Decree 30/2018/ND-CP stipulating the establishment and operation of the asset valuation council; procedures and processes for asset valuation in criminal proceedings officially takes effect from May 01, 2018. Accordingly, many contents regarding asset valuation have been changed.
Article table of contents
1. Detailed Regulations on Subjects of Application
Decree 30/2018/ND-CP has a specific provision regarding the subjects of application. The organizations and individuals subject to Decree 30/2018/ND-CP include:
- Authorities with jurisdiction to conduct proceedings requesting the establishment of the Asset Valuation Council;- Authorities with jurisdiction to establish the Asset Valuation Council;- Agencies, organizations nominating individuals to participate in the Asset Valuation Council;- Other relevant agencies, organizations, and individuals.
2. Valuation Based on Similar Assets to the One Being Valued
Decree 26/2005/ND-CP stipulated that valuation must be aligned with market prices. However, Article 4 of Decree 30/2018/ND-CP resolves issues arising from this requirement.
Specifically, in addition to valuing assets based on market prices, Decree 30/2018/ND-CP specifies that valuation can also be conducted based on the value of similar assets.
Moreover, the new regulation changes the determination of asset value from the time and place of asset violation to the time and place of the valuation request.
3. Asset Valuation Must Be Based on the Type and Characteristics of the Asset
When valuing assets, consideration must be given to the type and characteristics of the asset, including:
- Assets not yet used; used assets;- Damaged, destroyed assets;- Lost, misplaced assets;- Counterfeit goods;- Assets not commonly traded in the market.
4. Valuation Meeting Can Proceed if 2/3 of Members Attend
A valuation meeting will proceed when at least 2/3 of the members of the Asset Valuation Council are present (previously, the meeting could only proceed with all members present).
5. Changes to the Content of the Asset Valuation Report
The content of the valuation report for prohibited goods must include additional limitations on applying asset valuation bases to prohibited goods; the process of price surveys; the collection of information related to the asset being valued if it is a prohibited good; the valuation method, and other limitations.
6. Additional Content in the Asset Valuation Dossier
The asset valuation dossier must include both the "Asset Valuation Request Document" and the "Decision to Establish the Asset Valuation Council."
Decree 30/2018/ND-CP replaces Decree 26/2005/ND-CP.
