New regulations on tax payment extension, duty free shopping, income and asset transparency and SOEs investments in non-core business fields will take effect in September, 2013.

Tax payment extension

Under the Government Decree detailing the implementation of the Law on Tax Management (amended),  tax agencies will consider the extension if tax payers belong to one of the four following cases: (1) suffering from material damages caused by natural disasters, fires and unexpected accidents which directly affect business and production; (2) halting operations due to the relocation of production and business establishments as required by State agencies; (3) having yet gotten refund of capital construction as stipulated in the State budget estimate; (4) being given time of tax payment cancellation which is less than one year since the day of tax payment deadline.

The document will come into force on September 15.

Duty free shopping

According to Decision 44/QD-TTg, international travelers will be able to enjoy duty free shopping at international airports in Viet Nam after completing admissions procedures since mid September.

Travelers must present their passports and boarding pass when  making purchases.The decision also revises regulations related to currencies, shop locations, import of cigarettes for sales and goods quantities.

Income and asset transparency

The Decree on asset and income transparency will be valid on September 5, 2013.

Accordingly, applicable subjects are obliged to make asset and income declarations on (1) houses and other constructions with/without certificates of ownership; State-owned houses and constructions which are being rented or used; land-use right certificates; (2) cash, lending money, deposits in domestic and foreign organizations and individuals valued at VND50 million or more each; (3) assets in foreign countries; automobiles, motorcycles, boats, ships and other assets valued at VND50 million or more each; (4) precious metals, gemstones, bonds and other papers valued at VND50 million or more each; (5) total annual income.

Asset and income obliged to be declared include those belong to declarers, their spouses or minor children at the time of declaration.

Accordingly, nine groups of subjects will be obliged to comply with the regulation.

Non-core business investment

The Government’s Decree No. 71 on the investments in non-core business lines will take effect as from September 1.

The document stipulates that SOEs can use the assets put under their management to make investments in other enterprises and not pour capital into the real estate sector, except for the enterprises whose main business line is real estate. They must not contribute capital to, or buy stakes of banks, insurance companies, securities companies, venture funds and stock investment firms.

SOEs can still make investments in the real estate, banking or stock sectors if they get the approval from the Prime Minister.In addition, other regulations will also come into effect such as rice assistance for pupils in extremely disadvantageous areas, three new subjects of tuition fee exemption, and more assistance to retirees and families of policemen in unexpected cases.

(Source:VGP)