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Raft of legal changes for October

Released at: 09:56, 01/10/2015

Raft of legal changes for October

A number of new laws and regulations will come into being during October.

by Quynh Nguyen

The following are among the new laws and regulations to take effect in October.

Securities transaction codes issued to foreign investors in one day

Under new Regulation No. 123/2015, effective from October 1, foreign investors will be issued a securities transaction code within one day rather than three to five days as previously.

However, foreign investors who have had a securities trading code canceled within the last two years or are being investigated or have recorded violations in the fields of finance, banking, and foreign exchange management will not be considered for a securities trading code.

Foreign investors submitting inaccurate documents will be suspended from trading securities for six months. If inaccuracies are not not corrected within six months their securities codes will be cancelled. 

Import tax exempted on carried goods not exceeding VND10 million ($440)

Under Decision No. 31/2015 from the Prime Minister, which will come into effect on October 1, the contents of luggage of people entering Vietnam, except for alcohol and cigarettes, valued at up to $440 will be exempted from tax.

The tax exemption will not apply to goods carried by passengers entering Vietnam more than once within 90 days.

The decision also provides for individuals importing a motor car when working in Vietnam to be exempt from import duties, excise taxes, and value added tax. After finishing their employment in the country the owner must re-export the motor car or, if sold, must pay such taxes.

Arrivals must declare $5,000 in foreign currency or gold and jewelry

Passengers bringing over 300 grams of gold and jewelry and over $5,000 in foreign currencies must declare them to Customs upon arrival. This is one of the important regulations in Decree No. 120/2015, coming into effect from October 1.

The circular also provides that passengers with luggage or goods on consignment for import and re-export must also declare them to Customs.

Organizations and individuals allowed to import only one car, one motorcycle as gifts each year

In order to reduce cases of abuse in importing motor cars and motorcycles in Vietnam as gifts to evade taxes, the Ministry of Finance issued Circular No. 143/2015 with effect from October 26.

Every year an organization or individual is only allowed to import one motor car and one motorcycle as gifts. Motorcycles must be new and meet national technical standards in quality, safety, and environmental protection.

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