Insurance, Taxation, and Investment Policies Effective from July 01, 2017

Extending the Payment Term for Insurance Brokerage Fees

This is a prominent content stipulated in Circular 50/2017/TT-BTC, providing guidelines for Decree 73/2016/ND-CP, which details the Law on Insurance Business 2000 and the Revised Law on Insurance Business 2010. Accordingly:

Insurers and foreign branches pay insurance agents a maximum commission rate based on the actual insurance premium collected from each contract.

For comprehensive insurance contracts, the commission is calculated as the total commission of each insured operation.

For group life insurance contracts, the maximum commission rate is 50% of the corresponding rates applied to individual life insurance contracts of the same type.

Resource Tax Calculation Framework for Natural Seafood

Circular 44/2017/TT-BTC regulates the pricing framework for resource tax calculation for groups and types of resources with similar physical and chemical properties, as stipulated in Point b, Clause 5, Article 4 of Decree 12/2015/ND-CP.

The specific pricing framework for metallic and non-metallic minerals, products of natural forests, natural seafood, water, and natural bird's nests is stipulated in the appendices issued with Circular 44.

The pricing framework will be adjusted when:

- The prevailing resource price in the market increases by 20% or more compared to the maximum price or decreases by 20% or more compared to the minimum price in the framework.

- New types of resources arise that have not yet been regulated.

Specific resource tax calculation price lists issued by provincial People's Committees must align with the Ministry of Finance's pricing framework.

Applying New Regulations on Asset Auction Service Fees

Circular 45/2017/TT-BTC details the maximum service fee rates for asset auction services (currently asset auction fees) corresponding to the value framework of assets based on the starting price for assets in Clause 1, Article 4 of the Law on Asset Auctions 2016. Examples include:

- For asset values based on the starting price/contract under 50 million VND, the maximum service fee for asset auction is 8% of the actual sold asset value;

- For asset values based on the starting price/contract from 50 million to 100 million VND, the maximum service fee for asset auction is 3.64 million VND + 5% on the difference between the auction winning price and the starting price;

More details can be found in Circular 45/2017/TT-BTC (replacing Circular 335/2016/TT-BTC dated December 27, 2016, and annulling Article 13 of Circular 48/2012/TT-BTC dated March 16, 2012).

Allowing Conversion of Customs Clearance Points for Export and Import Goods into Inland Ports

This new prominent content is stipulated in Decree 38/2017/ND-CP on investment in building, managing, and operating inland ports.

When there is a need for conversion, the investor submits 1 set of documents directly or via other appropriate means to the Vietnam Maritime Administration.

Within 2 working days at the latest from the date of receipt, if the documents are incomplete, the Maritime Administration must send a written guide to the investor for document completion.

If the documents are complete, the Maritime Administration consults the Ministry of Finance, the provincial-level People's Committee where the port is located, appraises and reports to the Ministry of Transport.

Within 3 working days at the latest from the date of receiving the report, the Ministry of Transport must issue a written response agreeing or disagreeing with the conversion (stating the reasons).

Refer to the detailed document templates in managing inland port investment in the appendix issued with Decree 38.

Source: CafeF

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