Policies on Insurance - Labor - Taxes Effective from July 01, 2017

1. Extending the Payment Term of Insurance Fees for Brokerage Enterprises

Circular 50/2017/TT-BTC guides Decree 73/2016/ND-CP on implementing the Law on Insurance Business and the amended Law on Insurance Business issued by the Minister of Finance on May 15, 2017.

adjusts the maximum payment term of insurance fees for brokerage enterprises from 05 days to 30 days. Therefore, the time limit for brokers to pay insurance fees to the insurer has been extended.

In addition, Circular 50 supplements the regulation on pure insurance fees for motor vehicle insurance products:

- This is the fee level that ensures the implementation of commitments to policyholders, corresponding to the basic insurance conditions and responsibilities of non-life insurers and foreign branches;- This fee level does not include value-added tax, insurance commission, etc.

See details of Circular 50/2017/TT-BTC effective from July 01, 2017.

1. Circular 02 Guides Civil Servants' Salary Calculation from July 01, 2017

The Ministry of Home Affairs officially issued Circular 02/2017/TT-BNV guiding the calculation of statutory pay rates for those receiving salaries, allowances in government agencies, public service providers of the Communist Party, the State, socio-political organizations, and associations. Accordingly:

- From July 01, 2017, calculate the salary, allowances (including the reserved difference coefficient, if any) and operation fees of state officials according to the statutory pay rate of 1,300,000 VND/month.- Deductions and policies based on the statutory pay rate are recalculated accordingly from July 01, 2017.

Heads of agencies and units directly managing those receiving salaries, allowances, and operation fees shall calculate the salary, allowance level, the difference of the reserved coefficient (if any), and operation fees according to the guidelines of Circular 02 based on the number of personnel as of July 01, 2017.

Circular 02/2017/TT-BNV annuls Circular 05/2016/TT-BNV.

1. Rescheduling the Working Hours of Vocational Teachers

Circular 07/2017/TT-BLDTBXH stipulates the working policies of educators teaching at colleges, intermediate schools, vocational education centers, and other vocational education institutions, and enterprises registered for vocational education activities.

maintains the regulation on working hours for college and intermediate-level educators as 44 weeks/year and a 40-hour work week policy but rearranges and redistributes working hours as follows:

- Conducting teaching/educational activities for students:- College level: 32 weeks;- Intermediate level: 36 weeks.- Training, upgrading, and scientific research:- College level: Reduced from 12 weeks to 08 weeks;- Intermediate level: Reduced from 08 weeks to 04 weeks.- Internship at enterprises/professional agencies: 04 weeks.- If the training, upgrading, and scientific research time is not fully utilized, the remaining time is converted to teaching activities or other tasks assigned by the Principal/Director.

Circular 07/2017/TT-BLDTBXH comes into effect on July 01, 2017; annuls Section II of Circular 09/2008/TT-BLDTBXH and Chapter III of Circular 40/2015/TT-BLDTBXH.

1. Framework Tax Prices for Natural Marine Resources

Circular 44/2017/TT-BTC stipulates the framework tax prices for groups and types of resources with similar physical and chemical properties. It mentions the framework tax prices for natural marine resources as follows:

- Abalone: From 300,000 to 360,000 VND/kg;- Sea cucumber: From 420,000 to 600,000 VND/kg;- Fish categories 1, 2, 3: From 42,000 to 60,000 VND/kg;- Crab: From 170,000 to 200,000 VND/kg;- Squid: From 70,000 to 95,000 VND/kg;- Lobster: From 616,000 to 880,000 VND/kg.

The above framework tax prices are the basis for the provincial People's Committee to issue the Tax Price Table for local application.

- For types of resources in the Tax Price Table of the provincial People's Committee that are currently in effect and conform with the framework tax prices in Circular 44, they continue to apply according to the Tax Price Table of the provincial People's Committee;- For types of resources in the Tax Price Table of the provincial People's Committee that are no longer in line with the framework tax prices in Circular 44, the provincial People's Committee shall issue an adjustment document accordingly.

Circular 44/2017/TT-BTC takes effect on July 01, 2017.

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