wheelers of a cylinder capacity of over 125 cm3.   

Under Circular No. 85/2009/TT-BTC of April 28, on tax measures to stimulate investment and consumption, the Ministry of Finance permitted a longer VAT payment time limit (180 days) for machinery, equipment, spare parts, and special-use vehicles in technological chains which cannot be manufactured at home and need to be imported during the above period to create fixed assets.

A 30 per cent reduction of corporate income tax payable for the fourth quarter of 2008 will also be given to fiber producers, textile, dyeing and garment establishments, leather product and shoe producers.

- Securities trading services may be ordered and provided online from May. Under Ministry of Finance Circular No. 50/2009/TT-BTC of March 16, securities to be traded online must be listed or registered for trading on the securities market. When conducting online transactions, investors may use e-order slips which satisfy requirements for e-transactions in financial activities.

- Violations in construction; real estate business; building material exploitation, production and trading; technical infrastructure management; and housing and office development will face a fine of up to VND 500 million. Under Decree No. 23/2009/ND-CP of February, 27, 2009, fined violators may also have their construction permits, business registration certificates or practice certificates revoked.

- From May 15, violations in Internet service provision and use will face fines of up to VND 70 million. As per Decree No. 28/2009/ND-CP of March 20, unlicensed foreign online game providers in Vietnam will face a fine of VND 30-50 million and can be expelled.

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