VietNamNet Bridge - The amended corporate income tax law, which will be submitted to the Government this month and forwarded to the National Assembly in May, contains a provision that will help real estate investors offset their losses. The prevailing law bans enterprises from using their profits from production and business activities to cover the losses from real estate operations. In other words, if they incur losses in property project transfer or investment, they must keep these losses in separate accounts. However, as the real estate market has been going downhill, the Ministry of Finance has proposed enterprises be allowed to offset their real estate losses by using profits from production and business operations. This means their taxable incomes would fall. For example, the owner of a production project and a property project can use his profits from production to cover losses from property investment. In the opposite case, meaning the production project runs into … [Read more...] about Tax law revision gives lifeline to property investors
Land law revision proposed to protect farmers By Tu Hoang - The Saigon Times Daily HCMC – Chairman Nguyen Van Giau of the National Assembly (NA) Economic Committee on Tuesday proposed the NA amend the Land Law soon in a bid to protect the interests of farmers given the rapid industrialization. “NA should consider revising the law towards extending the term of farmland allocation, expanding farmland use limits, setting stricter and more specific regulations on rice farming land protection, farmland recovery, compensation and support for farmers whose land is recovered to switch to other fields and stabilize their living,” said Giau. Farmland use restriction stipulated in Article 70 of the Land Law hinders the process of farmland accumulation to create large-scale intensive farming zones applying advanced technology to improve output and quality of farm produce. In addition, regulations concerning site clearance are full of shortcomings. Therefore, it is difficult to … [Read more...] about Land law revision proposed to protect farmers
The Hanoitimes - Instead of requiring foreign telecom and internet services providers to locate their servers in Vietnam, the draft Cybersecurity law now changed its requirement to host local users’ records in Vietnam. The draft Cybersecurity law was discussed by the Standing Committee of the National Assembly on January 10. As previously stated in the paragraph 4 of the Article No.27 under this draft, foreign telecom and internet services providers operating in Vietnam have to comply with the law and respecting the national sovereignty, interests and security of Vietnam; setting up representative office in Vietnam with local users from 10,000 upwards or under the request from the Vietnamese Government. Besides, these companies have to record local users’ data within the Vietnam’s territory. However, these requirements have now been focused on data instead of the servers, informed the Minister of Public Security To Lam. In fact, the requirement of the … [Read more...] about The draft Cybersecurity law revising the requirement of foreign servers to be located in Vietnam.
Le Van Luyen, who killed three people at a gold shop in Bac Giang Province last August, was recently sentenced to only 18 years in prison, the maximum penalty for a minor like him under law, despite the fact that the general public wanted him to be given a heavier verdict, possibly even the death sentence. In fact, on January 11, the provincial People's Court sentenced Luyen to 18 years for murder, another 18 years for robbery, and 9 more months behind bars for the abuse of trust and illegal property appropriation. However, Luyen eventually got an actual penalty of just 18 years, the maximum allowed according to the Criminal Code of Vietnam, since he committed the crime when he was under the age of 18. After the sentence was announced, many people who considered such a penalty too light compared to his brutal crime have suggested that an amendment to the Criminal Code should be made so that the death sentence can be given for similar cases in the future. Tuoi Tre has collected … [Read more...] about Underage murderer triggers thinking of law revision
by Tran Si Vy, Leadco Legal Counsel Since its enactment in 2003, the Land Law has effectively governed the rights and obligations of land users. In light of the pace of Viet Nam's development and integration in the global economy, as well as changes in the laws on investment and commerce, the Land Law has demonstrated shortcomings which need to be addressed. Two significant laws on investment and on enterprises were passed in 2005, helping level the regulatory playing field between domestic and foreign-invested enterprises. A uniform rate of corporate income tax has also been applicable to all investors domestic or foreign. However, the provisions of the Land Law relating to the rights and interests of investors remain unchanged and have not kept pace with other progress in the law. Under Articles 34 and 108 of the Land Law, domestic investors are allocated land use rights to implement investment projects while foreign investors are only allowed to lease land or sublease it in an … [Read more...] about Investors call for land law revision