President Nguyen Minh Triet promulgated Vietnam's first EnvironmentalTax Law as well as new Insurance Business and Securities Laws on Dec.15.
He also proclaimed the Resolution governing Agricultural Land-use Tax Exemption and Reduction.
The National Assembly approved all the new legislations at its 8th session which ended last month.
The Environmental Tax will become effective on January 1, 2011 andmakes products made from oil and gas, coal and thehydro-chloro-fluro-carbons, HCFCs, used in refrigeration liable for tax.
These include plastic bags, pesticides,agricultural-produce preservatives, warehouse sanitisers and chemicalsto kill termites.
The tax is necessary to help protect the environment, explained Deputy Finance Minister Do Hoang Anh Tuan.
Economic growth and urban development have damaged the environment andthe tax will raise public awareness about the need to protect it;enhance State management, endorse Vietnam's international commitment andincrease the public's contribution, he said.
Thepresident's office said the Insurance Business Law has been revised tomeet the country's commitment to World Trade Organisation membership;harmonise relevant bills and improve State management.
The amended law defines a broader classification of insurance products and insurance bidding.
It also regulates the supervision of insurance providers from start-up.
The legislation is intended to strengthen the payment capacity ofinsurance providers and makes it compulsory for them to invest in theestablishment of fund for protecting the insured.
The law takes effect on July 1 next year.
The revised securities law makes it compulsory for public companies tolist shares on the stock market within a year of their Initial PublicOffering.
It is intended to limit over-the-countermarket sales; create equality of securities exchanges; enhance the Statemanagement and accord with international regulations.
The law also extends the regulations governing the management ofpublic companies; the organisation of the stock market and its linkswith other stock markets; securities and fund management companies,private securities offerings and the dissemination of marketinformation.
The Resolution governing AgriculturalLand-use Tax Exemption and Reduction allows tax exemptions for land forresearch and experimental production; arable land used for at least oneyearly rice crop; land for salt production; and land the State allocatesto impoverished households and for agricultural production.
The land the State assigns to the armed forces; economic andsocio-political organisations and other agencies for agriculturalproduction will br subject to a tax reduction of 50 percent.
Unused agricultural land not used for production or leases will be forfeit or attract 100 percent of the tax.
The resolution will take effect from January to December 2020./.
He also proclaimed the Resolution governing Agricultural Land-use Tax Exemption and Reduction.
The National Assembly approved all the new legislations at its 8th session which ended last month.
The Environmental Tax will become effective on January 1, 2011 andmakes products made from oil and gas, coal and thehydro-chloro-fluro-carbons, HCFCs, used in refrigeration liable for tax.
These include plastic bags, pesticides,agricultural-produce preservatives, warehouse sanitisers and chemicalsto kill termites.
The tax is necessary to help protect the environment, explained Deputy Finance Minister Do Hoang Anh Tuan.
Economic growth and urban development have damaged the environment andthe tax will raise public awareness about the need to protect it;enhance State management, endorse Vietnam's international commitment andincrease the public's contribution, he said.
Thepresident's office said the Insurance Business Law has been revised tomeet the country's commitment to World Trade Organisation membership;harmonise relevant bills and improve State management.
The amended law defines a broader classification of insurance products and insurance bidding.
It also regulates the supervision of insurance providers from start-up.
The legislation is intended to strengthen the payment capacity ofinsurance providers and makes it compulsory for them to invest in theestablishment of fund for protecting the insured.
The law takes effect on July 1 next year.
The revised securities law makes it compulsory for public companies tolist shares on the stock market within a year of their Initial PublicOffering.
It is intended to limit over-the-countermarket sales; create equality of securities exchanges; enhance the Statemanagement and accord with international regulations.
The law also extends the regulations governing the management ofpublic companies; the organisation of the stock market and its linkswith other stock markets; securities and fund management companies,private securities offerings and the dissemination of marketinformation.
The Resolution governing AgriculturalLand-use Tax Exemption and Reduction allows tax exemptions for land forresearch and experimental production; arable land used for at least oneyearly rice crop; land for salt production; and land the State allocatesto impoverished households and for agricultural production.
The land the State assigns to the armed forces; economic andsocio-political organisations and other agencies for agriculturalproduction will br subject to a tax reduction of 50 percent.
Unused agricultural land not used for production or leases will be forfeit or attract 100 percent of the tax.
The resolution will take effect from January to December 2020./.
