LIST OF EXTRA INVESTMENT INCENTIVE ITEMS BY 2020 INVESTMENT LAW

LIST OF EXTRA INVESTMENT INCENTIVE ITEMS BY 2020 INVESTMENT LAW

This is the content of Decree 31/2021/ND-CP detailing and guiding the implementation of the Investment Law 2020. Specifically, promulgated together with the Decree is the list of industries and professions eligible for investment incentives in the Appendix. II, in which, adding a number of industries, for example, in the field of Agriculture in the group of investment incentives, additional things:

  • Invest in the production of biological plant protection drugs;
  • Production of organic fertilizers;
  • Scientific research activities and technology transfer to develop organic distribution;
  • Cultivation and processing of agricultural, forestry and fishery products in the form of linkages in the product chain or in the form of organic agricultural production;
  • Producing handicrafts, bamboo and rattan products, ceramics, glass, textiles, yarns, embroidery, knitting;
  • Scientific research and technological development in the field of science and technology;
  • Breeding original livestock breeds, conserving genetic resources of precious and rare livestock breeds and indigenous breeds.

Decree 31/2020/ND-CP takes effect from March 26, 2021.

Documentary Editorial Board, DBRC,

Dong Du International Accounting & Legal Consulting Group Vietnam, A member of OneSMP Singapore, Southeast Asia Business Consulting Network

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MINISTRY OF POLICE INTRODUCTING THE NEW OUTSTANDING POINTS OF RESIDENCE LAW IN VIETNAM

MINISTRY OF POLICE INTRODUCTING THE NEW OUTSTANDING POINTS OF RESIDENCE LAW IN VIETNAM

From July 1, 2021, the Law on Residence 2020 has removed separate regulations on the conditions for registration of permanent residence in a city directly under the Central Government (Article 20). There is no separate regulation on conditions for registration of permanent residence in a city directly under the Central Government.

The processing time for permanent residence registration is 15 days, and according to the Law on Residence 2020, the maximum is 7 days (Clause 3, Article 22).

In case of permanent residence registration at the new place of residence, the procedure for removing permanent residence registration will not be required as at present, but only need to carry out the procedure at the registration office of residence in the new place of residence.

According https://dantri.com.vn/xa-hoi/bo-cong-an-gioi-thieu-nhung-diem-moi-noi-bat-cua-luat-cu-tru-20210324131502971.htm。

Documentary Editorial Board, DBRC,

Dong Du International Accounting & Legal Consulting Group Vietnam, A member of OneSMP Singapore

Southeast Asia Business Consulting Network

(www.japanvietnam.com.vn)                                                                  #setting up company in Vietnam#Outsourcing accounting & tax #legalconsulting #coaching#humanresources#investigating market and goods

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SUMMARY OF ISSUES RELATED TO CUSTOMS PROCEDURES IN VIETNAM

SUMMARY OF ISSUES RELATED TO CUSTOMS PROCEDURES IN VIETNAM

According to the provisions of Circular No. 39/2018/TT-BTC dated April 20, 2018 amending and supplementing Circular No. 38/2015/TT-BTC on customs procedures; customs inspection and supervision, export tax, import tax and tax administration for imported and exported goods, Enterprises can deploy to sign international commercial contracts by electronic means instead of traditional contracts.

In case that enterprises import goods for consumption, goods for commercial business, Importing and trading in input materials for production activities, if the imported goods may be changed the purpose of use or be sold domestically, the taxpayers must declare and fully pay taxes and fines as prescribed in Circular No. 38/2015/TT-BTC.

According to Decree No. 187/2013/ND-CP, traders are allowed to process overseas goods that have been allowed to be circulated on the Vietnamese market for business on the basis of compliance with regulations on management of import and import.

According to Decree No. 08/2015/ND-CP dated January 21, 2015 & Law on Import and Export Tax No. 107/2016/QH13, when EPEs receive goods for repair for a domestic company and import them, If the imported materials and supplies are not subject to tax and they are no longer used in the free trade zone, they must declare and pay taxes according to regulations.

The enterprise rents/borrows new machines from the parent company, and assigns them to companies with outsourcing functions in Vietnam to process products. In this case, the enterprises are allowed to import and hire new machinery under Article 50 of Decree No. 08/2015/ND-CP, which was amended and supplemented in Clause 23, Article 1 of Decree No. 59/2018/ND-CP.

