Financial policies taking effect in April 2014

16:58 | 10/04/2014 Economy

(VEN) - Some financial policies and regulations came into effect in April 2014. These include regulations on judicial authorization charges applied to civil matters, the minimum level of charges on auction sale of securities, and fines imposed on unreasonable price increases.

Judicial authorization charges applied to civil matters:

From April 1, 2014, judicial authorization charges applied to civil matters must be collected, paid, managed and used in accordance with Circular 18/2014/TT-BTC.

Specifically, to have their civil matters dealt with in other countries/territories through judicial authorization, Vietnamese organizations and inpiduals must pay VND150,000 to executive bodies dealing with civil cases at a provincial level; to have their civil matters dealt with in Vietnam through judicial authorization, foreign organizations and inpiduals from countries which have not signed with Vietnam treaties on international judicial assistance in civil matters must pay VND1 million to the Vietnamese Ministry of Foreign Affairs; organizations and inpiduals from countries which have signed with Vietnam treaties on international judicial assistance in civil matters must pay VND1 million to the Vietnamese Ministry of Justice.

E-customs formalities on VNACCS/VCIS:

Under Circular 22/2014/TT-BTC, e-customs formalities applied to import, export goods began to be implemented on the Vietnam Automated Cargo and Port Consolidated System and the Vietnam Customs Information System (VNACCS/VCIS) on April 1, 2014.

VNACCS/VCIS consist of software programs catering for e-declaration, e-manifest, e-invoice, e-payment, e-C/O, selectivity, management of risky profiles/criteria, management of import, export businesses, customs and commodity clearance, supervision and control.

Minimum level of charges on auction sale of securities:

The Ministry of Finance has promulgated Circular 09/2014/TT-BTC with stipulations on the collection, payment, management and use of charges applied to the auction sale of securities according to the Securities Law which came into effect on April 1, to replace Circular 82/2009/TT-BTC.

Accordingly, the minimum level of charges on auction sale of securities is VND20 million, applied to securities exchanges and organizations which are allowed to sell stocks and securities by auction.

The auction sale will be charged based on prices at which stocks and securities are sold (these prices are finalized through direct negotiations between sellers and buyers).

Preferences for national product trade promotion:

Circular 10/2014/TT-BCT regarding trade promotion, market development and support industries catering for national product development will take effect on April 25, 2014. The circular specifies trade promotion preferences applied to national products.

Accordingly, trade promotion projects targeted at national products will be allowed to benefit from the National Trade Promotion Program. Associations and businesses which produce or trade in national products will be assisted to build and develop nationally recognized brands and offered preferences when taking part in the National Brand Program.

Nguyen Trung Kien

(To be continued)

Theo ven.vn