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Fiscal policy takes effect in July

15:54 | 05/07/2016

VCN- A few of new circulars of the Ministry of Finance will take effect on May 7, 2016, including a number of new regulations on the lending of foreign loans of the Government .

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fiscal policy takes effect in july
Fiscal policy takes effect in July.

Financial appraisal about on-lending projects

According to Circular No. 79/2016/ TT-BTC regulating the financial evaluation of programs, ODA on-lending projects from foreign loans of the Government, the appraisal is implemented on the principle of objective, transparent and prudent application. Investment agencies are responsible for the results of the evaluation, the project investment decisions in accordance with law.

Borrowers are responsible for the accuracy, validity, reasonability and lawful principle of data, information, parameters, input data helping agencies calculate financial plans, loan repayment plan of the project and the financial capacity of the borrowers.

This Circular takes effect from July 20, 2016.

Put 40% fee on Accumulation Fund

According to Circular No. 74/2016/ TT-BTC on the management and use of proceeds from loan fees and guarantee fees in the period 2016-2020, the Ministry of Finance regulates: the proceeds from loan fees and guarantee fees are extracted 40% into Accumulation Fund; the remaining 60% is used to supplement the funding activities of the Department of Debt Management and External Finance.

This Circular takes effect from the date July 15, 2016 and replaces Circular No. 29/2013/ TT-BTC of the Ministry of Finance regulating the management and use of proceeds from loan fees and guarantee fees of the Ministry of Finance in the period 2012-2015.

Business conditions for derivatives

In January 2016, the Ministry of Finance issued Circular No. 11/2016 / TT-BTC regulating a number of articles of Decree No. 42/2015 / ND-CP of the Government on derivatives and securities market.

Specifically, it stipulates: Business organization can perform the activities of derivative and securities after the State Securities Commission issued certificates for derivatives business.

State Securities Commission has the right to decide to suspend up to 12 months for derivatives securities business.

Derivatives securities business organizations are only recovered after overcoming all the acts leading to suspended operations. Business organizations have to terminate derivatives operations if the derivatives business certificates are revoked.

This Circular takes effect from July 1.

Conditions supporting interest rate for the protection and development of forests

The Ministry of Finance issued Circular No. 81/2016/ TT-BTC regulating interest rate mechanisms under Decree No. 75/2015 / ND-CP of the Government on mechanisms and policies of protection and development of forests, associated with faster poverty reduction policies, supporting ethnic minorities in the period 2015-2020.

Herewith, conditions for state budget support is the interest rate contracted and disbursed at Vietnam Bank for Agriculture and Rural Development  from November 2, 2015 to  December 31, 2020 in accordance with the provision of Article 8 of Decree No. 75 and the guidance of the State Bank of Vietnam.

This Circular takes effect from the July 29, 2016.

Reduce penalties for late payment down to 0.03%

On April 6, 2016, the National Assembly passed the Law amending and supplementing some articles of the Law on Value Added Tax, Law on Excise Tax and the Law on Tax Administration.

In particular, paragraph 3, article 3 stipulates: Taxpayers delayed tax payment within prescribed time or after the deadline for payment, the notice of the tax authorities, deadline in decision processing tax administration, they must pay the full amount and the deferred payment of tax at the rate of 0.03% per day calculated for the amount of late payment.

This rate decreased to 0.02% compared to the current interest rate stipulated in Law No. 71/2014 / QH13 amending and supplementing some articles of the Tax Law.

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By Hong Van/ Hoang Anh