NEW LAWS ANNOUNCED

The Law on Civil Status, which is scheduled to take effect since January 1, 2016, aims to streamline administrative procedures towards transparency and facilitate information technology application in civil status registration and management.

A database on civil status will be built and connected to the national population database. Each citizen will be granted a personal identity number.

The Law on Enforcement of Civil Judgements, scheduled to come into operation since July 1 next year, stipulates specific rights and obligations of offenders.

Taking effect since January 1, 2016, the Law on Special Consumption Tax stipulates that petroleum of all types will be subjected to special consumption tax.

Tax on tobacco will be increased to 70% from 65% since January 1, 2016 and 75% since January 1, 2019, according to the Law.

Liquor will be taxed with 55% since January 1, 2016; 60% since the beginning of 2017; and 65% since the beginning of 2018.

Meanwhile, tax against beer will be raised to 55% since the start of 2016; 60% and 65% since the beginning of 2017 and 2018 respectively.

A 30-35% special consumption tax will be imposed on casinos, including prize-electronic electronic games.

 According to the revised Law on Taxation which is scheduled to take effect since January 1, 2015, incomes of co-operatives and businesses deriving from agriculture and aquaculture processing activities in extremely disadvantaged areas will be exempted from corporate income tax.

Coming into effect since July 1, 2015, the revised Law on Investment was designed to guarantee citizens’ rights to business and investment freedom and improve investment mechanisms in accordance with the Constitution and laws.

The Law also covers new regulations on preferential investment domains, responsibilities of investors, State management and decentralization, outward investment among others.

The revised Law on Enterprises, scheduled to come into effect since July 1, 2015, institutionalizes the rights of business freedom in line with the Constitution, facilitates market participation and cuts costs for business establishment.

Source: VGP