Legal News brief December 2022
1. New C/O form RCEP for export applied from 01/01/2023
On 18/11/2022, the minister of Ministry of Industry Trade issued a Circular No.32/2022/TT-BCT on amending the Circular No.05/2022/TT-BCT prescribing rules of origin under the regional comprehensive economic partnership agreement (RCEP).
Accordingly, the Circular replaces the annex III of C/O form RCEP form for export and C/O continuation sheet in point c, clause 1, article 4 of the Circular 05/2022/TT-BCT. The new specimen of C/O form RCEP for export and C/O continuation sheet shall be applied from 01/01/2023.
The circular 32.2022/TT/BCT comes into force from 01/01/2023.
2. Decree 91/2022/ND-CP dated 30/10/2022 elaborating the law on tax administration in which the notice of invoice suspension has been replaced, forms and regulation of time limits for submission of tax declaration dossier, time limits for payment of tax, time limits for tax authorities to process application, etc.
3. State Bank of Vietnam adjusts interest rate from 25/10/2022 by:
- Decision No.1809/QD-NHNN on the refinancing rate, rediscount rate, overnight rate for interbank electronic payment, and interest rate for loans for covering the capital shortfall regarding clearing ò the state bank of Vietnam for credit institutions and branches of foreign banks.
- Decision 1812/QD-NHNN on maximum interest rates of deposits in Vietnam Dong of organizations and individuals at credit institutions and foreign bank branches according to circular 07/2014/TT-NHNN.
- Decision 1813/QD-NHNN on the maximum short-term loan interest rate in Vietnam Dong of credit institutions and foreign bank branches for borrowers to satisfy the capital requirements for certain economic fields and sectors according to circular 39/2016/TT/NHNN.
4. Increasing the exchange rate range of USD/VND to + 5% from 17/10/2022
This is the content of Decision 1747/QD-NHNN dated 17/10/2022 providing sport rate between VND and foreign currencies of permitted credit institutions issued by the governor of the state bank of Vietnam.
In detail, banks, non-bank credit institutions, foreign bank branches which are permitted to conduct foreign exchange trade and provide foreign exchange service (hereinafter referred to as “permitted credit institutions”) shall impose spot exchange rate between VND and foreign currencies according to the following principles:
- Regarding US Dollar: shall not exceed ± 5% of the central rate disclosed by the State Bank of Vietnam applicable to the specific transaction day.
(In accordance with the previous Decision 1636/QD-NHNN dated 18/08/2015 provision of no excess of + 3% range)
- Regarding foreign currencies: shall be determined by permitted credit institutions.
5. Cases not subject to issuance of certificate of eligibility for production or trade in conditional industrial chemicals
The government has issued Decree 82/2022/ND-CP amendment to some articles of decree 113/2017/ND-CP. The decree added cases that are not subject to issuance of the of certificate of eligibility for production or trade in conditional industrial chemicals, including:
- The dilution and mixture of chemicals without chemical reactions that form conditional industrial chemicals for internal use or production of other products and goods of the applicant.
- The concentration of a chemical on the List of conditional industrial chemicals in a mixture is less than 0.1%
The Decree 82/2022/ND-CP comes into force from 22/1/2022
6. Reducing 20%-50% of fee, charge rate in transportation business activities
This is a content of the Circular 59/2022/TT-BTC providing fee and charges for support difficulties in transport business activities issued by ministry of finance on 29/090/2022.
Accordingly, the number of charge and fee rates are reduced from 20%-50% in transport business activities. The circular 59/2022/TT-BTC comes into force commencing from 01/10/2022 until 31/12/2022.
7. Provision of penalties for administrative environmental protection offences issued in Decree 45/2022/ND-CP come into force from 25/8/2022
The Decree fully supplements sanctions for new regulations in law on environmental protection 2020 on violating regulations of environmental permits and environmental registration; violating regulations of trial operation of waste treatment works after being granted environmental permits; etc.
At once, the Decree 45/2022/ND-CP amended the regulations on forms, statute of limitations, sanctioning levels, and remedial measures for administrative violations. It has been prescribed to apply additional sanctions to suspend the environmental license for number of serious violations with high risk of causing environmental pollution.
8. Unemployment insurance premium returns to 1%
The resolution 116/2021/NQ-CP of the government stipulates the employer’s contribution rate has been reduced from 1% to 0% of the monthly wage fund for employees who participate in the unemployment insurance. However, this policy has taken effect from 1/10/2021 until 30/9/2022. From 01/10, the employers will no longer be able to reduce the unemployment insurance premiums. Then, the unemployment insurance premium will return to 1% of monthly salary fund of employee who are subject to unemployment insurance.