Headlines 14/01/2019 08:01 SA

Finance and banking policies coming into force from the middle of January 2019

Thanh Trúc

During January 11 - 20, 2019, various finance and banking policies will officially come into force from; below are some notable ones:

1. 100% revenue from administrative fines imposed by market surveillance forces to be transferred to central government budget

On December 05, 2018, the Ministry of Finance promulgated Circular No. 119/2018/TT-BTC on implementation of 2019’s state budget estimate.

Distribution and use of certain state budget amounts in 2019 according to the Circular:

- Revenue from environmental protection tax on oil and gas products: 37,2% will be distributed between the central budget and local government budgets; 62,8% will be transferred in full to the central budget;

- 100% of revenue from excise tax and VAT on oil and gas products of Nghi Son Refinery will be transferred to central budget;

- 100% of administrative fines imposed by market surveillance forces will be transferred to central budget from January 01, 2019

See more details in Circular No. 119/2018/TT-BTC which comes into force from January 20, 2019.

2. Fees for registering product declaration

This is mentioned in Circular No. 117/2018/TT-BTC which amends Circular No. 279/2016/TT-BTC on food safety-related fees, collection, transfer, management and use thereof.

According to the Circular, fees for registering product declaration

- For dietary supplements, medical foods, food for special dietary uses, dietary products for children up to 36 months: 1.500.000 VND per application per product.

- For mixed food additives with new uses, food additives other than those on the list of additives permissible in food or for different users: 500.000 VND per application per product.

The fees for the first declaration and re-declaration of conformity or compliance of products are the same.

Circular No. 117/2018/TT-BTC comes into force from January 15, 2019.

3. Instructions on withdrawal of deposits of multi-level marketing enterprises

This is a notable content of Circular No. 29/2018/TT-NHNN which provides guidance on confirmation and management of deposits paid by multi-level marketing (MLM) enterprises

According to the Circular, whenever a MLM enterprise needs to withdraw its deposit, it needs to provide the bank with the following documents:

- The original copy of the notice of rejection issued by the Ministry of Industry and Trade in case the application for the certificate of MLM registration is rejected;

- The original copy of the document issued by the Ministry of Industry and Trade allowing the MLM enterprise to withdraw its deposit when it ceases the MLM operation or it has paid a deposit in another bank or branch.

Circular No. 29/2018/TT-NHNN comes into force from January 18, 2019.

4. Requirements for judicial records of management board of commercial banks

Circular No. 28/2018/TT-NHNN which amends Circular No. 40/2011/TT-NHNN on organization and operation of commercial banks and foreign branch banks (FBB), comes into force from January 15, 2019.

According to the Circular, judicial records (or equivalent documents) of members of the management board in the application for the license for establishment and operation of a commercial bank shall satisfy the following requirements:

- For individual having Vietnamese nationality:

The records are issued by an agency managing the judicial record database, contain adequate information about the individual’s criminal records or whether he/she is prohibited from holding certain positions, establishing or managing enterprises or cooperatives;

- For individual without Vietnamese nationality:

The records are issued by a competent authority of Vietnam or the foreign country and contain adequate information about the individual’s criminal records or whether he/she is prohibited from holding certain positions, establishing or managing enterprises or cooperatives.

>> CLICK HERE TO READ THE ARTICLE IN VIETNAMESE

More headlines

Most Viewed

Address: 17 Nguyen Gia Thieu street, Ward 6, District 3, Ho Chi Minh City, Vietnam.
Phone: (+84)28 3930 3279 (06 lines)
Email: info@ThuVienPhapLuat.vn

Copyright© 2011 by THƯ VIỆN PHÁP LUẬT
Editorial Director: Mr. Bui Tuong Vu

DMCA.com Protection Status