LEGAL NEWS LETTER NOVEMBER, 2021

LEGAL NEWSLETTER

November/ 2021

Dear Value Clients and Partners,

ADK Vietnam Lawyers would like to introduce to you the November 2021 Legal Newsletter with the following main contents:

1. Legal Spotlight

1.1 Reducing VAT on a variety of goods and services from November 1, 2021

The National Assembly Standing Committee has just issued Resolution 406/NQ-UBTVQH15 on a number of solutions to support businesses and people affected by the Covid-19 epidemic. The provisions of this Resolution are guided by Decree 92/2021/ND-CP.

Accordingly, reducing VAT from November 1, 2021 to the end of December 31, 2021 for the following goods and services:

Transport services (rail transport, water transport, air transport, other road transport); lodging; food service; services of travel agencies, tour operators and support services, related to the promotion and organization of tours.

Publishing products and services; cinematographic services, television program production, sound recording and music publishing; artwork and creative, artistic, entertainment services; services of libraries, archives, museums and other cultural activities; sports and entertainment services (excluding publishing software and goods and services of production and business in the form of online).

Depending on the tax calculation method, the VAT reduction is applied as follows:

Enterprises and organizations that calculate VAT by the tax credit method are entitled to a 30% reduction in VAT rates for goods and services.

Enterprises and organizations that calculate VAT by the percentage rate of revenue method are entitled to a 30% reduction of the percentage rate to calculate VAT on goods and services.

1.2 New regulations on compulsory fire and explosion insurance premiums

On November 8, 2021, the Government issued Decree No. 97/2021/ND-CP amending regulations on compulsory fire and explosion insurance premiums, taking effect from December 23, 2021.

Accordingly, for facilities at risk of fire and explosion having the total insured sum of the assets at one location is from 1,000 billion VND or more (except for nuclear facilities), the insurer and the insurance buyer shall agree on the premium rate on the basis of the approval of the reinsurance-receiving enterprise. In all cases, the insurance premium must not be lower than the insurance premium corresponding to 1,000 billion VND multiplied by (x) the premium rate specified in Clause 1, Section I, Appendix I issued together with this Decree.

1.3 Domestically manufactured cars are entitled to a 50% reduction in registration fees

On November 26, 2021, the Government issued Decree No. 103/2021/ND-CP stipulating the registration fee for cars, trailers or semi-trailers to be towed by cars and other vehicles similar to cars manufactured and assembled domestically. The Decree takes effect from December 1, 2021 until the end of June 1, 2022.

Accordingly, the registration fee is equal to 50% of the fee specified in Decree 20/2019/ND-CP amending Decree 140/2016/ND-CP on registration fees; current resolutions of the People's Council or current decisions of the People's Committees of provinces and municipalities on the local registration fees and amending, supplementing and replacing documents (if any).

2. Featured Articles of ADK Lawyer in November

Lawyer Ho Thi Tram - Partner of ADK Lawyers with the article "Employee stock ownership – how many is good?". The article analyzes the ESOP mechanism in public joint-stock companies and proposes measures to prevent the negative impacts of the ESOP mechanism.

The article "Foreign loans not guaranteed by the government and some notable points" provides relevant legal provisions and risks that may arise when investors make foreign loans.

To read the above articles in more detail, please visit our website at: https://adk-lawyers.com/en/legal-articles

3. Some prominent legal documents take effect from December 2021

No.

Text name

Date issued

Date of

Effective

DECREE

Decree No. 103/2021/ND-CP of the Government stipulating the registration fee for cars, trailers or semi-trailers to be towed by cars and other vehicles similar to cars manufactured and assembled domestically

26/11/2021

01/12/2021

Decree No. 107/2021/ND-CP of the Government amending Decree 61/2018/ND-CP on the implementation of the one-stop-shop, inter-agency one-stop-shop mechanism in handling administrative procedures

06/12/2021

Decree No. 93/2021/ND-CP of the Government on mobilizing, receiving, distributing and using voluntary contributions to support overcoming difficulties caused by natural disasters, epidemics, and incidents; supporting patients with critical illnesses

27/10/2021

11/12/2021

CIRCULAR

Circular 98/2021/TT-BCA of the Ministry of Public Security stipulating on the reception of citizens who come to complain, denounce, petition and report in the People's Public Security

20/10/2021

03/12/2021

Circular 92/2021/TT-BTC of the Ministry of Finance stipulating the collection rate, mode of collection, payment, management and use of fees for recruitment, competition for promotion of civil servants and public employees

28/10/2021

15/12/2021

Circular 87/2021/TT-BTC of the Ministry of Finance regulating electronic transactions in professional activities of the State Treasury

08/10/2021

01/12/2021

DECISION

Decision 31/2021/QD-TTg of the Prime Minister on promulgating regulations on management, operation and exploitation of the national public service portal

11/10/2021

9/12/2021

Decision 32/2021/QD-TTg of the Prime Minister on insurance payment limit

20/10/2021

12/12/2021

We hope this Legal Newsletter has a lot of useful information.

Best Regards.

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