In case a Vietnamese organization or individual signs a processing contract with a foreign trader but does not directly process but hires another organization or individual to process the whole process or to process a part (outsourcing), then organizations and individuals who sign processing contracts with foreign traders carrying out export and import procedures, report on finalization of processing contracts to customs offices and take responsibility before law for the implementation of such processing contracts under Article 62 of Circular No. 38/2015/TT-BTC dated March 25, 2015.

According to https://www.customs.gov.vn/

Documentary Editorial Board, DBRC,

Dong Du International Accounting & Legal Consulting Group Vietnam

Southeast Asia Business Consulting Network

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SUMMING UP REGIMES AND POLICIES TO SUPPORT AND OVERCOME DIFFICULTIES CAUSED BY COVID-19 FOR THE ENTERISES IN VIETNAM

SUMMING UP REGIMES AND POLICIES TO SUPPORT AND OVERCOME DIFFICULTIES CAUSED BY COVID-19 FOR THE ENTERISES IN VIETNAM

Production and business enterprises affected by the Covid-19 epidemic (enterprises with a number of employees participating in social insurance must temporarily quit their jobs from 50% of the total number of employees subject to social insurance contributions. unions or more) may postpone the payment of trade union fees to December 31, 2021.

The National Assembly assigns the Government to guide the calculation of deductible expenses of enterprises, organization of support expenditures and documents for COVID-19 prevention and control activities when determining taxable income.

Reduce 30 types of fees and charges from July 1, support difficulties due to Covid-19: Customs fees; Industrial property fees…

The Government decided to unify the plan to support electricity price reduction and electricity bill reduction for electricity users affected by the Covid-19 epidemic (phase 3).

Extension of deadlines for payment of value-added tax, corporate income tax, personal income tax and land rent in 2021 for those prioritized by law.

According to https://thuvienphapluat.vn/tintuc/vn/thoi-su-phap-luat-binh-luan-gop-y/35819/tong-hop-che-do-chinh-sach-ho-tro-khac-phuc-kho-khan-do-covid-19

Documentary Editorial Board, DBRC,

Dong Du International Accounting & Legal Consulting Group Vietnam

Southeast Asia Business Consulting Network

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VIETNAMESE GENERAL DEPARTMENT OF TAX COMMENTS SOME CONTENTS OF THE PRESS AND PUBLIC OPINION ABOUT THE PROVISIONS 40/2021/TT-BTC

VIETNAMESE GENERAL DEPARTMENT OF TAX COMMENTS SOME CONTENTS OF THE PRESS AND PUBLIC OPINION ABOUT THE PROVISIONS 40/2021/TT-BTC

Circular 40/2021/TT-BTC is guiding VAT, PIT and tax management for business households and individuals. Accordingly, from August 1, 2021, types subject to VAT 5% and PIT 2% include accommodation services, postal services, brokerage services, legal consulting services, tax and customs administrative services…

In case an individual has both leased property and has other business activities, according to regulations, the revenue level of 100 million VND/year or less to determine the object not to pay  personal income tax is the total business revenue including other business activities.

According to http://www.gdt.gov.vn/

Documentary Editorial Board, DBRC,

Dong Du International Accounting & Legal Consulting Group Vietnam

Southeast Asia Business Consulting Network

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CONDITIONS FOR IMPLEMENTATION OF THE URBAN AREA PROJECTs

CONDITIONS FOR IMPLEMENTATION OF THE URBAN AREA PROJECTs

For housing construction investment projects, according to Clause 2, Article 18 of Decree No. 99/2015/ND-CP detailing and guiding the implementation of a number of articles of the Law on Housing (amended and supplemented at Clause 5, Article 1 of Decree No. 30/2021/ND-CP), the investor with the right to use the land shall have the investment policy approved and concurrently identify that investors who can run the commercial housing construction project, have to sastify all the following conditions.

  • Having the legal right to use residential land;
  • Having the lawful right to use residential land and other types of land permitted by a competent state agency to change the land use purpose to residential land;
  • Receive the transfer of residential land use rights in accordance with the law on land to build commercial houses.

Documentary Editorial Board, DBRC,

Dong Du International Accounting & Legal Consulting Group Vietnam

Southeast Asia Business Consulting Network

(www.japanvietnam.com.vn)                                                                  #setting up company in Vietnam#accounting #tax #legalconsulting #coaching#humanresources