The following regulations on insurance, taxation and investment are coming into force as from July 01, 2017. - TriMinh Law

The following regulations on insurance, taxation and investment are coming into force as from July 01, 2017.

7:21:00 28/06/2017
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The following regulations on insurance, taxation and investment are coming into force as from July 01, 2017.
1. Guidance on insurance commission percentage
This is the most noticeable content in the Circular No. 50/2017/TT-BTC providing guidance on the implementation of the Decree No. 73/2016/ND-CP regarding detailed regulations on the Law on Insurance Business in 2000 and the Amended Law on Insurance Business in 2010.
Accordingly, insurers and foreign insurer branches may pay commission to their agents according to the maximum commission percentage calculated on the actual premium of each insurance contract.

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Maximum percentages of commissions applied to certain popular insurance operations:
– Non-life insurance:
+ Property insurance and damage insurance: 5%
+ Insurance against civil liability of motorcycle or motorbike owner: 20%
The commission of a package insurance contract is the sum of commissions of insurance operations.
– Single-premium life insurance:
+ Term life insurance: 15%
+ Permanent life insurance: 5%
The maximum percentage of commission on a group life insurance contract is equal to 50% of the percentage of commission on an individual life insurance contract of the same type.
– Health insurance contracts: 20%.
2. Correction of bracket of taxable prices of natural resources 
The Circular No. 44/2017/TT-BTC provides for the bracket of taxable prices of groups/ types of natural resources with similar physical and/or chemical properties as prescribed in Point b Clause 5 Article 4 of the Decree No. 12/2015/ND-CP.
The bracket of taxable prices of metallic and non-metallic mineral resources, products of natural forests, natural seafood, natural water and natural nests is available in the Appendixes enclosed with the Circular No. 44.
The said bracket of taxable prices shall be adjusted in the following cases:
– The market prices of natural resources increase by 20% or more in comparison with the maximum price or decrease by 20% or more in comparison with the minimum price stated in the bracket of taxable prices.
– There is a new type of natural resource the taxable price of which is not stipulated.
Specific taxable prices of natural resources shall be announced by provincial-level People’s Committees based on the bracket promulgated by Ministry of Finance.
3. New regulations on property auction service fees

The Circular No. 45/2017/TT-BTC provides for the maximum property auction service fees (presently, property auction fees) according to the starting prices in conformity with the bracket of property values with respect of property types defined in Clause 1 Article 4 of the Law on Property Auction in 2016. To be specific:
– With respect to property whose value is less than VND 50 million according to starting price/contract, the maximum auction service fee is 8% of the proceeds;
– With respect to property whose value is from VND 50 million to VND 100 million according to starting price/contract, the maximum auction service fee is VND 3.64 million + 5% of the difference between the property value determined according to the final selling price and that determined according to the starting price;
Further detailed guidance is available in the Circular No. 45/2017/TT-BTC which supersedes the Circular No. 335/2016/TT-BTC dated December 27, 2016 and abrogates Article 13 of the Circular No. 48/2012/TT-BTC dated March 16, 2012).
4. Conversion of customs clearance sites into inland container depots

This is a noticeable content in Decree No. 38/2017/ND-CP on investment and construction of inland container depots.
Accordingly, the investor in need of conversion of a customs clearance sites into an inland container depot shall submit, by hand or under other appropriate form, an application to the Vietnam Maritime Administration. The application shall include:
– The application form for approval for the proposal on conversion of a customs clearance site into an inland container depot.
– The overall drawing showing customs clearance sites and the plan on connection of functional sub-divisions.
Not later than 02 working days from the receipt of the application, the Vietnam Maritime Administration shall request in writing the investor to modify the application.
If the application is valid, the Vietnam Maritime Administration shall ask for opinions of Ministry of Finance and the People’s Committee of province where the depot to be built is located, appraise the application and send report thereof to the Ministry of Transport.
Not later than 03 working days from the receipt of report submitted by the Vietnam Maritime Administration, the Ministry of Transport shall give a written approval or refusal to approve the application (with reasons of refusal stated).
Templates of documents required in course of managing investment in inland container depots are available in the Appendix enclosed with the Decree No. 38.

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