On January 2, 2019, the Ministry of Finance issued Circular 01/2019/TT-BTC amending and supplementing Circular 50/2017/TT-BTC guiding the implementation of Decree 73/2016/ND-CP detailing the implementation of the Law on Insurance Business and the Law amending and supplementing a number of articles of the Law on Insurance Business.
Circular 01/2019/TT-BTC has supplemented assets excluded from the entire book value after deducting provisions and accumulated depreciation per the provisions of the law, including:
- Capital contributions to establish other insurers from the owner's equity;- Unrecoverable debts as prescribed by law;- Intangible fixed assets excluding computer software and land use rights;- Prepaid expenses, advances, office equipment and supplies, internal receivables;- Original insurance premiums overdue for 02 years or more;- Receivables related to reinsurance activities overdue for 02 years or more;- Reinvestment amounts for capital-contributing shareholders or related persons stipulated in the Law on Enterprises, excluding deposits at credit institutions;- Indirect foreign investments not recovered within 01 year from the date the decision to revoke the indirect overseas investment registration certificate becomes effective;- Investments in assets exceeding the limits prescribed by law;- Reinsurance assets corresponding to the reinsurance indemnity reserves of reinsurance contracts not complying with the legal provisions on reinsurance.- Assets obtained from financial profit arising from the sale-and-repurchase transactions of bonds of the Government of Vietnam conducted from February 16, 2019.
Circular 01/2019/TT-BTC is effective from February 16, 2019.
- Thanh Lam -
Address: | 19 Nguyen Gia Thieu, Vo Thi Sau Ward, District 3, Ho Chi Minh City |
Phone: | (028) 7302 2286 |
E-mail: | info@lawnet.vn |